To lead the round was Triventures, a venture capital fund that invests in data-driven healthcare startups that are ready to transform the industry by converging the best healthcare and technology solutions. Netalie Nadivi, Says General Partner at Triventures, “PayGround is an excellent addition to our existing portfolio of digital healthcare companies that address some of the industry’s biggest challenges. PayGround’s leadership not only has the vision to solve a real problem in this industry but has shown phenomenal implementation so far. In just one year with a commercial market presence, PayGround has been distributed in over 100 healthcare facilities and generated concrete returns by improving DSOs and debt collection. mission. “
Healthcare costs in the United States continue to rise. According to CMS, in 2019, medical expenses here $ 3.8 trillion and is estimated to exceed $ 6 trillion 2028. PayGround tackles this challenge by delivering a win-win-value offering to the market: a seamless, scalable solution that significantly improves supplier collections while delivering a consumer-centric experience, a must in a time of healthcare consumption.
Also participated in the round was Thirty-six, which invests in early stage companies in fintech and insurtech. Joel Brightfield, Said Principal with SixThirty, “Healthcare payments are fraught with friction, from lack of price transparency to lack of convenience in billing and payments. As everyone who has been to the doctor knows, patients spend a lot of time understanding and making payments, and providers spend disproportionate amount of time to manage revenue cycles and fundraisers.These frictions correspond to less time to prevent and treat diseases and waste unnecessarily a valuable resource in healthcare – time.Drew and the rest of the team at PayGround have felt this pain in the first place much needed solution. “
PayGround will use the funds to implement its technical roadmap and at the same time grow its brand with an aggressive sales and marketing plan. In addition to the fundraiser, PayGround is expanding its board with representatives of investors and industry experts, Dan Johnson, an IT leader in healthcare who was previously president of Experian Health.
This financing comes as a result of significant traction in the market thanks to a convincing value proposition where suppliers have:
- Experienced an average increase of 23% in revenue
- Reduced collective sales by more than 60%.
- Reached a saving of more than 40% to previous supplier fees
“We are so grateful for this latest round of funding,” Mercer said. “We can now accelerate our go-to-market plan and scale value for both patients and providers. Stay up to date on some major announcements in the coming weeks as PayGround disrupts the healthcare revenue cycle.”
PayGround, Inc.. is based in Gilbert, AZ and was founded in 2018 with the task of simplifying care payments. PayGround’s integrated data architecture enables patients to send frictionless payments to healthcare providers. PayGround’s mission is to provide a simple, centralized solution for individuals and families to manage and pay all of their medical bills, so they can focus on more important things.
Founded in 2010, Triventures is a risk capital at an early stage that focuses on data-driven care solutions and opportunities that land at the intersection of health and other verticals. With office in Israel and Silicon Valley, leverages its global footprint and has established an extensive network of strategic strategy partners. The fund mentions among its strategic investors some of the world’s leading healthcare systems, financial groups, consumer electronics companies, insurance companies and telecommunications groups, including Medtronic, Philips, Boston Scientific, Abiomed, Intermountain Healthcare, Cardinal Health, Johnson and Johnson. , Samsung, Nikon and Sheba Medical Center.
Thirty-six is an early-stage venture capital fund that invests in technology companies from around the world and builds solutions for FinTech, InsurTech, CyberSecurity and Digital Health for established players. Every year, SixThirty invests in eight to twelve new companies and participates in selected follow-up opportunities. SixThirty’s portfolio companies gain access to the fund’s Go-to-Market program, which involves joint meetings with business partners, mentoring B2B sales, and go-to-market strategy and networking opportunities with industry leaders.