Israeli financial healthcare technology startup Simplee, today announced it has raised $20 million in Series C funding led by Social Capital, with participation from existing investors 83North and Heritage Group, and new investor American Express Ventures.
Founded in 2010 by CEO Tomer Shoval, COO Roberto Rabinovich, and CTO Tom Tsarfati, Simplee offers providers a financial engagement platform that engages patients with a unified experience across the healthcare journey. From pre-service to billing to financing, Simplee focuses on building rapid trust and paving a path to payment.
The Simplee Financial Engagement™ software platform includes:
– Simplee Estimate, a cost estimate module ensures providers educate patients design to attract and build trust from the beginning of the patient financial journey.
– Simplee Pay, a self-service billing and payments platform drives better understanding and more collections, sooner. This helps raise satisfaction and lower costs with smart, coordinated communication across devices to ensure patients know what they owe and why.
– Simple Credit provides friendly financing options throughout the patient journey to increase payment convenience while decreasing the financial burden for both patients and providers.
Simplee now works with nearly 900 hospitals and physician groups, and 5 million patients across the US representing over $1 billion in annual payments.On average, Simplee customers achieve net promoter scores 4x the healthcare norm for billing and payment experience, a 50% higher adoption of digital engagement benefiting revenue cycle and marketing initiatives, and a 3x return on investment driven by lower costs and higher net collections.
“Many components of our healthcare system are ripe for transformation by technology-minded companies, and payments represents one of the biggest near-term opportunities,” said Ted Maidenberg, co-founder and partner at Social Capital in the press release announcement. “Patient payments are largely broken, and we’re excited to expand our investment in Simplee as they bridge the consumer experience gap and set a new bar for how patients engage and pay in healthcare.”