BOISE, ID, VisitPay, a platform for patient financial health, has secured an undisclosed amount of funding.
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Today, at the Digital Healthcare Innovation Summit in Boston, VisitPay announced Flare Capital Partners as its latest professional venture capital investor. Flare Capital is a leading healthcare investment organization with strategic industry relationships whose advisors and partners include some of the most respected names in US healthcare.
Gary Gottlieb, an Executive Partner at Flare Capital and former CEO at Partners HealthCare, commented: "As the consumer share of payments skyrockets, VisitPay provides a uniquely patient and provider centered solution to engagement and billing."
VisitPay technology is now used by major health systems with total net patient revenue of $30B. With origins in consumer finance, VisitPay equips hospital systems with powerful segmentation and analytics tools while empowering patient consumers with an easy to use solution for managing their healthcare bills. The results are delighted patients, who report rapid and dramatic improvements in satisfaction, and better economics for health systems, who can stem operating margin erosion caused by high levels of bad debt.
"In an era of high deductible plans where 75% of the American population struggles to pay any unexpected expense of more than $400, and as changing reimbursement rates narrow margins for hospital systems," continued Gary Gottlieb, "VisitPay gives patients more control over the payment experience while reducing the administrative and financial burden of bad debt on the provider, freeing resources for what they do best: clinical excellence."
Flare Capital's involvement comes just under a month after VisitPay announced its first professional investors, Norwest Venture Partners and Ascension Ventures. Flare Capital joins the same round of financing, as a new investor partner.
"The quality and experience of the management team at VisitPay impressed us immediately," said Bill Geary, Cofounder and Partner at Flare Capital and Board Observer at VisitPay. "With their strong backgrounds in consumer finance and engagement, they bring unique and much needed skills to the healthcare industry. We consider VisitPay the only platform for patient financial health and look forward to supporting its growth."
Kent Ivanoff, VisitPay co-founder and CEO, added, "In the last four weeks, VisitPay has announced a world class cadre of professional investors in an important validation of our strategy and category. Flare Capital brings deep healthcare investment experience to VisitPay, and we look forward to partnering with them and their outstanding limited partner base in 2018 as we continue on our mission to enable trusted financial relationships between patients, providers and payers nationwide."
VisitPay is the first and only platform for Patient Financial Health. The culmination of seven years learning and development, this proprietary cloud-based platform enables hospitals and health systems to dramatically increase the amount paid on patient balances because patients can finally exercise control over their financial health. VisitPay is proudly headquartered in Boise, Idaho, one of the most livable cities in the country, where it has assembled a powerful team focused on predictive analytics, user-driven software design and consumer finance. More information about the company and its solutions can be found at www.visitpay.com.
About Flare Capital Partners
Flare Capital is a team of proven healthcare technology venture capital investors known for their unparalleled strategic industry resources, insight and total commitment to the success of its entrepreneurs. Flare Capital raised one of the healthcare industry's largest dedicated venture capital funds focused exclusively on early stage and emerging growth investments in healthcare technology innovation and is privileged to closely partner with founders and management. Investments include Aetion, Bright Health, Circulation, ClearDATA, Evolent Health, HealthReveal, HealthVerity, Iora Health, VisitPay and Welltok. Learn more at www.flarecapital.com