Billing Management Services, LLC

Billing Management Services, LLC provides automated insurance billing solutions that enhance the efficiency of payment processing for insurance premiums through an integrated online management platform. Billing Management Services, LLC was founded in 2002 in the US. The company specializes in billing solutions for the insurance industry. In October 2020, the company was acquired by Insurity, Inc.

, with a transaction valued at USD 15. 4 mn for full ownership. The last funding round was an Add-on led by Insurity LLC, the only deal recorded by the firm, occurring on 2020-10-19. Bill It Now specializes in automated insurance billing solutions designed to streamline the payment process for insurance premiums.

Their core offerings include a robust online billing management platform that integrates multiple payment options, such as credit card payments and ACH withdrawals, catering to insured clients as well as retailers and managing general agents (MGAs). The service emphasizes clarity and branding on invoices, which are customized to reflect the client’s identity, ensuring that insured parties recognize the source of their payment obligations. Bill It Now's lockbox facility is a pivotal component, providing secure processing of checks while offering real-time notifications on payment statuses. The company's services are tailored for various geographical markets across the United States, serving a diverse client base that includes insurance carriers, agents, and policyholders.

Bill It Now generates revenue through its billing management services, which facilitate the collection and processing of insurance premiums for clients. The transaction structure is primarily B2B, with partnerships established between Bill It Now, insurance carriers, retailers, and individual policyholders. Clients utilize the platform for features such as recurring automatic payments and detailed transaction history, which help mitigate issues such as non-payment cancellations. While specific pricing plans for individual services are not disclosed, the service is designed to offer competitive solutions that address the needs of the insurance industry, including customizable installment plans.

The efficiency of Bill It Now's system allows for immediate check deposits and streamlined reconciliation processes, enhancing the overall financial management for its clients. Following the acquisition in October 2020, Billing Management Services, LLC aims to leverage Insurity, Inc. 's resources to enhance its product offerings and expand its market presence. The company is focused on developing new features for its billing management platform to better serve insurance carriers and agents.

Additionally, plans are in place to penetrate new geographic markets across the United States, with targeted expansions to occur within the next two years.