– Patient financial engagement startup MedPilot raises $1.5M in funding to fuel its next stage of growth, bringing its total to date to $3.6M.
– MedPilot’s patient financial relationship platform transforms patient billing through customized outreach tailored to people’s preferences.
MedPilot, a Cleveland, OH-based patient financial engagement company announced it has raised $1.5M in funding led by JumpStart, TurnCap, Northcoast Fund, Wavemaker Three-Sixty Health, Valley Growth Ventures, and Hudson River Capital Partners.
Simplifying the Billing Process for Patients
Healthcare providers and revenue cycle management companies don’t have an effective way to contact patients about their bills, relying on mailing expensive statements, and then traditional collection agencies. We help patients better understand and resolve their medical expenses. Founded in 2014, MedPilot’s patient financial management platform transforms patient billing through customized outreach tailored to people’s preferences.
Medpilot leverages a combination of emails, texts, calls, and statements to increase a provider’s chance of connecting with patients to resolve their balance. Using machine learning they continue to optimize their outreach strategies based on the patient’s interactions. The company also powers the healthcare provider’s administrative department by providing them with a tool to more effectively track patients, manage their experience, and monitor financial activity.
“Patient responsibilities continue to skyrocket,” said Jacob Myers, Co-Founder and CEO, MedPilot. “Unfortunately, most revenue cycle solutions were originally designed to work with insurance companies, not patients. Nate Spoden, Matt Buder Shapiro, and I founded MedPilot to transform patient financial engagement. We’re thrilled by the incredible support we’ve received from our partners and investors, and are ready to continue to modernize the patient billing experience.”
Traction to Date/Milestones
An alumnus of the Cedars-Sinai Accelerator, MedPilot’s platform has already helped over 1 million patients to date and boasts a 97% patient satisfaction score. Leveraging artificial intelligence, they synthesize patient behavior to engage patients more efficiently and effectively. Their platform’s primary benefits for healthcare provider’s billing departments and revenue cycle management companies are reducing costs, increasing patient collections, and boosting patient satisfaction.