Revere Partners invests in FinTech FeatherPay
Healthcare venture capital fund Revere Partners has invested in FeatherPay, an Atlanta-based healthcare FinTech startup. The investment amount was not disclosed.
Revere will “bring capital … and related industry expertise, and a large network of potential customers and partnerships to support FeatherPay’s mission to be healthcare’s best payment experience,” it said in a press release Wednesday (Aug. 3).
FeatherPay combines the different methods a practice uses to get paid into a “single experience for patients and staff,” according to the release. Patients receive notifications via email, text or hard copy, and they can combine multiple payment methods in a single transaction.
The company also automates back office operations, such as patient billing and accounts receivable (AR) collection, reconciliation, auditing and reimbursements, the release said.
Revere CEO Jeremy Krell said in the release that patients face unnecessary hassles when paying for health care, while changing consumer behavior makes it difficult for practices to get paid for services.
PYMNTS research found that one-third of consumers have opted out of seeking necessary medical care, either by not making necessary health appointments or forgoing necessary treatment, primarily because of cost.
Read more: 33% of consumers have opted out of necessary medical treatment over costs
Among consumers who did not make necessary health appointments or forgo necessary treatment, 22% of them said that the main reason was that they could not afford the care or treatment, while a similar proportion (21%) told PYMNTS that they avoided or left care at due to concerns about costs.
Another 22% of consumers who chose not to seek medical care said cost was important but not the most important, and another 18% said so about affordability.
“The ability to communicate with and accept payments from patients anywhere and on any device is tremendous,” Krell said in the release. “FeatherPay’s technology is an elegant, world-class solution to a complex problem across the healthcare sector.”
See also: Health financing is gaining wider acceptance among patients, providers
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