CLEVELAND, Feb. 19, 2020 /PRNewswire/ -- MedPilot, a leading patient financial engagement company, just announced a new round of funding led by JumpStart, TurnCap, Northcoast Fund, Wavemaker Three-Sixty Health, Valley Growth Ventures, and Hudson River Capital Partners.
"Patient responsibilities continue to skyrocket," said Jacob Myers, Co-Founder and CEO, MedPilot. "Unfortunately, most revenue cycle solutions were originally designed to work with insurance companies, not patients. Nate Spoden, Matt Buder Shapiro, and I founded MedPilot to transform patient financial engagement. We're thrilled by the incredible support we've received from our partners and investors, and are ready to continue to modernize the patient billing experience."
MedPilot's platform has already helped over 1 million patients to date and boasts a 97% patient satisfaction score. Leveraging artificial intelligence, they synthesize patient behavior to engage patients more efficiently and effectively. Their platform's primary benefits for healthcare provider's billing departments and revenue cycle management companies are reducing costs, increasing patient collections, and boosting patient satisfaction.
"We're proud to follow on in this round and continue to watch their team grow and product evolve. A big reason for MedPilot's success is that they always put the patient first," said Chantel Moody, Partner of TurnCap.
MedPilot will use its funding to bolster its growing team of 40 employees in Cleveland, Ohio. The company will also be optimizing its next generation of functionality to further engage with patients through their financial experience.
"JumpStart is excited to be partnering with the MedPilot team to grow their business," said Rem Harris, Senior Partner, Investing at JumpStart. "Patient billing is complicated and can often be unclear to patients. The MedPilot solution simplifies the billing process for patients delivering convenient and easy to understand billing information. The result is a better experience for patients and improved revenue collections for healthcare providers.
MedPilot is a leading patient financial engagement platform. Healthcare providers and revenue cycle management companies don't have an effective way to contact patients about their bills, relying on mailing expensive statements, and then traditional collection agencies. We help patients better understand and resolve their medical expenses. Our engagement platform personalizes outreach depending on who the patient is and then uses machine learning to optimize based on the person's interactions.