Healthcare is expensive in the United States — much more expensive than in most developed countries. A lot of this has to do with the state of the convoluted American healthcare industry and unnecessary expenses.
So Patch built a health insurance platform to simplify certain parts of the billing process and make it easier to pay for health services, which in turn may save patients money.
But years after it was founded in 2014, Patch is ready for a new chapter. On Wednesday, the company announced it is rebranding as Anagram. In addition, the company also announced it raised $9.1 million in its Series A funding round, bringing its total funding raised to date to over $16 million.
“Our new name Anagram was inspired by the notion of rearranging and shaking up the way healthcare is delivered. Our healthcare system has many of the right pieces. ... The problem is, the current system is not really set up for success,” Anagram CEO and co-founder Jeremy Bluvol wrote in a blog post. “With Patch, insurance paperwork is in the rearview mirror. And as Anagram we’ll continue transforming how healthcare is delivered.”
Anagram’s platform makes it easier for health providers to accept out-of-network insurance and submit claims, which means more patients are able to use their health insurance benefits.
The company says that doctors who use its platform are able to accommodate 260 more patients annually on average. Anagram also says its software has filed $55 million worth of claims that would’ve otherwise gone unprocessed.
The new Series A funding will help the company develop new products and expand to more markets. The company is also hiring for roles in customer success, sales and operations.
