The company aims to help healthcare providers collect bills using technology beyond the telephone and printed letters. The company is working on partnerships with Athena Health and DrChrono to reach its goal of signing up 100,000 healthcare providers nationwide. The objective is to integrate electronic health records and revenue cycle management into a seamless collection process.
The funding was financed by GoAhead Ventures, Lightspeed Venture Partners, Index Ventures, WTI, IT-Farm, Cabra.vc, Granatus Ventures, and OnWave Ventures.
On its website, Collectly is offering to help healthcare providers collect their fist $5,000 for free. The company takes a 10% commission for any delinquent funds that are collected that are less than 180 days overdue, and 20% for accounts that are more than 180 days overdue.
The product lists a three-step process for helping healthcare organizations recover unpaid accounts:
- Tap away payments for smaller amounts like co-pays. No excuses to pay later.
- Payment plans and discounts for higher amounts. We track all installments so you don’t have to.
- We provide your patients with transparent explanations so there are no payment delays or manual work due to unanswered questions
The CEO of Collectly is Levon Brutyan, who spent seven years working for a collection agency in Russia, according to his LinkedIn profile. Brutyan claims that Collectly helps customers recovery “two-to-three times” as much as traditional collection methods.