The company said the investment, along with backing from existing investor TA Associates, will help accelerate Rectangle’s growth as it endeavors to use technology to “provide a bridge between patients and providers.”
Rectangle CEO Dominick Colabella says the investment will help the company focus on organic growth and M&A.
“Both GI and TA have a great record of successfully scaling software companies, and we remain committed to developing innovative solutions that solve the practitioner’s existing operational problems and anticipate what they’ll need to thrive,” Colabella said in a news release.
“The shift in healthcare’s payment responsibility has created a complex environment for healthcare organizations and unique opportunities for technology to solve it,” they said in a joint statement. “Rectangle Health brings the industry’s most comprehensive end-to-end patient payment platform to healthcare organizations of all sizes, specialties and settings.”
PYMNTS has collaborated with Rectangle Health on a pair of studies examining the consumer experience when paying for healthcare.
Our recent Generation HealthTech report found that 76% of respondents said they are “very” or “extremely” interested in using at least one digital method to track their health and help them manage interactions with their providers.
In another study — Connected Healthcare: What Consumers Want from their Healthcare Customers Experiences — found that nearly two-thirds of younger respondents cited interest in digital interactions centered on email and text notifications about appointments. Around the same number said they’d be interested in receiving test results through digital conduits.
This announcement comes just days after the healthcare payments platform Anomaly announced it had raised $17 million in Series A and seed funding, money that will allow the company to expand its team and its market presence, and to invest in product development.
Founded last year and based in New York City, Anomaly works with healthcare payers, claims clearinghouses and providers to identify and prevent payment and billing errors.