Rivet, a Salt Lake City, UT-based modern healthcare revenue cycle management company delivering healthcare price transparency to patients, announced that it has raised $8.25 million in a Series A round of funding led by Menlo Ventures and return backers Lux Capital and Pelion Venture Partners.
Making Out of Pocket Estimates Easy for Providers & Patients
he RCM marketplace is a $30 billion market with 30–60% of revenue being lost in uncollected debt. Rivet’s goal is to simplify this space through its technology. Founded in 2018, Rivet’s intelligent tech platform is used by healthcare practices across the country to bring price transparency to patients.
Currently, patients discover the cost of care up to 60 days after their doctor visits via traditional mail. From there, patients often have to call or log in to an antiquated online portal to reconcile their bills. Rivet’s platform enables providers to give patients upfront pricing estimates with the ability to pay prior to or shortly after receiving care in a way that is convenient to them, even via email or text.
The platform also leverages machine learning to help providers navigate the complex process that grants “in-network” status with insurance companies. Rivet’s reimbursement contract management tool allows providers to easily track and audit their payer contracts while also benchmarking what competitive rates should be from plan to plan. Where understanding healthcare contracting and pricing used to need years of experience, Rivet’s platform makes it possible with a user-friendly interface and the click of a button.
Expansion Plans for Cost Transparency Platform
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Rivet will be using this round of funding to enhance its capabilities as a price transparency platform, grow its team and take the next steps to become an end-to-end patient billing suite that helps both patients and providers better manage healthcare costs.
“The current healthcare system is clearly not working for either the patient or the healthcare providers. This investment is proof that our investors are committed to fixing a broken system,” said Ted Ferrin, co-founder and CEO of Rivet. “This funding will help us continue building products that can be seamlessly integrated in the current system to empower both healthcare providers and patients by improving transparency.”
Source: HIT Consultant