Is 2018 really almost over? We can hardly believe how fast this year flew by, but we hope it was as good to you as it was to us. For our team, 2018 was a year for the books and we expect 2019 to be even better. In case you missed some of our biggest wins this year, we’ll happily reminisce to catch you up! Let’s look at three ways 2018 paid off for Patientco.
1. We’re Prepped & Growing
An unforgettable moment this year was when we raised $28 million in Series B growth capital. This round of funding was led by Accel-KKR with participation from our friends at Blue Cross Blue Shield Venture Partners/Sandbox Advantage Fund. This will fuel our growth as we expand sales and marketing across the U.S. The capital will also support continued product innovation for the Patientco platform. As a result, we’ll be primed to help more Health Systems generate more patient revenue and deliver a superior patient financial experience.
We’ve also added several new enterprise Health System clients from cities across the country, including Chicago, Charleston and San Antonio, among others. Some of those new clients include large systems like Piedmont Healthcare and VCU Health. By partnering with us, Piedmont is now able to provide a more user-friendly and efficient consumer billing and payment experience. They’ve accomplished this across their 11 hospitals, 24 urgent care centers, 28 Piedmont QuickCare locations and 555 Piedmont Clinic physician practice locations. Needless to say, we’ve been busy this year!
The reason we’ve remained so focused on our mission is because healthcare costs, including deductibles, have risen every year for the past decade. This has put Patientco at the forefront of an affordability crisis in healthcare. We’re tackling this crisis by making easier for patients to understand and pay their medical bills.
2. We Crushed Major Milestones
Our efforts are starting to pay off (pun intended) because we surpassed another major milestone this year: $1 billion in payments processed. At Patientco, we work hard and we love to celebrate our big wins. After meeting this major milestone, we hosted our Tres Commas party, which was a memorable way to recognize our team’s hard work.
Patientco’s product development team also had a winning year with the launch of SmartFinance™. SmartFinance is our self-service patient financing platform that Health Systems can offer to ensure there is a flexible, friendly payment option for every patient. The platform was designed after Patientco’s data team found that pay-in-full rates consistently drop as balances approach $400. However, many patients do make a partial payment toward balances. This indicates a willingness to pay but inability to pay in full. SmartFinance allows Health Systems to provide tailored financial options that are suited to their patients’ needs, as well as their organization’s business needs.
We also launched SmartSuppress™, our intelligent paperless billing technology. With SmartSuppress, Health Systems can monitor consumer behavior and automatically tailor the patient financial experience accordingly. For instance, if a patient opts in for paperless billing but doesn’t open an eBill within a certain timeframe, SmartSuppress automatically triggers a mailed paper statement as a second reminder.
Launching SmartFinance and SmartSuppress were huge accomplishments. We couldn’t have done it without our talented team! Speaking of the team – that has grown too! This year, we’ve hired nearly 30 highly motivated Patientcoains, which means we’re expecting even more successes in 2019.
3. We Gave Back
As a company, we prioritize giving back – it’s one of Patientco’s core values. This year, our team served organizations like Open Hand, which helps Atlantans living with chronic illnesses by providing and delivering nutritious meals. We all joined forces for an office volunteer day and packed 2,000 meals for those in need. Patientco even teamed up with Piedmont Healthcare earlier this year to collect donated items for Atlanta Mission and My Sister’s House.
We also ended the year by making a positive impact on several patients’ lives through Watsi. Watsi is a nonprofit healthcare crowdsourcing platform that funds medical care for patients in developing countries. Patientco helped fund procedures for 16 patients and funded care for patients in need overseas!
Health truly is an amazing gift. We are proud to be in a position to push the healthcare industry forward, whether it involves giving through Watsi or with our own consumer-friendly payment technology. That said – bring on 2019!