Modern healthcare billing platform provides greater transparency for patients and healthcare providers
SALT LAKE CITY and NEW YORK, June 21, 2022 – Rivet, the modern healthcare billing platform, raised $20.5 million in a Series B funding round led by growth equity firm Catalyst Investors with participation from co-investor Ankona Capital and existing investors Menlo Ventures, Pelion Venture Partners and Lux Capital. Tyler Newton, Partner with Catalyst Investors, will join Rivet’s Board of Directors.
Founded in 2018, Rivet’s revenue cycle operating platform is used by healthcare providers across the country to collect what they are owed from payers and bring greater price transparency to patients. Using Rivet, customers have modeled more than one billion payer contracted rates, created over 400,000 patient cost estimates, and detected denials and underpayments in over 100 million claims, reducing the administrative burden felt by providers while increasing their total income as well.
“Medical payer contracts are often very complicated, resulting in reduced transparency from payer to provider to patient. Rivet deciphers contracts for providers so they can offer patients transparent pricing with our Estimates product while also ensuring proper insurance payments with our Underpayments and Denials products,” said Ted Ferrin, CEO and Co-Founder of Rivet. “Rivet shines light on some of the most complex but important data in all of healthcare so that providers, patients, and payers can all be on the same page and have a much more efficient financial experience.”
“Rivet has a keen ability to identify pain points in the market, execute on a product vision, deliver a high-quality product and achieve product-market fit in rapid succession,” said Newton. “The team has a compelling blend of revenue cycle management, technology and sales experience that allows them to identify issues that have plagued the healthcare industry for decades and make great strides towards solving it. We look forward to working with the Rivet team to increase market penetration in the outpatient segment and expand into larger facilities, hospitals and health systems.”
Rivet currently offers three software products: Patient Cost Estimates, Underpayment Detection Workflow and Denials Appeal Management. The company has historically focused exclusively on outpatient practices, offering a level of sophistication and automation typically reserved for larger health systems and inpatient facilities. Capital from the new funding round will be used to build out the Rivet team and continue investing in the platform, allowing the company to continue delivering unparalleled products to a market that is in dire need of innovation.
Rivet, based in Salt Lake City, UT, is dedicated to promoting transparency throughout the healthcare billing process, from payer to provider to patient. Rivet’s unique platform offers tools for Estimates, Underpayments and Denials, giving patients more transparency around the cost of care and providers the ability to hold payers accountable to their contracts. The company currently operates largely in outpatient facilities, but it aims to elevate the healthcare billing experience across all settings, regardless of size or specialty.
About Catalyst Investors
Catalyst Investors is a growth equity firm based in New York. The firm’s mission is to earn superior returns by helping entrepreneurs build great growth companies. Over the past 20 years, Catalyst has invested in rapidly-growing companies across the SaaS, tech enabled services and internet infrastructure sectors, and has established a successful track record of partnering with entrepreneurs and helping companies scale. Recent investments and exits include Pax8, LinkSquares, Ekos, Weave, Clinicient, ChowNow, EDB, and PresenceLearning. For more information, visit www.catalyst.com.