Doctor’s Orders: Lynx Gets $27 Million to Close Health and Finance Gap

Fragmentation and regulation are among the top ways innovation can find itself hamstrung.

That goes double for innovation within healthcare payments, where the complexity of the industry requires a sophisticated infrastructure that integrates seamlessly with healthcare’s existing financial and regulatory systems.

“Building a platform that meets both sets of requirements is no small feat,” Lynx co-founder and CEO Matt Renfro told PYMNTS.

By integrating payments and benefits administration into a unified ecosystem, however, a new standard for healthcare financial management can be set — one that streamlines processes, enhances transparency and improves the overall experience for all stakeholders.

For providers, a unified ecosystem translates into faster and more predictable reimbursements. Current healthcare billing systems are often riddled with inefficiencies, with delays in claim processing leading to cash flow constraints for medical practices.

For members, this means a more intuitive and seamless experience when managing healthcare expenses. Instead of navigating multiple platforms, dealing with opaque billing statements or struggling with reimbursement delays, they can access a single system that consolidates payment options, real-time benefits tracking and clear cost breakdowns.

“People engage with finances first,” Renfro said. “When they know they have preloaded funds to use, they check their balances and transactions. We’re leveraging that natural engagement to connect people with healthcare programs that improve their health and lower costs.”

Expanding Capabilities in Healthcare Payments

Renfro and his co-founder, Ken Abel, saw an opportunity to close the disconnect between financial services and healthcare benefits with Lynx, a FinTech platform specializing in simplifying healthcare payments and administration. The company announced Thursday (Feb. 6) the successful closure of a $27 million Series A funding round, bringing its total funding since inception in 2022 to over $44 million.

By partnering with companies like FIS Global, Lynx connects its payment solutions to an extensive network of more than 60,000 retailers. These include not only major pharmacy chains like CVS and Walmart but also independent grocers and local bodegas, ensuring broad accessibility for members.

“We’re not reinventing the wheel,” Renfro said. “We’re building intelligence on top of existing networks, making it easier for seniors and other members to access their benefits where it’s most convenient for them.”

One of Lynx’s most innovative solutions is its ability to process SKU-restricted payments in real time, he said. This capability is particularly valuable in the growing Medicare Advantage market, where health plans provide members with debit cards preloaded with money for eligible health-related expenses.

“It’s not just about issuing a debit card,” Renfro said. “You need technology that can differentiate between candy and an over-the-counter medication at checkout. Our platform performs real-time adjudication down to the SKU level.”

This granular level of decision making ensures that money is spent on approved healthcare expenses while preventing misuse. More importantly, it reduces friction for users who may not know which items qualify under their benefit plans.

A More Intelligent, Transparent and Patient-Centered Financial System

Ultimately, Lynx’s vision is to make managing healthcare benefits as seamless as any other financial experience.

“Managing health insurance coverage and financial accounts like HSAs are often siloed experiences,” Renfro said. “Lynx is really the only embedded FinTech platform focused on healthcare, where you can see if your doctor is in-network right next to managing your HSA or even investing your HSA.”

Unlike legacy healthcare payment solutions that require lengthy implementation timelines, Lynx offers a rapid go-to-market approach. This flexibility allows businesses, whether health plans, banks or digital health startups, to tailor their offerings without the constraints of a one-size-fits-all model.

“We can have a fully functional, customized solution up and running in as little as 10 weeks,” Renfro said. “For large health plans and financial institutions that require a white-glove approach, we handle full platform builds. For tech-enabled disruptors, we offer API integrations so they can develop their own solutions using our infrastructure.”

By using API-driven technology and a unified approach to healthcare payments, he said, Lynx is addressing some of the industry’s most persistent challenges, including inefficiencies in account administration, compliance and consumer experience.