Patientco, an Atlanta-based fintech platform that help providers maximize patient payments, has raised $28 million in a Series B round.
According to company representatives, the investment was led by California-based private equity firm Accel-KKR with participation from existing investor BlueCross BlueShield Venture Partners / Sandbox Advantage Fund.
The new funding will be used to grow Patientco’s share of the patient payments market---worth more than $5 billion. The new money will also help it expand sales and marketing throughout the U.S. and fuel continued product innovation, according to a news release.
A marketing representative told Atlanta Inno Wednesday Atlanta is Patientco's "home," where more than 90 percent of the company operates in their Terminus office in Buckhead. The company founded by two Georgia Tech graduates got its start in the state tech incubator, ATDC. Patientco currently has 15 open positions and plans to grow their team of 60 by more than 40 percent during the next 18 months.
“Our technology was purpose built to provide a superior patient billing and payment experience while reducing complexity for health systems," Bird Blitch, co-founder and CEO of Patientco, said. "We believe that by doing the right thing for patients, health systems will improve their financial performance. We are excited to partner with Accel-KKR to continue our growth and help more health systems solve this complex challenge.”
Previously, Patientco had raised $3.8 million from two funding rounds, according to Crunchbase, bringing their total amount raised to $31.8 million with the new investment. The company is one of few fintech firms in the city to raise more than $1 million in funding.
Patientco has recently reached 10 million unique patient users, processed more than $1 billion in payments and currently serves more than 2,000 healthcare locations across the U.S. The company locally serves Piedmont Healthcare, Dekalb Medical and Northside Hospital.
“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,” David Cusimano, Principal at Accel-KKR, said in a statement.
