Healthcare benefits platform Medxoom has raised a $3.2 million financing round led by Las Olas VC and TTV Capital. The “late seed” also saw participation from Lattice.VC and several healthcare and payments industry executives.
Medxoom’s CEO and co-founder Jeffrey Toewe shares that this was the right time to raise additional funds as they’ve recently secured several large deals and needed to grow the team to meet the demand.
“We’re looking forward to scaling our existing clients, securing new business and growing our team in Atlanta,” Toewe tells Hypepotamus. “[We] power a better experience for those seeking the best care providers for themselves and their loved ones. We look forward to driving meaningful improvements in America’s evolving healthcare space.”
Toewe and his co-founder Tito Milla decided to target the medical billing space after they had confusing personal experiences.
Patients rarely receive accurate estimates of medical procedures prior to an appointment. This makes it difficult to prepare financially, as the bill often depends on insurance coverage.
Medxoom’s healthcare marketplace app simplifies pricing for medical procedures. It is provided as a company benefit to employees, who receive access to the app via their HR team.
Since the app is already familiar with their employer’s healthcare plan, it displays an accurate price for procedures across a physician marketplace. This helps the employee make an informed decision based on their budget.
“Our mission is to put more of this information out in the sun and help consumers and employers know what these price benchmarks are,” Toewe told Hypepotamus last year.
“The Medxoom product suite empowers consumers with a financial decisioning tool for their healthcare spend, while expanding the coverage options for self-insured employers who have the opportunity to optimize their health benefits experience,” says Atlanta-based TTV Capital’s Sean Banks in a statement.
The Atlanta-based SaaS startup will grow its team to roughly 15 employees, says Toewe. They’ve onboarded more than 40 clients at this time.