PatientPay Closes Series 'A' Funding Round with $2.5 Million Led by Mosaik Partners
Cloud-Based Patient Billing & Payment Service Now Has $6 Million in Total Investment Capital
DURHAM, N.C. and SAN FRANCISCO, May 27, 2014-- PatientPay (www.patientpay.net), the innovator in cloud-base patient billing and payment services, today announced it has secured a $2.5 million investment which was led by Mosaik Partners (www.mosaikpartners.com), a leading venture capital firm focused on commerce-enabling technology companies. With the closing of this Series "A" round of fundraising, PatientPay has attained a total of $6 million in invested capital.
"PatientPay represents a disruptive force in the way healthcare out-of-pocket payments are handled. The company's innovative technology slices the time and cost it takes to manage patient billing and reconciliation in half for independent physicians as well as large health systems," said Miles Kilburn of Mosaik. "We're excited about our investment in PatientPay, a dynamic company with a unique service that benefits healthcare providers and consumers equally; an uncommon quality in today's healthcare environment."
PatientPay can be integrated with all physician practice management software, bringing its time- and cost-savings to doctors' offices without any impact on their daily routines. By allowing an effortless move from paper-based methods, PatientPay lets "quality of care" extend from the examination room to the business office with an online billing service that is simple, secure and satisfying for healthcare consumers.
"Mosaik Partners' participation in PatientPay's Series "A" round further validates our business model and ability to take a commanding position in patient payment services, a $600 billion market opportunity according to Mastercard," said Tom Furr, PatientPay's CEO. "We will use this capital to increase the number of healthcare groups using PatientPay as well as expand its capabilities beyond automated bill creation and payment. Specifically, practices will soon be able to provide pricing information to patients so they can make better-informed decisions about their healthcare; especially as high deductible health plans become the norm in the United States."
About Mosaik Partners
Mosaik Partners, located in San Francisco, CA, provides entrepreneurs the capital, resources and guidance necessary to execute on innovative commerce enabling products at the critical expansion stage – driving growth, profitability and scale for their businesses.
With over four decades of combined industry experience investing in, operating and advising early- to late-stage commerce enabling technology companies, our partners offer entrepreneurs deep domain expertise and unique access to potential customers and strategic partners. We focus on pioneering companies that are executing evolving commerce business strategies in a dynamic regulatory and technology environment. To reach Mosaik Partners go to www.mosaikpartners.com or call 415.717.3354.
PatientPay is a patented, cloud-based service for physician groups and their patients to process and manage bills and balances. It handles the time-intensive, complicated and expensive process in minutes not days, at half the cost and with less risk than legacy paper-based payments or online payment portals.
PatientPay, based in Durham, North Carolina, reaches more than 30,000 healthcare providers through its current network of Practice Management Software partners. The online service can integrate with any Practice Management Software to offer a complete online solution that automates billing, collections and posting of patient payments. For more information, please visit www.patientpay.com or call 1-888-730-9374.
PatientPay and the PatientPay logo are registered trademarks or service marks of PatientPay. Other marks belong to their respective owners.
E. Miles Kilburn
Venture Capital Database