Simplee

Simplee
Industry Technology
Founded 2010
Founder Tomer Shoval, Roberto Rabinovich, Tom Tsarfati
Headquarters Palo Alto, California, U.S.A.
Key people
 Tomer Shoval, CEO
Robert Rabinovich, COO
John Adractas, CMGO
Randy Weber, CRO
Tom Tsarfati, CTO
Website www2.simplee.com

Simplee is an American software-as-a-service company that develops payment software for the health care industry.[1][2] The company and its products have been featured in several publications including Forbes, HFMA, Modern Healthcare, PaymentsSource, and TechCrunch.[3][4][5]

History

Early years and initial funding

Simplee was founded by Tomer Shoval who currently serves as the company CEO.[6] In 2009 he went on vacation to Mexico and his entire family got sick.[7] Upon returning to the United States, he received invoices, bills, and insurance statements associated with the trip. Shoval became frustrated with trying to decipher the documents and decided to create a software to manage and track health expenses for both patients and health care providers.[7] He was working at eBay at the time and stepped down to form the company with Roberto Rabinovich and Tom Tsarfati, launching the company in 2010.[7]

Simplee received $1.8 million in angel funding led by Greylock IL and launched its first product in 2011, a free consumer app initially known as Simplee for tracking medical expenses similar to the financial management tools of Mint.com.[5] The product was branded as SimpleeONE, and linked health insurance accounts for easier management of medical bills and payments across providers.[8][9][10]

Enterprise launch and additional funding

In 2012, Simplee launched its enterprise software platform SimpleePAY for health care providers after receiving $6 million Series A investment led by Social+Capital Partnership.[11] SimplePAY was specific for health care providers, allowing patients to view and pay their medical bills online. Simplee raised an additional $10 million in Series B funding led by Nashville-based healthcare investor The Heritage Group in 2013. The same year it partnered with its charter customer, El Camino Hospital.[7]

The company grew its customers in 2014 by adding healthcare providers such as CardinalHealth, Gundersen Health System, LifePoint Health, and Memorial Hermann Healthcare System,[12] the largest health system in Texas.[13][14] Simplee also partnered with ExactTarget, Vantiv, and Wells Fargo the same year.[15]

Products and services

SimplePAY is specific for health care providers, allowing patients to view and pay their medical bills online.[9] In March 2015, it was reported that Simplee was collecting over $1 Million per day through SimpleePAY, with an expectation to collect more than $1 billion by the end of 2015.[16] Modern Healthcare featured Simplee’s partnership with Memorial Hermann in May 2015, in which Memorial Hermann’s PayMyBill technology, powered by SimpleePAY, has seen self-service payments increase by 53% and reduced collection costs by 23%.[14]

In June 2015, Simplee expanded SimpleePay into the Simplee Financial Engagement Platform suite with the launch of two additional products: SimpleeESTIMATE, a cost estimation tool, and SimpleeCREDIT, a consumer-focused financing options system.[17][18]

Awards and recognition

Simplee has been a Webby Award honoree in 2012, 2013, and 2015. It was a winner of a Fierce Innovation Award in 2014 in the revenue cycle category.[19] The same year, the American Hospital Association announced an exclusive endorsement for SimpleePAY.[20]

See also

References

  1. ↑ "Apps, websites, even CDs can help keep you in control of your money". The Boston Globe. 12 April 2015. Retrieved 4 May 2015.
  2. ↑ Shontell, Alyson (28 February 2012). "When You Wake Up Hungover At SXSW, This Startup and Its Lifeguards Will Nurse You Back To Health". San Francisco Chronicle. Retrieved 4 May 2015.
  3. ↑ Robehmed, Natalie. "Up-and-comers: Meet Three Organizations Changing Healthcare Forever". Forbes. Retrieved 26 June 2015.
  4. ↑ Reutzel, Bailey. "Simplee Seeks to Improve the Health of Medical Bill Payments". Payment Source. Retrieved 26 June 2015.
  5. 1 2 Empson, Rip (19 April 2013). "Simplee Combines Mint.com And PayPal To Bring Medical Bill Payment, Management To Your Smartphone". TechCrunch. Retrieved 4 May 2015.
  6. ↑ Gooch, Kelly (29 April 2015). "What does the perfect hospital bill look like?". Becker Hospital Review. Retrieved 28 May 2015.
  7. 1 2 3 4 Empson, Rip (24 September 2013). "With $3B Under Management, Simplee Grabs $10M To Carry Medical Payments Into The Smartphone Era". TechCrunch. Retrieved 4 May 2015.
  8. ↑ Iozzio, Corinne (24 February 2015). "A system for spotting bad medical bills". Fortune. Retrieved 4 May 2015.
  9. 1 2 Hannum, Kristen (2 May 2015). "Working for health insurance?". Catholic Sentinel. Retrieved 4 May 2015.
  10. ↑ Newman, Kira M. (29 November 2011). "Manage Your Medical Bills While Helping Charities with Simplee". Tech.co. Retrieved 4 May 2015.
  11. ↑ Rauber, Chris (15 May 2012). "Medical billing website Simplee nabs $6M venture capital infusion". San Francisco Business Times. Retrieved 4 May 2015.
  12. ↑ MacDonald, Ilene (12 May 2015). "How one hospital system transformed patient collections, improved satisfaction". Fierce Health Finance. Retrieved 28 May 2015.
  13. ↑ Brino, Anthony (22 April 2015). "Memorial Hermann says risk pays off as ACO revenue rises". Healthcare Finance. Retrieved 4 May 2015.
  14. 1 2 Kutscher, Beth (16 May 2015). "Hospitals turn to friendlier tools to collect unpaid bills". Modern Healthcare. Retrieved 28 May 2015.
  15. ↑ "Innovation Comes to Healthcare Payments". PYMNTS. Retrieved 26 June 2015.
  16. ↑ Williams, David E. (19 March 2015). "Why one online billing company's win is an even bigger victory for healthcare". Med City News. Retrieved 4 May 2015.
  17. ↑ Palardy, Carrie. "Simplee releases patient-centered revenue cycle tools". Beckers Hospital Review. Retrieved 29 June 2015.
  18. ↑ Kutscher, Beth. "High-deductible plans change how hospitals interact with patients". Modern Healthcare. Retrieved 29 June 2015.
  19. ↑ "About Us". Simplee official website. Retrieved 4 May 2015.
  20. ↑ "Innovation Comes To Healthcare Payments". Pymnts.com. Retrieved 4 May 2015.
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