Drew Mercer, the visionary CEO & Founder of PayGround, is on a mission to revolutionize healthcare payments. His company has secured a significant $19.7M in a recent Series A financing round, with key backing from SixThirty and featuring prominent participation from Rally Ventures, IA Capital Group, FCA Venture Partners, and Plug and Play Ventures,
Driving Vision into Action
The funding, a resounding endorsement of Mercer's vision, will propel PayGround's market expansion and the expansion of its senior leadership team. The primary goal remains steadfast: to simplify healthcare payments for individuals and families.
Solving a Widespread Challenge
In a world where nearly 68% of Americans struggle with managing and paying multiple healthcare bills, PayGround emerges as a beacon of simplicity. The platform's annual revenue growth of over 560% in the last three years showcases its commitment to streamlining healthcare payments for all.
Patient-Centric Innovation
PayGround's cloud-based system offers a seamless experience for providers and patients alike. Medical practices of all sizes can effortlessly upload accounts receivable and initiate digital-first payment requests via email, text, or USPS. Patients, in turn, can make payments in a matter of seconds.
Mercer's Winning Approach
Drew Mercer, Co-founder, and CEO of PayGround, articulates the platform's mission, stating, "PayGround empowers individuals and families with a dedicated digital wallet, providing an incredibly convenient way to pay for healthcare with financial optionality. It's a win-win for all key stakeholders."
Industry Recognition
According to Andrew Wegrzyn, Principal at SixThirty, "Payments, and particularly out-of-pocket payments, continue to be a vexing pain point for healthcare providers and patients." With this funding, PayGround aims to solidify its position as a trusted partner, modernizing the way healthcare payments are made in the U.S.
Investor Confidence
Matt Perlman, Partner at IA Capital Group, expresses confidence in PayGround's vision, saying, "PayGround's modern, patient-centric approach to healthcare payments fills a meaningful market need." The funds will also be allocated to enhancing the platform's value for hospitals, health systems, independent practices, and patients, enabling seamless payor connectivity.
Looking Forward
With this Series A funding, PayGround not only secures its financial future but also reinforces its commitment to transforming the healthcare payments landscape. As Justin Kaufenberg, Managing Director at Rally Ventures, affirms, "Our team is eager to partner with PayGround and contribute our expertise in identifying areas of opportunity and increasing revenue streams."
Congrats Drew & Team!
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