This Chicago startup wants to tell you how much your medical bill is going to be ahead of time

SwervePay, which lets healthcare consumers settle their bills via text message, raised a $10 million series B in February. Today, the company announced it's broadening its horizons.

Written by Andreas Rekdal
Published on Apr. 05, 2016
This Chicago startup wants to tell you how much your medical bill is going to be ahead of time

, which lets healthcare consumers settle their bills via text message, raised a $10 million series B in February. Today, the company announced it's broadening its horizons.

If you’re lucky enough to be in good health, waiting for the bill can be the most nerve-racking part about going to see a doctor. On more than one occasion, I’ve asked staff if they have any idea what the out of pocket expenses will be, and the response is usually that it depends on my insurance.

StatPayMD — a MATTER-based startup and graduate of the Blueprint Health healthcare IT accelerator in New York — is working to make information about out-of-pocket expenses available to patients at the point of care. Moving forward, they’ll be doing that as part of SwervePay.

Lack of price transparency is a major problem for customer satisfaction in healthcare — many negative online reviews cite billing surprises. Moreover, a McKinsey study conducted in 2010 found that the “we’ll bill you later”-model significantly increased consumers’ barriers for settling their outstanding balances and generates a lot of work for doctors offices trying to collect payments.

“By using technology to automate processes, such as bill payments, we can allow healthcare providers to stay focused on patient care,” said Jaeme Adams, co-founder and CEO of SwervePay in a statement. “We’re excited about the team and technology StatPayMD brings to SwervePay, furthering our commitment to creating a consumer-friendly payment experience in healthcare.”

StatPayMD leverages technology and partnerships with healthcare providers, as well as data on the patient’s specific healthcare plan, to navigate the complicated maze of what is and isn’t covered by insurance. Building on this data, the company’s software generates a personalized cost estimate for the patient while they're still at the doctor's office.

“We’re thrilled to join the team at SwervePay and continue our mission of making it easier for healthcare providers to help patients better manage their financial responsibility in healthcare,” said Piyush Kedia, founder and CEO of StatPayMD in a statement.

Terms of the deal were not disclosed.

Image via SwervePay.

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