SwervePay Secures $10 Million in Funding to Expand Text-Based Healthcare Payment Platform

Chicago-based SwervePay, which enables patients to pay medical bills via text message, announced today that it has completed a $10 million financing round. The round was led by the founder of Huron Consulting and Galen Capital Group, with participation from Walgreens Boots Alliance and KGC Capital. Reportedly, the company raised $1.6 million in its Series A funding round in 2014.

Cumbersome payment procedures and paper-based billing statements, characteristic of traditional healthcare payment models, are not only difficult for patients to accept but also increase the burden on healthcare professionals. Today, SwervePay simplifies medical bill payments by providing an electronic payment solution.

SwervePay, established in 2010 and co-designed by its development team and industry experts, leverages data from thousands of companies across various sectors to minimize the burden of payment data collection. It operates two subsidiaries: SwervePay Health and SwervePay Auto. SwervePay Health has partnered with Optum to enable SwervePay users to log in using their Optum ID, facilitating a seamless transition to a patient-centric cloud-based payment solution. This collaboration has created a service platform that offers an intuitive, self-directed user experience while enhancing operational efficiency. By streamlining workflows, enabling interoperability, and supporting real-time transactions, the partnership connects more than 600,000 providers, taxpayers, consumers, and other entities. Through simplified touchpoints and reduced manual processes, the platform automates connections among vendors, payers, and government entities, thereby driving improvements in quality and outcomes.

Jaeme Adams, the company’s CEO and co-founder, stated that the company aims to focus on simplifying how it communicates with patients, as providers have found that patients are rarely willing to log into a portal or use a mobile app. SwervePay streamlines and accelerates the billing process, revolutionizes the user experience, and enables faster and more convenient communication with patients via text message.

Adams stated, “We focus on the most widely accepted communication technology today: text messaging.” He noted that vendors using SwervePay have seen a clear 20%–30% increase in bill payment rates. The application integrates records from before, during, and after patient visits, enabling patients to promptly view the exact amounts they owe via text message. The free platform, secure engine, and automated backend electronic health records (EHR) also allow healthcare providers to keep track of patients’ account balances at any time.

Adams stated that the funds raised by Benrong would continue to be used to help the company build its own technology platform and expand based on team size.

By Meg Graham • Contact Reporter