Israeli healthcare expenses startup Simplee today announced $20 million in a Series C financing round led by Social Capital, with participation from existing investors 83North and Heritage Group, and new investor American Express Ventures. Simplee is part of the growing fintech movement in healthcare and the $330 billion in annual out of pocket medical spending, a total that eclipses online retail spending.
Simplee was founded in 2011 by CEO Tomer Shoval, COO Roberto Rabinovich, and CTO Tom Tsarfati. Headquartered in Palo Alto, it has a development center in Tel Aviv.
Shoval said, “The patient financial experience is proving a brand differentiation source for healthcare providers in the rising consumer battle for patients."
Social Capital cofounder and partner Ted Maidenberg said, “Many components of our healthcare system are ripe for transformation by technology-minded companies, and payments represents one of the biggest near-term opportunities. Patient payments are largely broken, and we're excited to expand our investment in Simplee as they bridge the consumer experience gap and set a new bar for how patients engage and pay in healthcare."
The Simplee Financial Engagement software platform is healthcare’s first patient engagement solution unifying hospital and physician estimates, statements, payments, and credit. Since launching its enterprise platform in 2013, Simplee now works with nearly 900 hospitals and physician groups, and 5 million patients across the US representing over $1 billion in annual payments.
“Simplee has developed a smart technology platform that reduces the friction in healthcare payments, an increasingly complex ecosystem to navigate,” said Harshul Sanghi, Managing Partner, American Express Ventures. “We’re pleased to invest in solutions that provide a more seamless experience for patients and providers alike.”
Leading health systems and community hospitals in the US use Simplee to transform their patient financial experience, achieving higher patient satisfaction, greater payment success, and lower costs. On average, Simplee customers achieve net promoter scores 4x the healthcare norm for billing and payment experience, a 50% higher adoption of digital engagement benefiting revenue cycle and marketing initiatives, and a 3x return on investment driven by lower costs and higher net collections.
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2016
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