MedPilot, a health IT vendor that uses performance analytics to give providers greater insight on the best approach to customize billing and collections strategy, has closed a Seed round. It will allocate the new funding for technology, sales and marketing and to support operational costs.
The idea is to save practices time chasing down customers for payments by helping them assess the effectiveness of their approach through sent rate, open rate, click rate, and response time.
The New York-based company took part in Blueprint Health’s accelerator. In a phone interview with Matthew Buder Shapiro, a co-founder with a background in digital marketing he said, “Certain clients require more manual touch, more calls and letters, but with others we can focus on the digital side, with a lower cost and can be more convenient for clients.”
It works with providers’ internal billing and collections teams, but it also collaborates with billing and collections business Retrieval Masters Creditors Bureau.
It raised $750,000 from three angel investors and Blueprint Health.
Shapiro noted that as patients are asked to shoulder more of the burden of their care, companies like his are well positioned to resolve payment issues for patients by helping them better understand their costs. It can also craft payment resolution strategies using data from patient demographics, payment history and behavioral economics.
“Our software allows us to bring a data-driven approach to customized content..to optimize performance of outreach,” Buder Shapiro said. “This is an industry that has not benefited from that level of knowledge.”
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Investments in analytics and big data startups amounted to $200 million in the first quarter of 2016, according to Rock Health.
