Resolve Medical Bills has secured $3.3 million in a seed round of funding. The New Hampshire-based startup helps people battle medical bills.
Resolve Medical Bills, a New Hampshire-based firm that helps people battle medical bills, has secured $3.3 million in a seed round of funding, headed by AlleyCorp Healthcare Fund. A number of firms participated in the round, including direct healthcare company Nomi Health.
Resolve assists clients in combating excessive medical bills by utilizing algorithms that detect billing problems and negotiators to minimize the expenses.
According to Braden Pan, the founder and CEO of Resolve, the business often discovers that inaccuracies cause medical costs to be wrong by 10%. Pan claims that the organization not only looks for faults, but also works to reduce total costs.
Resolve assists those who have medical costs of $5,000 or more. According to Pan, a portion of the investment will be used to construct further automation that will allow them to cut the minimum bill size to $1,000 or less.
Consumers pay a fixed charge plus a percentage of the savings realized on their behalf; particular costs vary depending on the amount of the bill. Customers can also pay a flat charge of $49 per bill for assistance in obtaining hospital financial aid.
According to the firm, it has helped settle approximately $20 million in medical bills, saving customers 60 percent to 65 percent on average.
Pan attributed their success to two primary factors: data on fair pricing to support negotiations and employees with knowledge and tenacity in medical billing discussions.
Pan explained, “This is something we’ve done hundreds of times before. We understand how it works. You must approach the situation with the mentality of ‘I’m not going to take no for an answer.’ ‘I’m going to work this out.'”