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Patientco Primed to Help More Health Systems Rethink Patient Payments with Strategic Growth Investment Led by Accel-KKR

Series B funding fuels expansion of leading patient billing and payments technology company focused on creating a smarter patient financial experience

ATLANTA & MENLO PARK, Calif.–Patientco, a next-generation patient billing and payments technology company, announced today it has raised $28 million in Series B growth capital. This investment was led by Accel-KKR with participation from existing investor BlueCross BlueShield Venture Partners / Sandbox Advantage Fund. The capital will be used to accelerate Patientco’s growth in the $5B+ patient payments market, expand sales and marketing throughout the U.S., and fuel continued product innovation within the company’s industry-leading patient billing and payments platform.

“We are solving for an unprecedented affordability crisis in healthcare,” said Bird Blitch, co-founder and CEO of Patientco. “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. We are excited to partner with Accel-KKR to continue our growth and help more health systems solve this complex challenge.”

Accel-KKR’s investment follows a string of successful milestones for Patientco including: reaching 10 million unique patient users, crossing $1B in payments processed, and serving more than 2,000 healthcare locations across the U.S. with its patient billing and payments technology. Patientco continues to bring together the best in FinTech and healthcare technology to create a superior patient financial experience and deliver significant financial outcomes for its health system clients.

“Patientco has a differentiated approach to the patient payments problem in healthcare, leveraging its end-to-end platform to make every patient financial engagement better than the last. We believe Patientco will make a lasting positive impact on healthcare, both for patients and health systems on the Patientco platform,” remarked David Cusimano, Principal at Accel-KKR. “No other payments company in the market offers a seamless patient experience while being able to handle the volume that comes from large health systems. We are very excited to be a part of this next stage of Patientco’s success,” added Greg Williams, Managing Director at Accel-KKR.

“Patientco has been a tremendous growth story,” said Tom Hawes, M.D. Managing Director at Sandbox Industries, on behalf of BlueCross BlueShield Venture Partners. “The management team continues to execute on a compelling strategy which creates differentiated outcomes for health systems alongside 95% positive patient feedback on their payment experience. We are pleased to have Accel-KKR join the Patientco family.”

About Accel-KKR

Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.

About BlueCross BlueShield Venture Partners

BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield companies. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, visit www.bcbsvp.com.

About Patientco

Patientco is a payment technology company founded specifically to re-think the patient payment experience in healthcare by bringing together intuitive consumer payment tools and world-class payment infrastructure backed by data-led design to create a superior patient billing experience and deliver more payments to health systems. Patientco is a proud cohort of the Backed By ATL initiative from the Metro Atlanta Chamber and alumni of Georgia Tech’s Advanced Technology Development Center (ATDC) incubator program. Patientco is making healthcare better one payment at a time. Visit Patientco online at Patientco.com.

July 25, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Hello Health (Myca Health) Secures $10 Million Investment

This morning, Hello Health, a Patient Management Platform developed to improve communication between patients and physicians, announced an additional $10M in investor funding. Over the past two quarters, Hello Health has experienced tremendous growth attracting investors compelled by Hello Health’s unique business model. As more attention is paid to the hospital IT networks, Hello Health addresses an underserved physician population: the independent primary care providers.

Hello Health achieved this latest round of funding from investors as a result of an increased interest from independent primary care physicians looking to transition to an electronic medical record, but lacking the financial capital and office resources to make the transition.

With the price tag of EHRs in the tens of thousands of dollars, Hello Health offers a disruptive business model for practitioners. Rather than the standard practice, where MDs pay upwards of 35K to implement an EHR, Hello Health provides this Platform to physicians at NO COST. Moreover, the Platform generates incremental revenue for doctors through a patient subscription model.

Hello Health Inc. Secures $10M in Financing

Major funding invests in technology that creates revenue stream via Patient Management Platform

NEW YORK CITY (February 28, 2012) – Hello Health® announced today that it has raised $10M in a combination of common and preferred shares, and issuance of convertible debentures through its parent company, Myca® Health.  This equity capital was privately funded by a select group of investors.

For years, physicians have experienced revenue reductions and, more recently, declining patient visits and must now look to ‘market their practices’ beyond quality of care to include: secure online communications that improve information and care team access, and provide greater convenience for patients. Hello Health is a Patient Management Platform that allows independent primary care physicians to transition from paper to electronic medical records and to provide a patient health portal through a subscription-based plan. Patients pay a small fee for the ability to schedule appointments, request lab results, renew prescriptions, share medical information and communicate (via HIPAA-compliant email, instant messaging and video consults) with their doctors and medical health professionals.  The Hello Health Patient Management Platform was developed to provide an improved revenue stream for physicians while also enhancing patient engagement and providing better time and workflow management, all of which combine to strengthen the independence and sustainability of a practice.

