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June 28, 2019

New Haven health-care billing startup closes $4.4M funding round

PHOTO | New Haven Biz
By Michelle Tuccitto Sullo

A New Haven-based software company that helps medical billing companies with patient communications and transactions announced it has raised $1.87 million.

Inbox Health Inc. launched in 2014 and is based at 770 Chapel St. The health and financial technology company secured the funding from venture capital firms and angel investors, according to an announcement.

With this funding, the company has closed out what it described as an oversubscribed seed round at $4.41 million.

Blake Walker, Inbox Health’s chief executive officer, said in the announcement, “We are pleased with the investment and continued support from our current investors and also a number of strategic new investors.”

The funding, according to Walker, will help the company in its efforts to lower medical billers’ expenses while improving their patient engagement.

Inbox Health will use the money from this latest round of funding toward sales, marketing and engineering investments. The company also plans to use the funds to enhance its product, a patient communication platform which aims to help medical billing companies manage patient accounts more efficiently.

The company personalizes each patient’s billing experience and automates the billing and communication process.

According to the company’s announcement, this funding round was led by Connecticut Innovations, with participation from Metropolis Ventures, I2BF Global Ventures, and StartUp Health, alongside several angel investors.

Matt Storeygard, managing director of venture capital investments at Connecticut Innovations, said the company has “demonstrated great traction” in patient billing.

“We’re happy to continue to support their growth,” he said in an announcement. “The company addresses a real and growing pain point in the healthcare space and delivers value across the ecosystem — from patient to practice to biller.”

Inbox Health is currently serving more than 1,000 practices and 4 million patients nationwide. Through automated communication, it aims to help patients understand their medical bills and gives them payment options. Patients can receive statements by text, email or paper bills, based on their preferences.

The company seeks to help medical providers by reducing administrative costs, as they’ll spend less time pursuing patients for balances or fielding phone calls related to billing questions.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com

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