Resolve Medical Bills Secures $3.3M in Seed Funding
Resolve Medical Bills, a New Hampshire startup tackling the nation’s medical debt, has successfully raised $3.3. Million in seed funding following a round led by AlleyCorp. Additional support was found with the founders of category defining companies such as Funding Circle, Collective Health, Collective Medical, Nomi, Compass, Seamless, and more.
The company was founded in response to the nation’s growing medical debt. In fact, recent studies have shown that 50% of Americans are currently in medical debt. Further studies have shown that a large portion of issued medical bills contain errors and are grossly overcharged. Resolve’s founder, Braden Pan, suffered a serious accident and was met with bill after bill in the months that followed. He partnered with Endurance Companies to form the company in 2019 and has since grown it to become one of the leading medical billing advocates in the US.
Resolve has built a platform to review, negotiate, and lower medical bills on behalf of patients. The platform utilizes proprietary data algorithms to scan and detect pricing issues, coding and/or billing errors. Trained negotiators then take over to secure fair rates and appeal insurance denials. To date, the company has relieved nearly $20M in medical debt, averaging 60-65% savings.
The new funding will help support the company’s growth. They currently employ 22 full-time staff and intend to expand soon with the addition of a Chief of Staff, Head of Product, and a number of software developers. The funding will also support the development and growth of their platform and algorithms, further automating the process and increasing capacity and accuracy.
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