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Simplee
IndustryTechnology
Founded2010
FounderTomer Shoval, Roberto Rabinovich, Tom Tsarfati
Headquarters
Palo Alto, California
,
U.S.A.
Key people
Tomer Shoval, CEO
Robert Rabinovich, COO
Tom Tsarfati, CTO,
Derick Sutton, CFO
Websitesimplee.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. ^ a b 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. ^ a b c d 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. ^ a b 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. ^ a b 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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