About

Collectly is a patient billing platform that simplifies the medical billing process for healthcare providers. It serves a variety of clients, including private practices, hospitals, and billing companies, by enhancing the patient payment experience from check-in to post-service billing. The platform integrates with existing Electronic Health Records (EHR) and Practice Management (PM) systems, allowing healthcare providers to streamline their billing operations. Collectly offers features like self-served payment plans, enabling patients to manage their payments online, which has been shown to increase collections by 23%. Unlike many competitors, Collectly operates on a subscription-based model, charging healthcare providers for access to its services, which significantly reduces the time spent on billing inquiries and improves cash flow. The goal of Collectly is to create a more efficient and user-friendly billing experience for both healthcare providers and patients.

Simplify's Take

What believers are saying

• The recent $29 million Series A funding round led by Sapphire Ventures positions Collectly for significant growth and expansion.
• Collectly's impressive metrics, such as a patient net collection rate of 86-95% and an average of just 12.6 days to collect a medical bill, highlight its effectiveness and potential for high ROI for healthcare providers.
• The platform's ability to save medical providers up to $200 billion underscores its substantial impact on the healthcare industry.

What critics are saying

• The competitive landscape in healthcare fintech is intense, requiring Collectly to continuously innovate to maintain its edge.
• Dependence on seamless EHR and PM system integration means any technical issues could disrupt service and client satisfaction.

What makes Collectly unique

• Collectly's seamless integration with existing EHR and PM systems sets it apart from competitors who may require more complex implementations.
• The platform's ability to increase patient collections by 23% and reduce billing-related calls by 80% demonstrates a clear advantage in efficiency and user satisfaction.
• Collectly's focus on transparency and ease of use in patient billing enhances the overall patient experience, a critical differentiator in the healthcare sector.

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