While participating in the Y Combinator program, Brutyan and Mizotin began collaborating with small collection agencies. This work allowed them to process $2 million in total and brought the service a certain percentage of the debt returned. However, this was not enough.
The team began looking for new areas of application for the service
Turned their attention to healthcare. There was also a problem with collecting money. About 50% of all payments from patients to clinics in the US are never c level executive list collected in the healthcare system. Collectly’s collection experience could be useful for healthcare companies to speed up and increase cash flow from patients and reduce collection costs.
In 2017, the Collectly startup received $1.9 million in seed investment from GoAhead Ventures and other funds. It was this money that was used to develop the company in a new area. To do this, the startup was integrated with the Athena Health and DrChrono systems, which made it possible to automate the payment for medical services.
In 2021, the service received another $3 million in length in seo copywriting investment. These four years brought Collectly cooperation with more than 300 clinics, and its annual revenue increased 3.5 times. The service processed over 150 thousand payments per day.
In 2023, Collectly raised $29 million in funding from Sapphire Ventures and other investors. This allowed the company to double its staff. The service began testing integration with ChatGPT AI.
The company currently processes payments for 300,000 people daily. Its revenues and investor appeal are growing every day. With patients’ huge debt to healthcare, Collectly has been able to increase the volume of payments collected. Medical institutions have reduced the average payment waiting time by 75%, from 60–90 days to just 12.
The Collectly service offers medical organizations three products: for making appointments, making payments, and connecting regular payments.
Virtual patient registration
Collectly helps to remotely book a patient’s appointment mobile lead and check their insurance details during the booking. This speeds up service and reduces the waiting time for the first appointment. In addition, automated checking reduces the risk of errors that leave hospitals and clinics with unpaid payments. The service is also convenient for the patient: they receive automatic notifications about the appointment and the need to pay for services.
