Here’s How MedPilot is Changing the Healthcare Industry
It seems like healthcare continues to get further away from the term “simple.” From finding the proper insurance coverage to pinpointing the right provider, these challenges seem to be the least of worries for Americans compared to affordability and transparency of care. According to pbs.org, one in six Americans have past-due health care bills on their credit report. If that doesn’t strike as alarming, the amount of past-due invoices will – totaling $81 billion. As medical bills continue to increase, so do the associated problems.
With a tactical approach to alleviate many of the problems associated with medical care, founders Nathan Spoden and Matt Buder created MedPilot, a leading patient financial engagement platform connecting users to simplified medical expense billing and preferences. They recognized the, at the time, the current way of medical billing was outdated and ineffective, and quickly brainstormed creative ways to alleviate the billing stress for the average medical patient.
MedPilot provides patients with simplified access to pay their medical bills online. Through a combination of emails, texts, calls, and billing statements, MedPilot communicates with patients to ensure timely payments, making services rendered easier for both the patient and the provider.
“Healthcare is ripe for disruption, especially on the patient billing side of revenue cycle,” Spoden said. “We plan to disrupt the space by creating a tool and a process that modernizes patient billing – not only to help patients have a better financial experience when visiting their healthcare provider but also to help providers and billing companies reduce costs, forming more process efficiencies.”
Initially founded in New York, MedPilot moved its operations to Cleveland, Ohio. Both Spoden and Buder are Cleveland natives and recognized Cleveland as a prime city for tech startups as well as Northeast Ohio’s booming healthcare industry. The company has since helped more than 650,000 patients and managed $2 billion of patient receivables for its clients to date. Even more striking, the company boasts a 97% patient satisfaction score, giving credit to its outreach methods, customized engagement, and optimized communication.
Backed by Valley Growth Ventures, MedPilot continues to grow its clients and employee base. The company started with just five employees and has since grown to staff 40. The company was recently honored as Smart Business’ “Cleveland Technology Startup.”
“I’ve learned that absolutely nothing goes as planned, so you have to get comfortable with being uncomfortable. Even so, I wouldn’t change anything because it has been a true dream to see this company grow to its current capacity and meet incredible and dedicated people along the way,” Buder said.
“Valley Growth Ventures has been extremely strategic for our company. They’ve done everything from introducing us to one of our largest customers to helping us best position our company for investors. We’re very fortunate to consider Managing partner Ernie Knight a true partner of our company.”
2020 is looking optimistic as MedPilot continues to rapidly grow. “The ups and downs are part of the excitement of running a successful business. I have a major passion for building something from the ground up. It takes a lot of long hours and dedication, but I wouldn’t have it any other way,” Spoden said.