PayGround managed to raise investment funds for $19.7 million following the results of the Series A financing round.
The mentioned money will be used by the company to support the growth of its payments platform in the sphere of healthcare. The firm also plans to use the capital to expand the activities of hospitals and healthcare systems. The investment funds will contribute to the development of the company’s success in the outpatient services market. Moreover, the firm will add to its senior management team. The relevant information is contained in the PayGround press release, which was published last Tuesday, November 28.
Co-founder and CEO of the company Drew Mercer says that most Americans have a fragmented experience of paying medical bills. Mr. Mercer noted that the firm he heads provides individuals and families with a special digital wallet with which they can manage all their service bills in sphere healthcare and pay it in one place.
The company’s press release also contains information that its platform offers patients a mobile app for managing, tracking, and paying the specified bills within a secure algorithm. Also, in this case, the convenience of the maximum level is guaranteed, since all payment transactions are made in one place.
Separately, the firm’s press release notes that PayGround offers healthcare providers a modern platform for financial operations. This solution allows you to reduce the level of costs. Also, the modern platform provides simplification of processes. Another advantage of the company’s offer is to increase the level of customer satisfaction.
The press release states that simplifying the procedure for paying for medical services by individuals and families contributes to improving the results of the income cycle by health care providers.
The latest round of PayGround funding was led by SixThirty. The relevant information is contained in the press release. Director of SixThirty Andrew Wegrzyn, says that payments, especially payments from the personal budget, still have a kind of status of a vexing pain point for patients and health care providers. According to him, after the last round of funding, PayGround was able to continue growing as a recognized and reliable partner for the mentioned providers and patients. He also noted that the said company is modernizing payment methods for services in the sphere of healthcare in the United States.
The research results indicate that American consumers are interested in the solutions that PayGround offers. In September last year, a survey of 2,034 respondents revealed that 79.3% of them want to be able to pay for all types of medical services through a single digital platform.
Also, the mentioned study testified that 72% of consumers are interested in credit or other financial assistance when paying bills in the sphere of healthcare.
The level of availability of payment platforms depends on the collection of payments for medical services. Similar digital products designed for financial operations allow suppliers to write off up to 30% of debt.
As we have reported earlier, Swedish FinTech Brite Payments Raises $60 Million.
