Inbox Health, a leading patient billing communications platform, announced today that it has completed a $22.5 million Series B financing round, bringing total capital raised to more than $43 million since inception. The Series B was led by Ten Coves Capital with participation from existing investors including Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures, and Fairview Capital.
Today, more than 2,600 medical practices across the U.S. rely on Inbox Health, and more than 3.5 million patients have used the platform to pay a healthcare bill. The Series B announcement follows news that Inbox Health’s billing technology was awarded a patent by the U.S. Patent and Trademark Office in April 2023.The new growth capital will further accelerate Inbox Health’s strategic growth as it continues to improve and modernize the billing, support, and payment experience for even more patients and healthcare organizations.
Inbox Health’s data-driven platform makes it easy to automate and personalize patient billing communications, modernizing long-standing industry norms of 30/60/90-day paper statement billing cycles. Patients can receive easy-to-understand medical bills via their preferred communication channel with convenient payment and support options like text, email, and live chat. This patient-first billing experience removes ambiguity around an often-complex component of the healthcare system and provides an efficient way for medical practices to manage patient collections.
Inbox Health’s platform manages billions of dollars in patient care by leveraging its growing suite of proprietary integrations with various practice management and electronic health record systems. This facilitates communication between practices, patients, and billing teams. Such flexibility allows Inbox Health’s software to seamlessly manage multiple practice groups from a single portal.
“It’s tremendous to see the impact our team has been able to have on the patient experience of millions of people over the last few years,” said Blake Walker, co-founder and CEO of Inbox Health. “It’s humbling to recognize the number of patients who still struggle with frustrating billing experiences and see how many providers and billers continue to navigate inefficient workflows. We have an opportunity to use this funding to magnify our impact and reach millions more patients, and that is motivating for our team.”
Billing companies and practices utilizing Inbox Health’s platform benefit from a data-driven approach that engages patients in a more efficient way, resulting in stronger financial results.
“Inbox Health has built a mission-critical solution addressing a large and growing pain point within the healthcare payments space, thereby bringing modern and efficient solutions to millions of patients and thousands of providers,” said Steven Piaker, Managing Partner at Ten Coves Capital. “We believe that Inbox Health’s leading solution delivers tangible value to all key players in the patient care process and are excited to partner with the Inbox Health team during its next phase of growth.”
As part of the investment, Piaker is joining the Inbox Health Board of Directors.