Patient billing platform Inbox Health lands $22.5m Series B

Patient billing platform Inbox Health lands $22.5m Series B Shruti Khairnar

Inbox Health, a US-based patient billing communications platform, has secured $22.5 million in a Series B funding round led by Ten Coves Capital.

Inbox Health lands $22.5m Series B

The round also saw participation from existing investors including Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures and Fairview Capital. The investment brings its total capital to over $43 million to date.

Inbox Health’s data-led platform automates and personalises patient billing and payments. Patients receive “easy-to-understand” medical bills through their preferred communication channel and payment method, along with support options such as text, email and live chat.

The firm says that by engaging with billing companies and medical practices, Inbox Health’s platform has made the patient engagement process “more efficient, resulting in stronger financial results”. Medical billers report a 60% increase in collection speeds in the first 60 days.

With the funding, Inbox Health plans on accelerating its growth by reaching out to more patients, as well as improving its billing, support and payment experience.

Founded in 2014 and headquartered in Connecticut, Inbox Health says it manages “billions of dollars” in patient care and claims more than 2,500 US medical practices and more than 3.5 million patients have used its platform. In April, its billing technology was awarded a patent by the US Patent and Trademark Office.