SwervePay, a patient-centric payment solution in healthcare, completed its $10 million Series B funding, led by Chicago-based investment manager, Garland Capital Group. The company will use the funding for improving partner networking and attract new talent.
Other investors include Chris Capps and Dick Kiphart of KGC Capital; Greg Wasson, former president and CEO of Walgreens Boots Alliance; Jim Sohr, founder and former CEO of AIM Healthcare Services; Mandell Ventures, LLC; Ned Jannotta Jr, former partner of GTCR; and Ric Elias of Red Ventures.
Jaeme Adams, Co-founder and CEO of SwervePay said, “We’re excited and privileged to bring this all-star team of investors on board at SwervePay. With the business acumen around healthcare, payments, and growing large enterprises, this investment is validation that our innovations will continue to blaze the path we created in changing how patients pay for healthcare.”
SwervePay allows patients to pay their medical bill with just a click without using any paper or mobile applications. In addition to reducing outstanding patient balances, SwervePay claims to lower debts and administrative costs for hospitals.
How does SwervePay work
- Automated Messaging : It sends messages and notifications to the patients regarding appointments and payments.
- Seamless Integration: Payments are seamlessly integrated with your existing Patient Management System via AR write back, making scheduling, billing and collections easier to manage.
- One Click Payments: Secure Card-On-File technology allows you to securely store patient credit card info in your PMS/EHR.
Quoting two different reports, SwervePay states that 64 percent of patients won’t use portals (Harris Poll) and 98 percent won’t use hospital/physician mobile apps (Accenture). SwervePay is paperless and offers an immediate on-the-go electronic payment solution.
“Solutions that focus on presenting the right data, at the right time, to the right audience to facilitate a payment is essential for the healthcare industry,” said Gary Holdren, Founder of Garland Capital Group and former CEO and Founder of Huron Consulting. “I consistently hear from healthcare leaders their need for a product like this. I have yet to see any other software payment offering like SwervePay. They are truly a leader in this space.”
SwervePay raised a Series A funding round of $1.6 million in 2014.