PayGround Secures $19.7M to Revolutionize Healthcare Payments

In a significant stride towards simplifying the healthcare payment process, Gilbert-based fintech firm PayGround has secured a substantial $19.7 million in its Series A funding round. The injection of funds, primarily to amplify its growth within hospitals and health systems, was announced via a press release on Tuesday, Nov. 28.

This fundraising round, resulting in an oversubscribed Series A led by SixThirty, will also be channeled toward expanding PayGround’s senior leadership team. Participants in the round included Rally Ventures, IA Capital Group, FCA Venture Partners, and Plug and Play Ventures.

Founded on the principle of user-friendly healthcare payment solutions, PayGround has positioned itself notably within the ambulatory market. The company’s CEO and Co-founder, Drew Mercer, highlighted the commonly disjointed experience of settling healthcare bills in America—a challenge the platform aims to alleviate with its integrated digital wallet system for managing and paying healthcare provider bills.

The PayGround mobile app empowers patients to control, track, and consolidate all medical bill payments securely. Concurrently, the platform offers medical providers a sleek payment mechanism that promises cost reduction, streamlined operations, and an uptick in customer satisfaction.

SixThirty’s Principal, Andrew Wegrzyn, emphasized the necessity of modernizing healthcare payments, a process which PayGround’s latest funding is set to further. By rendering the payment process seamless, PayGround is poised to enhance patients’ satisfaction and overhaul revenue cycle outcomes for healthcare providers.

According to PYMNTS Intelligence, a majority of consumers are leaning towards platforms that unify all medical bill payments digitally. With reports indicating that healthcare providers traditionally write off nearly 30% of bad debt, financial platforms with varied options could revolutionize collections on services provided.

“We will continue to grow as a recognized partner for providers and patients, modernizing U.S. healthcare payments,” Mercer commented in a conversation with PYMNTS’ Karen Webster earlier in April.

The goal is to reinforce PayGround’s market presence, fortify its leadership ranks, and maintain momentum in simplifying the healthcare payment landscape.

About PayGround: Designed to merge modern payment convenience with medical expenses, PayGround is poised to redefine the transactional experience for providers and patients alike. A patient-friendly mobile app and a provider-efficient payment network contribute to PayGro und’s emergence as a vital healthcare payment junction. For more information, visit payground.com.

For further details and media inquiries, please reach out to Jana Berrelleza at [email protected].