Collectly - Comprehensive Analysis Report

Summary

Collectly is a technology company focused on developing data-driven billing software designed to streamline patient billing and collections. Founded in 2015 or 2016, Collectly utilizes artificial intelligence to simplify the payment process, enabling online payments and payment plans. Collectly aims to improve patient collections, reduce patient accounts receivable, and enhance the patient billing experience for medical groups, hospitals, and health systems. Collectly's objective is to help medical groups and practices accelerate and increase patient cash flow, decrease collection costs, and increase patient satisfaction.

1. Strategic Focus & Objectives

Core Objectives

Improving patient collections by increasing the amount of payments that medical providers successfully collect.

Reducing Days Sales Outstanding (DSO) by lowering the average number of days it takes for a healthcare provider to receive payment.

Enhancing patient satisfaction by providing a user-friendly billing experience that increases patient satisfaction and retention.

Streamlining billing processes by automating and simplifying the billing process to save time and resources for healthcare providers.

Specialization Areas

Modernizing patient billing by offering a platform designed to bridge the gap between healthcare providers and patients.

Automating billing processes and reducing administrative workload through an AI-powered platform.

Enhancing the patient financial experience.

Integrating with various electronic health record (EHR) and practice management (PM) systems, requiring no software changes for clients.

Target Markets

Medical groups

Hospitals

Health systems

Healthcare organizations lacking in-house patient financial management systems.

CentralReach's customers (autism and IDD care)

2. Financial Overview

Funding History

Collectly has raised a total of $34 million over 4 funding rounds.

The first funding round was on July 14, 2017.

The latest funding round was a Series A on July 21, 2023, for $29 million.

Series A Round:

Date: July 21, 2023

Amount: $29 million

Lead Investors: Burst Capital and Sapphire Ventures

Participating Investors: YC, Wayfinder Ventures, Cabra VC, and Davidovs VC

Fund Utilization: Enhance patient financial engagement software and expand the company's market reach.

Impact on company growth: Meeting the needs of a growing partner base, including medical groups and healthcare organizations that lack in-house patient financial management systems.

3. Product Pipeline

Key Products/Services

Digital Check-In: Streamlines the check-in process for patients.

In-Person Payment Processing: Facilitates payment processing during in-person visits.

Automated Post-Service Billing: Automates the billing process after services are rendered.

Development Stage: Operational

Target Market/Condition: Healthcare providers and patients

Expected Timeline: Ongoing

Key Features and Benefits: Streamlines the billing process, increases collection rates, and enhances the patient experience.

Billing Practices Support:

Supports storing a card on file with AutoPay and payment plans.

Traditional billing with statements and automated A/R follow-up with emails, texts, calls, direct mail, live-chat, and push notifications.

4. Technology & Innovation

Technology Stack

AI-powered platform for patient billing and revenue cycle management.

Proprietary interfaces with EHRs and PMs.

Automated payment reminders.

Online payment plans.

Patient support tools.

Data analytics.

Emerging technologies like ChatGPT.

5. Leadership & Management

Executive Team

Levon Brutyan: CEO and Co-Founder

Max Mizotin: Co-Founder

Alexa Tonner: Co-Founder & COO

Natalie Silverstein: Chief Innovation Officer

Other Leadership Members:

Meagan Beshoff: Vice President, Production

Jessi Goldstein: Director, Finance

Ilana Langston: Director, Business Affairs

Philippa Little: Director, Production

Patricka Loynes: Director, Production

Joshua McLeod: Director, Business Development

Marre Paone: VP, Analytics & Performance

Michelle Reed: VP, Client Strategy

James Reid: SVP, Client Partnerships & Head of Business Development

Deanna Rodriguez: Sr. Account Director, Client Strategy

Fatima Scott: Director, Production

Anna Stern: VP, Production

Cody Thompson: Account & Strategy Director, Client Strategy

Naomi Ticehurst: Sr Director, Client Strategy

Raven Walker: VP, Client Strategy

6. Competitive Analysis

Major Competitors

Waystar

Cedar

Inbox Health

InstaMed

PatientPay

QuickBooks

Square Point of Sale

Square Invoices

Carepatron

Tebra

WebPT

ClinicMind

Rectangle Health

7. Market Analysis

Market Overview

Healthcare payments systems face challenges due to outdated processes.

Providers collect only about 55% of what they are owed due to inefficient payment processes.

Patients often struggle with unexpected or unaffordable bills.

Patient payments are projected to account for more than 35% of medical provider revenue (up from approximately 5% in 2000).

In 2023, medical providers are estimated to fail to collect approximately $200 billion due to manual collection workflows.

8. Strategic Partnerships

Partner Organization: CentralReach

Nature of Partnership: Preferred partnership.

Strategic Benefits: Provides CentralReach customers with a patient engagement solution that integrates directly with CentralReach's EMR.

Collaborative achievements: N/A

9. Operational Insights

Improving patient collections by 75%.

Reducing Days Sales Outstanding (DSO) to 12 days (compared to up to 90+ days).

Achieving a 93% patient satisfaction score.

Engaging over 300,000 patients daily.

Plans to double its team size.

Grown over 3x year-over-year.

10. Future Outlook

Strategic Roadmap

Enhancing patient financial engagement software.

Expanding the company's market reach.

Ensuring that all healthcare organizations, regardless of size, have access to financial engagement solutions.

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