Mubadala Capital invests in US-based Wellpay
Source: IBSintellegence
California-based Wellpay, a FinTech platform provider for the healthcare industry, has also announced that the company secured $3.8 million in funding led by investors 8vc, Montage Ventures, Mubadala Capital-Ventures, TTCER, and Advisors.fund.
The company is planning to use the finance to open its services as early as possible, considering the increased demand from patients and providers across US.
“As the spread of COVID-19 continues, many Americans find themselves experiencing unprecedented financial hardship due to unanticipated employment terminations, layoffs, and changes in health insurance coverage, compounding the already stressful medical billing and payment situations. Likewise, medical providers are working harder than ever to profitably run their practices, and deliver quality care. Our independent healthcare providers are the backbone of our healthcare system. With this pandemic they’re struggling to make ends meet while grappling with the complexities and operational burdens of patient billing,” said Mohammad Gaber, CEO and co-founder, Wellpay.
Wellpay’s FinTech platform is powered by machine learning, and it enables patients to secure their medical bills or upload medical bills they wish to pay over time. It then negotiates, facilitates disputes, or provides a zero-interest, zero-fees plan. The platform will manage payment plans, bill management, and communication.
The company has announced that it is waiving off all platform fees for healthcare providers, aiming to offer administrative and financial relief for providers and their front line staff. It has also announced that a dedicated advocate, who support via SMS text message will be provided for COVID-19 patients.
“Good health and financial security shouldn’t be mutually exclusive. Many Americans struggle with difficult decisions about their medical care, including whether or not to seek diagnoses or treatments in light of their financial situation. Wellpay helps to alleviate this problem by offering socially responsible solutions that improve the results and trust for providers and patients alike,” said Alaa Halawa, Co-head of US Ventures, Mubadala Capital-Ventures.
