DisputeBills debuts new medical bill reduction platform, closes $400K round of financing
CHICAGO – DisputeBills, one of the nation’s fastest growing providers of consumer medical billing advocacy and negotiation services, today announced that it has raised a $400,000 round of financing from angel investors. The seed round, led by Chicago angel Stephen Lee, will allow the company to launch its new online medical bill reduction platform that helps consumers navigate the complicated health care billing process and quickly reduce medical debt.
Since launching in March 2015, in response to a national increase in out-of-pocket healthcare costs, the company has achieved a 90 percent case success rate and an average total bill reduction of 75 percent. In less than a year, the company has already saved consumers more than $500,000.
DisputeBills’ mission is threefold — to provide relief and support to those facing overwhelming health care bills, to minimize costs by reviewing medical claims for both accuracy and savings opportunities and to negotiate a reduced rate. The company’s state-of-the-art, easy-to-use and HIPAA-compliant platform allows users to securely submit medical bills and insurance documents; to connect and communicate with a DisputeBills medical billing advocate; and to track case progress all in one place in real-time.
“According to the Medical Billing Advocates of America, more than 80 percent of U.S. medical bills contain errors and overcharges. Medical bills are the biggest cause of bankruptcy in the United States,” said Matt Moulakelis, co-founder and CEO of DisputeBills. “Health care bills can be incredibly complicated. We aim to demystify the entire process, to save people time and money and to eliminate the burden and stress that medical debt creates for over 56 million Americans.”
DisputeBills offers a free consultation from a dedicated medical billing advocate with extensive experience in medical billing, collections and insurance claims. Many of the advocates are former hospital medical billing employees who are able to quickly identify and challenge potential cases of overbilling, errors and the overall high cost of consumer health care. Advocates work to negotiate a reduction on the user’s behalf, usually within two weeks.
DisputeBills is only compensated by the client if the company successfully reduces a client’s medical fees. When a case is successfully negotiated and closed, DisputeBills receives 30 percent of the overall savings.
To learn more about DisputeBills, visit disputebills.com.
DisputeBills was co-founded in Chicago in 2015 by Matt Moulakelis, Tim Buhay and Stephen Lee in an effort to diminish the burden of high out-of-pocket health care costs and to reduce the stress of medical debt for over 56 million Americans affected by this problem. The company’s vast team of experienced medical billing advocates helps reduce financial debt by checking for the accuracy and potential errors of costly medical bills. With a success rate of 90 percent, the company is able to save its users an average of 75 percent on their medical bills.