Healthcare payment solution SwervePay has closed $10 million in Series B funding. Garland Capital Group led the round.
CHICAGO –(BUSINESS WIRE)
SwervePay, LLC, an innovative patient-centric payment solution in healthcare, announced its completion of $10 million of funding from investors in and alongside its Series B round. The capital investment, led by Chicago-based Garland Capital Group, will support SwervePay’s growth and expansion, enhance its channel partner network and attract new talent to advance the company’s vision.
SwervePay empowers patients to pay their bills on the go – no mobile apps, no paper, just one-click payments via text message. The portal-free platform eases the process for patients and alleviates manual tasks in the revenue cycle process. With its powerful and secure integration engine, as well as back-end electronic health record automation, it enables healthcare providers to more easily and quickly collect patient balances – before, during and after care. This is achieved by communicating with patients in one of the most effective and accessible ways today – text messaging. In addition to reducing outstanding patient balances, SwervePay lowers debt and administrative costs for hospitals.
“We’re excited and privileged to bring this all-star team of investors on board at SwervePay,” said Jaeme Adams, co-founder and CEO of SwervePay. “With the business acumen around healthcare, payments, and growing large enterprises, this investment is more validation that our innovations will continue to blaze the path we created in changing how patients pay for healthcare.”
With SwervePay, healthcare providers gain back resources no longer dedicated to collections, while patients gain immediate access and control of their payment options in a simple, fast manner. Sixty-four 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 launched self-funded in 2010 and raised a Series A funding of $1.6 million in 2014. In addition to Garland Capital Group, 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.
SwervePay is leading the patient-centric revolution by reducing the complexity of interacting with today’s patient-facing technologies and eliminating mobile apps and repetitive paper statements. Physicians and hospitals are able to engage patients with a simple text message that lets them securely submit payments and with one click. The cloud-based system presents the right data at the right time, greatly improving patient payment resolution. SwervePay eliminates statement cost, improves staff efficiency and collects patient balances faster. SwervePay draws on a proven track record of success to significantly increase cash flow to hospitals, health systems and practitioners. Learn more about SwervePay at www.swervepayhealth.com.