NEW HAVEN, CT, Innovative leader in patient communications and payments for medical billers, announced today that is has closed a $2.4 million Seed Round.
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Inbox Health, an innovative leader in patient communications and payments for medical billers, announced today that is has closed a $2.4 million Seed Round from leading venture capital firms and angel investors. This funding includes $900,000 of new investment on top of the $1.5 million received from an initial closing in early 2017. The round was led by Connecticut Innovations, with additional participation from I2BF Global Ventures, Launch Capital, Enhanced Capital, and several angel investors.
Inbox Health provides a comprehensive patient communication platform to medical billing companies, serving more than 1.2 million patients and 500 medical providers nationwide. The Inbox Health platform allows billing companies to efficiently manage all patient receivables by automating the patient notification and follow-up communication process. The platform accomplishes this using bi-directional text, email, voice, and paper communications, powered by proprietary algorithms, and enhanced by machine-learning and artificial intelligence. The end result is an improved patient experience and reduced administrative overhead.
"We are delighted to have the ongoing support of our existing investors, as well as a large vote of confidence from new investors, as we continue to work to drive administrative efficiencies in healthcare," said Blake Walker, Inbox Health's CEO. "Medical billers are the backbone of a critical piece of the US healthcare ecosystem. Helping billing companies provide a better billing service for patients and providers, and creating more efficient operations and growth opportunities is critical to their success in today's healthcare industry."
The company plans to use the investment to continue building out its technology, scale its sales and marketing efforts, and add to its operational and onboarding teams.
Matt Storeygard, Director of Investments at Connecticut Innovations, said, "Connecticut Innovations is pleased that Inbox Health continues to demonstrate that it solves a very real problem in the large healthcare billing space. The company is demonstrating its ability to execute as it continues to grow its customer base and enhance its industry leading platform and technology."
In conjunction with this round of funding, Inbox Health has updated its Board of Directors, adding Charles Gamble and James Foy to the Board. Mr. Gamble was recently appointed COO; the former founder of Tangoe brings a wealth of operational and sales expertise to the organization. Mr. Foy was most recently the CEO of Tangoe, and has served on several public and private boards.