Inbox Health – a leading patient billing communications platform – announced that it has completed a $22.5 million Series B financing round, bringing the total capital raised to over $43 million since inception. The Series B funding round was led by Ten Coves Capital with participation from existing investors including Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures, and Fairview Capital.
Now more than 2,600 medical practices across the U.S. rely on Inbox Health and over 3.5 million patients have used the platform to pay a healthcare bill. And the Series B announcement follows news that Inbox Health’s billing technology was awarded a patent by the U.S. Patent and Trademark Office in April 2023. The new growth funding round will further accelerate Inbox Health’s strategic growth as it continues to improve and modernize the billing, support, and payment experience for even more patients and healthcare organizations.
Inbox Health’s data-driven platform makes it easy to automate and personalize patient billing communications, modernizing long-standing industry norms of 30/60/90-day paper statement billing cycles. And the patients can receive easy-to-understand medical bills through their preferred communication channel with convenient payment and support options like text, email, and live chat. Plus this patient-first billing experience removes ambiguity around a complex component of the healthcare system and provides an efficient way for medical practices to manage patient collections.
Inbox Health’s platform manages billions of dollars in patient care by utilizing its growing suite of proprietary integrations with various practice management and electronic health record systems. And this facilitates communication between practices, patients, and billing teams. This flexibility enables Inbox Health’s software to seamlessly manage multiple practice groups from a single portal.
KEY QUOTES:
“It’s tremendous to see the impact our team has been able to have on the patient experience of millions of people over the last few years. It’s humbling to recognize the number of patients who still struggle with frustrating billing experiences and see how many providers and billers continue to navigate inefficient workflows. We have an opportunity to use this funding to magnify our impact and reach millions more patients, and that is motivating for our team.”
— Blake Walker, co-founder and CEO of Inbox Health
“Inbox Health has built a mission-critical solution addressing a large and growing pain point within the healthcare payments space, thereby bringing modern and efficient solutions to millions of patients and thousands of providers. We believe that Inbox Health’s leading solution delivers tangible value to all key players in the patient care process and are excited to partner with the Inbox Health team during its next phase of growth.”
— Steven Piaker, Managing Partner at Ten Coves Capital; As part of the investment, Piaker is joining the Inbox Health Board of Directors.
