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March 10, 2020

New Haven company raises $3.5M in venture round

PHOTO | New Haven BIZ
By Michelle Tuccitto Sullo

Inbox Health, a New Haven-based software company which offers a patient-communication platform for medical billers, announced Tuesday it had raised $3.5 million in a venture round.

The company, located at 770 Chapel St., plans to use the money to expand and offer its services to more customers.

Healthy Ventures, Collaborative Fund, and Commerce Ventures joined existing investors Connecticut Innovations, I2BF Global Ventures, Startup Health, and others in participating in this latest fundraising round.

Inbox Health CEO Blake Walker, a co-founder of the company, said in an announcement, “This new funding will allow us to expand our reach faster and improve the billing experiences of millions more patients.”

Last June, the company announced it had closed a $4.4 million funding round. It raised an initial $2.4 million in a seed round in the summer of 2018.

According to Walker, while the industry typically treats patients like numbers during the billing process, his company aims to treat them like individuals and improve the customer experience.

“Health care is about caring for people,” he said. “Behind every bill is a unique person with unique needs, preferences and payment-ability profiles.”

The company’s platform allows medical billers to personalize each patient’s billing, payment and communication experience. The result is a higher rate of bill collection for medical providers, reduced administrative costs, and improved patient experience, according to the company.

Tejinder Gill, principal at Collaborative Fund, said in the announcement that Inbox Health has a “unique approach to modernizing payment” for patients and providers.

Inbox Health launched its operating system for billers in 2018. Through automated communication, it aims to help patients understand their medical bills and gives them payment options. Patients can receive statements by text, email or paper bills, based on their preferences.

Now, the company’s platform serves over 1,000 practices and 4.5 million patients.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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