What You Should Know:
- Paytient, the Health Payment Account (HPA) that helps plan members access affordable health care, officially announced Silicon Valley Bank has finalized a $7.5M venture debt facility.
- To date, the company has raised $55.5M in equity from leading investors including Mercato, Bertelsmann Investments, Lightbank, Felicis Ventures, Box Group, Lachy Groom, Left Lane Capital, Commerce Bank, Crossbeam Ventures, Cultivation Capital, and Inspired Capital.
Paytient Health Payment Accounts
Today, Paytient serves over 1,000 enterprise clients in partnership with most of the Fortune 100’s major payors. The company’s Health Payment Account solution is offered by three major carriers alongside individual marketplace health plans in seven states, four major dental carriers, and has been white labeled into a number of digitally forward health benefits companies like Gravie, who is thoughtfully enabling patient access via Gravie Pay. Members have given Paytient 4.9 stars on Trustpilot and a 90+ NPS.
Expansion Plans
The funds will be used to develop new product features for release later this year in pursuit of the company’s mission to not only ensure people have the power to pay for healthcare but also to help them more easily access quality care for better prices. As healthcare prices are expected to rise 7% in 2024, solutions that increase access while lowering costs are becoming increasingly important to payers and self-funded groups.