US-based medical billing technology developer Patientco has received $28m in series B funding from investors including BlueCross BlueShield Venture Partners, the corporate venturing representative of 33 health insurance providers.
BlueCross BlueShield Venture Partners, which invested in tandem with venture capital firm Sandbox Partners’ Advantage Fund, was joined by Accel-KKR, the partnership between VC firm Accel and investment firm KKR, which led the round.
Patientco has created a smart billing system that enables patients to pay for medical care online or through an automated phone-based system. It integrates with a healthcare provider’s own systems to ensure a patient’s records are kept updated.
The funding will support growth across the US as well as sales and marketing and research and development.
Bird Blitch, Patientco’s co-founder and chief executive, said: “We are solving for an unprecedented affordability crisis in healthcare.
“Health systems have an opportunity to create a superior patient financial experience by leveraging smarter technology which turns patient payments into an economic growth engine.”
BlueCross BlueShield Venture Partners and Sandbox co-led Patientco’s $3.75m series A round in 2012, before the former invested an undisclosed amount in Patientco in early 2016.