“This latest round of financing shows support for our mission: to empower physicians seeking to provide the best care for patients while maintaining their independence as practitioners. With the robust Patient Management Platform of Hello Health, it is clear that we can revolutionize the current practice business model by addressing dwindling revenue and untapped patient engagement,” said Nathanial Findlay, founder and chief executive officer of Myca Health, parent company of Hello Health.  “The initial acceptance of Hello Health’s offerings, through word-of-mouth discussions among physicians, and this latest funding, enables us to increase awareness and continue to advocate for the independent physician.”

“We are pleased with the progress Hello Health has made,” said Anna Haghgooie, managing director of Sandbox Industries, exclusive fund manager of BlueCross BlueShield Venture Partners, a $300 million corporate venture fund sponsored by BlueCross and BlueShield Plans.  “With Hello Health, Myca has developed what could be the operating system that powers the primary care practice of the future.”

“Hello Health makes every aspect of what I do easier,” said Gary Leeds, M.D., a Manhattan-based independent primary care physician. “From e-prescribing to reviewing records to scheduling appointments, this Patient Management Platform offers a unique set of unmatched benefits and is rapidly helping us achieve our goal of a cloud-based patient management solution.”

About Hello Health Inc.:

New York City-based Hello Health Inc. is dedicated to transforming primary care by connecting patients and physicians through technology. The company’s Hello Health Patient Management platform integrates an electronic medical record, practice management capabilities and a patient health portal on a single, secure platform. Hello Health is free to primary care practices and generates incremental revenue through a patient subscription model.  A subsidiary of Myca Health Inc., Hello Health is collaborating with Qualcomm Life, Inc. and seeks to expand the company’s strategic partnerships with leading organizations that look for innovative solutions to connect patients and physicians.  Learn more at www.hellohealth.com.

February 29, 2012 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Healthbox Announces Strategic Partners, Opening of Applications

Leading Healthcare Organizations to Provide Early Support to Healthcare Startups

CHICAGO, August 2011 – Healthbox, a business accelerator for healthcare startups that was introduced by Sandbox Industries in May, today unveiled a diverse group of healthcare organizations as strategic partners. Additionally, Healthbox launched its website and simultaneously opened applications to the program, set to begin in Chicago in January 2012.

Healthbox strategic partners represent national players in the provider, payer, investor and retail spaces. They include BlueCross BlueShield Venture Partners, Walgreens, Ridgeview Medical Center, the California HealthCare Foundation, Merrick Ventures, and a number of successful healthcare investors and entrepreneurs. Strategic partners will provide Healthbox participants with invaluable mentorship, guidance, beta site testing, and access to their broad customer bases.

“We are thrilled to partner with Healthbox on this exciting endeavor,” said Paul Brown, Managing Director of BlueCross BlueShield Ventures I and II. “We see the program as a valuable conduit into the next generation of healthcare startups that are bringing innovative solutions to the marketplace.”

The Healthbox website also launched today with further details about the program.  Each of the 10 participants will receive $50,000 in seed capital and access to a broad group of mentors, including industry visionaries, leading investors, and successful entrepreneurs.  The 3-month program will be hosted in a collaborative workspace in Chicago from January to April of next year.

“Given the dynamics of the industry, building a healthcare technology startup poses a lot of challenges,” said Sandbox Managing Director Nina Nashif, who founded Healthbox. “The market needs a platform that provides critical support for early-stage healthcare companies that are not yet ready for venture capital.”

Healthbox is now accepting applications, which will remain open on the website for approximately eight weeks. Additionally, Healthbox leaders and mentors will host networking events in September and October in key cities around the country – including San Francisco, San Diego, Minneapolis, Nashville, Boston, New York City and Chicago – in order to promote the program and encourage applications.

For additional information about the Healthbox program, applications and upcoming events, visit www.healthboxaccelerator.com.

About Sandbox Industries

Chicago-based Sandbox Industries is the exclusive fund manager for BlueCross BlueShield Venture Fund, a corporate venture fund sponsored by the BlueCross BlueShield Association. Sandbox creates and invests in businesses, searching for ideas with the potential to change markets, and then leveraging its expertise, resources, experience, and contacts to transform them into successful enterprises. A non-traditional blend of venture capital alongside a business incubator, Sandbox represents a new model for business development – one that helps rather than harasses entrepreneurs – and is redefining the way great ideas are generated and transformed into successful companies.

September 5, 2011 I Written By