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April 6, 2021

New Haven patient-billing tech startup raises $15M

PHOTO | Courtesy Inbox Health
By Natalie Missakian

A New Haven software startup that helps medical billing companies communicate better with patients said Monday that it raised $15 million in a Series A round.

Inbox Health, based at 55 Church St., said the latest funding, led by San Francisco-based Commerce Ventures, brings its lifetime venture capital raise to $22.8 million. 

The company, which was founded in 2014 and has 38 employees, said it will use the recent cash to expand the business, which helps automate and personalize billing transactions and communication with patients.

Using Inbox Health’s platform, billing teams can respond to patient messages about their bills through texts, email or real-time chats that comply with HIPAA privacy laws, according to the company.

Inbox Health said 14 million patients in 2,400 practices nationwide have used the software, and it manages several billion dollars worth of healthcare spending. The startup said it wants to reach half the U.S. population in the next five years. 

“One of our primary focus areas is continuing to grow our data set in order to drive more efficiencies and reduce pain points within the existing ecosystem,” CEO Blake Walker said in a statement. “The new funding will help us scale those efforts to reach more billing companies and, ultimately, more patients.”

Bill Clerico, co-founder and former CEO of online payment service provider WePay, which was acquired by JPMorgan Chase in 2017, was among several individual investors in the round, Inbox Health said. 

Other investors included Vertical Venture Partners, Healthy Ventures, Collaborative Fund, Fairview Capital, Connecticut Innovations and 12BF Global Ventures.

Dan Rosen, founding partner of lead investor Commerce Ventures, said the customer experience has been largely overlooked in the medical billing process, even as out-of-pocket health costs are climbing, “which leaves patients feeling overwhelmed and confused about the care they receive and the amount they owe for it.” 

“We are excited by Inbox Health’s pioneering approach to solving this problem for providers, billers and patients, as evidenced by the step change improvement in experience and engagement their customers report,” he said in a statement.

Contact Natalie Missakian at news@newhavenbiz.com

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