DURHAM – PatientPay, a Durham-based company that provides health care payment solutions has raised slightly more than $6 million in a private equity sale, according to a filing Thursday with the Securities and Exchange Commission.
The emerging startup raised the money from 11 investors. The round was led by Teaghlach Family Office, Esping Family Office and Mosaik Partners.
PatientPay creates patient payment solutions for patients, medical groups, hospitals and revenue cycle management groups.
Providers who use PatientPay can realize a collection success rate that’s up to three times higher than the industry standard, expect up 50 percent savings per payment over traditional billing methods and get paid on average in less than 14 days.
In 2012 PatientPay was granted three patents, which it says can be integrated with any health care management software.
Thomas Furr is the company’s chief executive officer and founder.
He was most recently the chief strategy officer and board member at Smart Online Inc. a publicly traded software-as-a-service company that provides small business applications via a private label distribution channel strategy through Fortune 1000 companies.
Prior to this position, Furr was its chief operating officer. Tom sold his first company, Kinetics Inc., which was one of the first Internet commerce providers for the small business industry, to Smart Online in 1995.
Before founding Kinetics, Furr managed both national and international sales channels for leading software companies.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must first file what’s known as a Form D electronically with the SEC after they first sell their securities.
Note: This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism