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Rivet will use the newly raised capital to enhance its capabilities as a cost transparency platform, increase its team, and take the necessary steps to become an end-to-end patient billing suite that enables both providers and patients better manage healthcare costs
FREMONT, CA: Rivet, a UT-based modern healthcare revenue cycle management software startup delivering healthcare price transparency to patients, has raised $8.25 million in Series A round of funding. The funding round was led by Menlo Ventures and return backers Pelion Venture Partners and Lux Capital.
Healthcare practices across the country use Rivet's tech platform to bring transparency in the bills to patients. Presently, patients discover the cost of care up to 60 days after their doctor visits via traditional mails. Accordingly the patients have to log in to an outdated online portal to reconcile their bills. With Rivet's platform, providers can give patients upfront pricing estimates, via email or text, with the option to pay prior to or shortly after the visit and receiving care. Users can pay anytime that is convenient to them.
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"At its core, Rivet's cloud-based platform is modernizing an antiquated system that has been used for more than two decades and is ripe for innovation," said Croom Beatty, a principal at Menlo Ventures joining the Rivet board. "This is a massive breakthrough in an industry that loses 30-60 percent in patient revenue by being unable to collect debt. With Rivet, not only do patients know exactly how much they'll be paying for care and have an easier way to pay, but healthcare providers have better insight into their billing processes to make sure they are being compensated appropriately for their services."
Rivet will use the newly raised capital to enhance its capabilities as a cost transparency platform, increase its team and take the necessary steps to become an end-to-end patient billing suite that enables both providers and patients 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."
See also: Top Healthcare Solution Companies
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