Market Overview

Patientco Primed to Help More Health Systems Rethink Patient Payments with Strategic Growth Investment Led by Accel-KKR


Series B funding fuels expansion of leading patient billing and
payments technology company focused on creating a smarter patient
financial experience

Patientco, a next-generation patient billing and payments technology
company, announced today it has raised $28 million in Series B growth
capital. This investment was led by Accel-KKR with participation from
existing investor BlueCross BlueShield Venture Partners / Sandbox
Advantage Fund. The capital will be used to accelerate Patientco's
growth in the $5B+ patient payments market, expand sales and marketing
throughout the U.S., and fuel continued product innovation within the
company's industry-leading patient billing and payments platform.

"We are solving for an unprecedented affordability crisis in
healthcare," said Bird Blitch, co-founder and CEO of Patientco. "Health
systems have an opportunity to create a superior patient financial
experience by leveraging smarter technology which turns patient payments
into an economic growth engine. We are excited to partner with Accel-KKR
to continue our growth and help more health systems solve this complex

Accel-KKR's investment follows a string of successful milestones for
Patientco including: reaching 10 million unique patient users, crossing
$1B in payments processed, and serving more than 2,000 healthcare
locations across the U.S. with its patient billing and payments
technology. Patientco continues to bring together the best in FinTech
and healthcare technology to create a superior patient financial
experience and deliver significant financial outcomes for its health
system clients.

"Patientco has a differentiated approach to the patient payments problem
in healthcare, leveraging its end-to-end platform to make every patient
financial engagement better than the last. We believe Patientco will
make a lasting positive impact on healthcare, both for patients and
health systems on the Patientco platform," remarked David Cusimano,
Principal at Accel-KKR. "No other payments company in the market offers
a seamless patient experience while being able to handle the volume that
comes from large health systems. We are very excited to be a part of
this next stage of Patientco's success," added Greg Williams, Managing
Director at Accel-KKR.

"Patientco has been a tremendous growth story," said Tom Hawes, M.D.
Managing Director at Sandbox Industries, on behalf of BlueCross
BlueShield Venture Partners. "The management team continues to execute
on a compelling strategy which creates differentiated outcomes for
health systems alongside 95% positive patient feedback on their payment
experience. We are pleased to have Accel-KKR join the Patientco family."

About Accel-KKR

Accel-KKR is a technology-focused investment firm with $4.3 billion in
capital commitments. The firm focuses on software and IT-enabled
businesses well-positioned for topline and bottom-line growth. At the
core of Accel-KKR's investment strategy is a commitment to developing
strong partnerships with the management teams of its portfolio companies
and a focus on building value through significant resources available
through the Accel-KKR network. Accel-KKR focuses on middle-market
companies and provides a broad range of capital solutions including
buyout capital, minority-growth investments, and credit alternatives.
Accel-KKR also invests across a wide range of transaction types
including private company recapitalizations, divisional carve-outs and
going-private transactions. Accel-KKR is headquartered in Menlo Park
with additional offices in Atlanta and London.

About BlueCross BlueShield Venture Partners

BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund
licensed by the Blue Cross and Blue Shield Association, an association
of independent Blue Cross and Blue Shield companies. The fund invests in
promising emerging companies of strategic relevance to Blue Cross and
Blue Shield companies. Sandbox Industries is the exclusive provider of
investment management services to BlueCross BlueShield Venture Partners.
For more information, visit

About Patientco

Patientco is a payment technology company founded specifically to
re-think the patient payment experience in healthcare by bringing
together intuitive consumer payment tools and world-class payment
infrastructure backed by data-led design to create a superior patient
billing experience and deliver more payments to health systems.
Patientco is a proud cohort of the Backed By ATL initiative from the
Metro Atlanta Chamber and alumni of Georgia Tech's Advanced Technology
Development Center (ATDC) incubator program. Patientco is making
healthcare better one payment at a time. Visit Patientco online at

View Comments and Join the Discussion!