Collectly, Inc.

Based in the US, Collectly, Inc. operates as a technology company focused on streamlining medical billing processes for healthcare organizations through an integrated platform that enhances patient payment collections. Collectly, Inc. provides a platform that simplifies and automates the medical billing process for healthcare organizations.

Founded in 2016 and headquartered in Pasadena, US, the company has undergone no major pivots in strategy. The founders, Levon Brutyan and Max Mizotin, have aimed to improve the financial experiences of patients and healthcare providers alike. In July 2023, Collectly raised USD 29 mn in Series A funding, led by Sapphire Ventures, with participation from Burst Capital, Davidovs Venture Capital, Cabra VC, Wayfinder Ventures, and Y Combinator, bringing the total amount raised to USD 29 mn and the current valuation to USD 180. 519 mn.

Collectly offers an integrated platform designed to facilitate the medical billing process for healthcare organizations, including private practices, urgent care centers, hospitals, and billing companies. The core functionalities of Collectly focus on automating patient payment collections, improving patient financial experiences, and streamlining billing operations. The platform enhances engagement by allowing healthcare providers to send electronic invoices and reminders via email and text, simplifying the billing process for patients. Collectly is compatible with various electronic health record (EHR) and practice management (PM) systems, enabling seamless integration without requiring significant changes to existing software or payment processing systems.

Collectly generates revenue through a software-as-a-service (SaaS) model, where healthcare organizations subscribe to its platform to manage their billing and collection processes. The transaction structure typically involves monthly or annual subscription fees based on the size and needs of the client organization, allowing for scalability as the organization grows. Clients benefit from Collectly's comprehensive services, which include automated reminders, payment processing, and patient engagement tools. By implementing Collectly, healthcare providers enhance their billing efficiency, leading to improved collection rates and reduced administrative overhead.

In July 2023, Collectly raised USD 29 mn in Series A funding, which will be utilized to expand its business reach and explore new collaborations. The company is targeting expansion into new markets and geographic regions, although specific markets have not been detailed. Upcoming initiatives may include the development of new products designed to further streamline the billing process, although no specific release dates have been provided.