Inbox Health Raises $22.5 Million Series B
May 04, 2023
Inbox Health Raises $22.5 Million Series B to Support Rapidly Growing Patient Billing Communications Platform
Funding round led by fintech-focused growth equity firm Ten Coves Capital brings total raised to date to more than $43 million
NEW HAVEN, Conn., May 4, 2023 – 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.
About Inbox Health
Inbox Health directly addresses one of the fastest-growing problems in healthcare—the challenge of patient A/R. Built for medical billers, Inbox Health automates patient billing and patient payments and modernizes the patient support experience. Inbox Health improves patient engagement by providing clear medical bills immediately after service, choice of payment methods and communication channels, and fast, empathetic support through the phone and live chat. By improving the patient experience, billers see an increase in profitability, cash flow, and collection speeds. With Inbox Health, billing companies report a 60% increase in collection speeds in the first 60 days. Inbox Health provides billing companies an automated, streamlined platform that saves time, reduces paper statement costs, and results in fewer patient phone calls. Inbox Health currently serves over 2,500 healthcare practices and has supported over 3.5 million patients. Headquartered in New Haven, Conn., Inbox Health was recently named to the Inc. 5000 list of fastest-growing private companies in America. More information can be found at www.inboxhealth.com.
About Ten Coves Capital
Ten Coves Capital backs high growth B2B software companies across the FinTech ecosystem where its capital, network, and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits (among other segments), the Ten Coves team has helped scale 40+ companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit tencoves.com.