SALT LAKE CITY, March 10, 2020 — Rivet, the modern healthcare revenue cycle management software, announced that it has raised $8.25 million in a Series A round of funding led by Menlo Ventures and return backers Lux Capital and Pelion Venture Partners.
Founded in 2018, Rivet’s intelligent tech platform is used by healthcare practices across the country to bring price transparency to patients. Currently, patients discover the cost of care up to 60 days after their doctor visits via traditional mail. From there, patients often have to call or log in to an antiquated online portal to reconcile their bills. Rivet’s platform enables providers to give patients upfront pricing estimates with the ability to pay prior to or shortly after receiving care in a way that is convenient to them, even via email or text.
The platform also leverages machine learning to help providers navigate the complex process that grants “in-network” status with insurance companies. Rivet’s reimbursement contract management tool allows providers to easily track and audit their payer contracts while also benchmarking what competitive rates should be from plan to plan. Where understanding healthcare contracting and pricing used to need years of experience, Rivet’s platform makes it possible with a user-friendly interface and the click of a button.
“At its core, Rivet’s cloud-based platform is modernizing an antiquated system that has been used for more than two decades and is ripe for innovation,” said Croom Beatty, a principal at Menlo Ventures joining the Rivet board. “This is a massive breakthrough in an industry that loses 30–60% in patient revenue by being unable to collect debt. With Rivet, not only do patients know exactly how much they’ll be paying for care and have an easier way to pay, but healthcare providers have better insight into their billing processes to make sure they are being compensated appropriately for their services.”
Rivet will be using this round of funding to enhance their capabilities as a cost transparency platform, grow their team and take the next steps to becoming an end-to-end patient billing suite that helps both patients and providers better manage healthcare costs.
“The current healthcare system is clearly not working for either the patient or the healthcare providers. This investment is proof that our investors are committed to fixing a broken system,” said Ted Ferrin, co-founder and CEO of Rivet. “This funding will help us continue building products that can be seamlessly integrated in the current system to empower both healthcare providers and patients by improving transparency.”
More information about today’s announcement can be found on Rivet’s blog.
Rivet, based in Salt Lake City, UT, is dedicated to implementing transparency throughout the healthcare revenue cycle. Rivet’s unique estimate system provides patients with a fast and accurate estimate of their healthcare costs before services are rendered, complete with automated insights into health insurance coverage and deductibles. This powerful platform also enables providers to understand contracts and fee schedules while gaining an easier method of payment collection. Rivet aims to elevate the healthcare experience end to end for health, empowerment and peace of mind.