B2B healthcare payments platform Nibble Health has finalized an $8.5 million seed funding round that will help to streamline the healthcare payments process with the use of installment payments, according to a Tuesday (June 21) press release.
Two-thirds of all personal bankruptcies in the U.S. are caused by medical debt, about half of patients need financial assistance for bills of more than $500, and at least one-third of patients delay care because they don’t know how they’re going to pay for it, the release stated.
Nibble Health helps organizations offer zero-interest, zero-fee healthcare financing as an employee benefit, allowing employees to use their Nibble Health card to pay for out-of-pocket healthcare expenses in free installments over time, according to the release.
“Installment payments have taken over eCommerce, but healthcare financing has been left behind,” said Nibble Health CEO Steven Greene in the release. “It’s a broken space that needs new solutions. Our goal in starting Nibble Health is to provide affordable, transparent, easy-to-use healthcare payments products that empower patients to seek care without worrying about upfront cost. Employers are the perfect enterprise partners to help us achieve this goal at scale.”
Wing Venture Capital and Tiger Global Management co-led Nibble Health’s funding effort, and there was additional participation from A* Capital and Expa, the release stated.
Earlier this month, Luma Health unveiled a healthcare-focused service called LumaPay, the first module in the company’s financial product, LumaFinancial, part of the company’s Patient Success Platform.
Read more: Luma Health Debuts LumaPay, Patients Can Pay Via Text
LumaPay gives patients the power to pay their bills through text messages or their providers’ websites. The Patient Success Platform gives healthcare providers an integrated portal that links the clinical, operational, access and financial aspects of a patient’s journey.
LumaFinancial will be adding modules that connect payments, estimates, coverages and more in the future. LumaFinancial integrates with the electronic health record (EHR).