Monetary know-how firm Paytient introduced Tuesday that it raised $40.5 million in Collection B funding, which is able to assist the corporate develop its profit that helps sufferers pay for out-of-pocket healthcare prices.
Columbia, Missouri-based Paytient is the creator of Well being Fee Accounts (HPAs), which can be found for employers, well being methods and insurers to supply to workers and members. Customers obtain a Paytient Visa card, with out present process a credit score test, and may obtain the Paytient app. When members use the cardboard for a healthcare service, Paytient pays the supplier after which the member chooses a fee plan with no curiosity or charges via the app. They will choose the timeline to pay the associated fee again, in addition to a supply for fee, akin to via a payroll deduction or checking account.
“We preload that card with credit score after which that cash simply sits accessible to them that they will use to show any sudden out-of-pocket medical, dental, imaginative and prescient or veterinary expense,” mentioned Brian Whorley, co-founder and CEO. “Functionally, Paytient is sort of a healthcare pockets that’s at all times full.”
The funding spherical was led by Mercato Companions Traverse Fund and included participation from Bertelsmann Investments. In complete, the corporate has raised $63 million. Present traders embrace Lightbank, Felicis Ventures, Impressed Capital, Field Group and Left Lane Capital.
Mercato Companions Traverse Fund selected to put money into Paytient to ease People’ monetary troubles, mentioned Joe Kaiser, managing director of the investor.
“Working People are below extra monetary stress than ever, they usually want an answer that empowers them to entry care whereas taking the stress out of healthcare spending,” he mentioned in a information launch.
With the cash, the corporate plans to advance and develop its product, in addition to meet demand from potential employer and insurer companions. It has about 700 companions, together with Centene, Cigna, Coupe Well being, Beta Well being and R.R. Donnelly. Paytient serves about 700,000 folks.
There’s a necessity for medical fee help, Whorley argued. About 91% of shoppers have skilled a payment-related difficulty up to now, a current survey from well being advantages firm Gravie and Wakefield Analysis discovered. Paytient goals to repair this difficulty, Whorley mentioned.
“Our entire purpose is to enhance the flexibility of individuals to raised entry and afford care,” he mentioned. “That’s our mission.
Different corporations that present monetary help for healthcare bills embrace fintech firm Stilt via its product known as Onbo and Rectangle Well being via its product known as Care Now, Pay later.
Picture: claudenakagawa, Getty Photos