History
Early years and initial funding
Simplee was founded by Tomer Shoval who currently serves as the company CEO. [6] In 2009 he went on vacation to Mexico and his entire family got sick. [7] Upon returning to the United States, he received invoices, bills, and insurance statements associated with the trip. Shoval became frustrated with trying to decipher the documents and decided to create a software to manage and track health expenses for both patients and health care providers. [7] He was working at eBay at the time and stepped down to form the company with Roberto Rabinovich and Tom Tsarfati, launching the company in 2010. [7]
Simplee received $1.8 million in angel funding led by Greylock IL and launched its first product in 2011, a free consumer app initially known as Simplee for tracking medical expenses similar to the financial management tools of Mint.com. [5] The product was branded as SimpleeONE, and linked health insurance accounts for easier management of medical bills and payments across providers. [8] [9] [10]
Enterprise launch and additional funding
In 2012, Simplee launched its enterprise software platform SimpleePAY for health care providers after receiving $6 million Series A investment led by Social+Capital Partnership. [11] SimplePAY was specific for health care providers, allowing patients to view and pay their medical bills online. Simplee raised an additional $10 million in Series B funding led by Nashville-based healthcare investor The Heritage Group in 2013. The same year it partnered with its charter customer, El Camino Hospital. [7]
The company grew its customers in 2014 by adding healthcare providers such as CardinalHealth, Gundersen Health System, LifePoint Health, and Memorial Hermann Healthcare System, [12] the largest health system in Texas. [13] [14] Simplee also partnered with ExactTarget, Vantiv, and Wells Fargo the same year. [15]
Products and services
SimplePAY is specific for health care providers, allowing patients to view and pay their medical bills online. [9] In March 2015, it was reported that Simplee was collecting over $1 Million per day through SimpleePAY, with an expectation to collect more than $1 billion by the end of 2015. [16] Modern Healthcare featured Simplee’s partnership with Memorial Hermann in May 2015, in which Memorial Hermann’s PayMyBill technology, powered by SimpleePAY, has seen self-service payments increase by 53% and reduced collection costs by 23%. [14]
In June 2015, Simplee expanded SimpleePay into the Simplee Financial Engagement Platform suite with the launch of two additional products: SimpleeESTIMATE, a cost estimation tool, and SimpleeCREDIT, a consumer-focused financing options system. [17] [18]
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