Revenue Cycle Startup Medpilot Nabs $1.7M

MedPilot, a Cleveland, OH-based patient financial engagement platform has now secured $1.7 Million in the funding round.

The round was led by the Valley growth ventures, investor Tom Hirschfeld, TechStars, Cedars-Sinai, and Hudson River Capital Partners.

The company has plans to use the funds to increase their team size further and to launch a new functionality to enable the healthcare organizations to further engage with the patients with their life-cycle.

The startup which is led by the Nathan Spoden. medPilot provides a patient with the financial engagement platform working with the outpatient facilities, practice management systems and revenue cycle management.

The platform is supported and powered by the millions of data points, which combines the information from the client practice management system with the internally derived insights and analytics to personalize the approach, that even includes the content, payment options, and communication method. With the help of Machine Learning, they even continue to optimize their outreach strategies based on the interactions of the patients. MedPilot also powers up the healthcare provider administrative department by simply providing them with a tool to track the patients, monitor financial activity and manage their experience.

The company graduated in the latest class of the Cedars-Sinai Accelerator.

“Even in 2018, healthcare providers still primarily communicate with patients about complicated billing matters by mailing statements and reminders,” said Jacob Myers, Co-founder, and CEO, MedPilot. “As patient responsibility has skyrocketed in recent years, the need for a more modern and effective approach has become apparent. Patients deserve better. We founded MedPilot to transform the patient financial experience and help people better understand and resolve their medical expenses. We're thrilled by the rapid growth in our business and excited to be joined by so many incredible investors.”

“Mentorship and collaboration with companies like MedPilot is the goal of our accelerator program. We look for companies that are transforming healthcare and healthcare delivery, and it's exciting to see MedPilot's innovative work in the patient billing area,” said Anne Wellington, Managing Director at the Cedars-Sinai Accelerator.

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