Collectly

Collectly

Tech-enabled patient billing platform for healthcare

About Collectly

Simplify's Rating
Why Collectly is rated
B
Rated B on Competitive Edge
Rated B on Growth Potential
Rated B on Differentiation

Industries

Enterprise Software

Healthcare

Company Size

51-200

Company Stage

Series A

Total Funding

$34.4M

Headquarters

Pasadena, California

Founded

2017

Overview

Collectly is a patient billing platform that improves the medical billing process for healthcare providers by simplifying the payment experience for patients. It integrates with existing Electronic Health Records (EHR) and Practice Management (PM) systems, allowing users to manage payment plans online securely. The platform operates on a subscription model, helping providers reduce billing time and increase collections, with metrics showing an 80% decrease in billing-related calls and a collection time of just 12.6 days. Collectly's goal is to create a more efficient and transparent billing experience for both healthcare providers and patients.

YC Company
Simplify Jobs

Simplify's Take

What believers are saying

  • Collectly recently secured $29 million in Series A funding, boosting growth potential.
  • Integration with AI-driven chatbots can further reduce billing inquiry calls.
  • Predictive analytics can tailor payment plans, improving cash flow and collection times.

What critics are saying

  • Increased competition from platforms like Artera threatens Collectly's market share.
  • Artera's open APIs may lead to preference for integrated solutions over standalone platforms.
  • Rapid adoption of integrated communication solutions could overshadow Collectly's offerings.

What makes Collectly unique

  • Collectly integrates seamlessly with existing EHR and PM systems, enhancing cash flow.
  • The platform offers self-served payment plans, increasing collections by 23%.
  • Collectly reduces billing inquiry calls by 80%, improving patient financial experience.

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Funding

Total Funding

$34.4M

Above

Industry Average

Funded Over

3 Rounds

Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.
Series A Funding Comparison
Above Average

Industry standards

$15M
$8.2M
Discord
$15M
Canva
$29M
Collectly
$30M
Kalshi

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Unlimited Paid Time Off

Stock Options

401(k) Company Match

Student Loan Contribution

Growth & Insights and Company News

Headcount

6 month growth

-2%

1 year growth

1%

2 year growth

3%
PR Newswire
Feb 22nd, 2024
Artera Marketplace Continues Expansion With 50+ Digital Health Vendors

Artera Message API Receives 150+ Million Annual Calls, Demonstrating Deep Market Adoption and Value of Unifying Disparate Patient Communication into a Single ThreadSANTA BARBARA, Calif., Feb. 22, 2024 /PRNewswire/ -- Leading digital health vendors continue to join and connect to the Artera Marketplace with 50+ leading digital health vendors, including new members Azara Healthcare , Health iPASS , Memora Health , Feedtrail , and more. The Artera Marketplace spans the patient journey with the inclusion of vendors across Population Health, Scheduling, Intake, Patient Education, Care Pathways, Billing, Forms, and Patient Survey categories. Today, Artera can deliver a holistic view of every patient interaction across a healthcare providers organization, including every department, channel, user, HIT vendor and EHR - inside or outside of Artera.Artera Marketplace Continues Expansion with 50+ Digital Health Vendors Post this The Artera Marketplace integrates digital health vendors across the HIT ecosystem to deliver a more effective, streamlined communications experience for patients.Proven Adoption of Artera's Open PlatformArtera's Message API (MAPI) is being called upon 150+ million times per year by digital health vendors and EHRs to route content and communications to patients via one trusted provider phone number. Artera's open APIs enable healthcare providers to route communications - from across their organization, and/or third party digital health vendors - through the Artera Harmony platform to deliver an integrated patient communications experience.Artera's API ecosystem includes:Message API (MAPI) : Enables disparate third-party systems to send messages directly to patients through Artera, creating a unified patient and staff experience.: Enables disparate third-party systems to send messages directly to patients through Artera, creating a unified patient and staff experience. Message Deliverability : Enables disparate third-party systems to receive message deliverability status.: Enables disparate third-party systems to receive message deliverability status

Guided Solutions
Jul 25th, 2023
US healthcare fintech Collectly lands $29m Series A funding

US healthcare fintech Collectly lands $29m Series A funding - Funding

TechCrunch
Jul 20th, 2023
Collectly wants to make paying healthcare bills easier so medical providers don’t lose $200B | TechCrunch

Collectly customers have, on average, increased patient collections by 75% and reduced the “days sales outstanding” to 12 days.

ReadWrite
Jul 20th, 2023
Collectly could save medical providers $200 billion

Recognizing its growth and profitability, Collectly recently closed a $29 million Series A funding round, led by Sapphire Ventures, with participation from prominent investors.

RB
Sep 16th, 2021
FinTech-стартап с российскими корнями Collectly привлек $3 млн

Американский FinTech-стартап с российскими корнями Collectly привлек $3 млн инвестиций. Деньги пойдут на масштабирование бизнеса и привлечение кадров, в первую очередь инженеров из России. Об это RB.ru рассказали в пресс-службе фонда TMT Investments, который лидировал в раунде.

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