After raising $10 million in funding from investors, medical payment startup SwervePay has acquired cost transparency startup, StatPayMD, reports Crain's Chicago Business.
Chicago-based startup SwervePay provides technology for physicians' offices to send bills and other communications to patients via text message. The service enables patients to pay medical bills electronically without having to download an app or log into an online portal.
StatPayMD, formerly part of Chicago-based health-tech incubator Matter, created a payment estimator that combines eligibility from a member's insurance plan with their personal claims history and the provider's negotiated contract to predict the patient's financial responsibility.
Through the acquisition, SwervePay aims to speedup payment processing and payment delivery for providers.
"By using technology to automate processes, such as bill payments, we can allow healthcare providers to stay focused on patient care," SwervePay CEO Jaeme Adams told Crain's.
The terms of the transaction were not disclosed.