The California-based fintech platform for healthcare industry today announced that it has raised $3.8 million from 8vc, Montage Ventures, Mubadala Capital-Ventures, TTCER, and Advisors.fund to accelerate its public launch in a move to assist people burdened by medical bills amid COVID-19 outbreak.
Wellpay’s FinTech platform is powered by machine learning, and it enables patients to secure their medical bills or upload medical bills they wish to pay over time. It then negotiates, facilitates disputes, or provides a zero-interest, zero-fees plan.
The company has launched a financial hub that offers zero-interest and zero-fees payment plans for new and existing medical bills, and receive free billing advocacy services. It has also announced that a dedicated advocate, who support via SMS text message will be provided for COVID-19 patients.
As a part of the announcement, Mohammad Gaber, CEO and co-founder, Wellpay in a statement said,
“As the spread of COVID-19 continues, many Americans find themselves experiencing unprecedented financial hardship due to unanticipated employment terminations, layoffs, and changes in health insurance coverage, compounding the already stressful medical billing and payment situations. Likewise, medical providers are working harder than ever to profitably run their practices, and deliver quality care. Our independent healthcare providers are the backbone of our healthcare system. With this pandemic they’re struggling to make ends meet while grappling with the complexities and operational burdens of patient billing,”
Commenting on the investment round, Alaa Halawa, Co-head of US Ventures, Mubadala Capital-Ventures said,
“Good health and financial security shouldn’t be mutually exclusive. Many Americans struggle with difficult decisions about their medical care, including whether or not to seek diagnoses or treatments in light of their financial situation. Wellpay helps to alleviate this problem by offering socially responsible solutions that improve the results and trust for providers and patients alike,”
WellPay founder Mohammad Gaber said,
“We had planned to launch our national rollout later this year to transform the financial experiences of patients and providers alike, but given the financial and medical duress that many are experiencing due to COVID-19, we are opening up our beta to everyone effective immediately. Our country and world are now confronting an unprecedented healthcare and economic crisis. As a mission-driven team, we knew that this moment demanded of us to focus on the urgent needs of our community. Health and economic wellbeing go hand-in-hand,”