SwervePay is acquiring StatPayMD to make it easier for patients to understand and save on their healthcare costs.
Formerly known as Symbiosis Health, StatPayMD is a graduate of NYC-based digital health accelerator Blueprint Health, and most recently based at MATTER in Chicago. The company helps patients understand “out-of-pocket” costs before and at care.
SwervePay, on the other hand, provides a tool that helps patients better communicate around cost of care, understand payment options, and pay their bill on the go and in a way that is convenient for them. The portal-free platform relies on one-click payments via text message, while at the same time alleviating manual tasks in the revenue cycle process for providers and health systems.
“By using technology to automate processes, such as bill payments, we can allow healthcare providers to stay focused on patient care,” Jaeme Adams, co-founder and CEO of SwervePay, said in a statement. “We’re excited about the team and technology StatPayMD brings to SwervePay, furthering our commitment to creating a consumer-friendly payment experience in healthcare.”
StatPayMD uses a combination of technology, services and direct partnerships with insurance companies to access relevant and accurate eligibility data from every health plan. The analytics engine blends that data with providers’ negotiated contracts and claims history to create an accurate, personalized cost estimate for each patient.
SwervePay launched in 2010 to focus on providing a simpler way of communicating among patients and providers. In February 2016, the completed a $10 million Series B funding round, led by Chicago-based Garland Capital Group.