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Patient billing company Inbox Health raised $20 million in equity and debt, CEO Blake Walker tells Axios Pro exclusively.

Why it matters: Inbox primarily sells to revenue cycle management companies, which have drawn significant investor interest. 

Follow the money: Ten Coves Capital led the $10 million equity portion, while Silicon Valley Bank led the $10 million debt financing.

Walker declined to share the company's current valuation.

The raise brings Inbox Health's total funding to $55 million.

How it works: The New Haven, Conn.-based company's AI chat-based tools help answer patients' billing questions, and coordinate and streamline medical payments. Its offering can be natively integrated into a billing platform. 

Between the lines: "We view this as a fintech business," Walker says. "And health care has a huge fintech opportunity."

Ten Coves compares Inbox to vertical payments businesses and software communications businesses, viewing it as a hybrid of the two.

What's next: Inbox Health will use the capital to scale its AI patient billing voice tools.

The company says it is open to acquiring businesses that focus on pre-authorization, intake and scheduling or benefit eligibility, but has no immediate plans to make an acquisition.

What we're watching: Inbox could eventually sell to an EHR or RCM incumbent, or build its own platform with additional capital, says Ten Coves managing partner Steve Piaker.

Catch up quick: Ten Coves also led Inbox's $22.5 million Series B funding round, which was announced in May 2023. 

Zoom out: Inbox is the latest company to receive funding that hopes to monetize bringing AI to patient billing.

Silna Health nabbed $27 million for insurance automation in March.

Candid Health raised $52.5 million in a Series C round in February.

The bottom line: As sponsors and strategics continue to chase RCM, companies servicing the sector could be an attractive investment. 

Exclusive: Inbox Health raises $20M for billing AI

Inbox primarily sells to revenue cycle management companies, which have drawn significant investor interest.

an illustration of a caduceus surrounded by cutouts of money and colorful shapes 

Patient billing company Inbox Health raised $20 million in equity and debt, CEO Blake Walker tells Axios Pro exclusively.Why it matters: Inbox primarily sells to revenue cycle management companies, which have drawn <a class="gtmContentClick" data-vars-link-text="significant investor interest." data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2024/11/19/venture-capital-private-equity-investment-hcit" data-vars-content-id="ff4e7bcc-1851-4dfa-9b27-f77226faddbe" data-vars-headline="Exclusive: Inbox Health raises $20M for billing AI" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2024/11/19/venture-capital-private-equity-investment-hcit" target="_self">significant investor interest.</a>

Exclusive: Inbox Health raises $20M for billing AI

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