Rebranding as Anagram, software for out-of-network billing for healthcare providers raises $9.1 million

As it rebrands from Patch to Anagram, the healthcare billing platform making it easier for providers to accept out-of-network patients has raised $9.1 million in new financing.

The round was led by ManchesterStory, with participation from CareCredit (a Synchrony solution), Waterline Ventures, Rogue Venture Partners, Launchpad Digital Health, KEC Ventures and Healthy Ventures.

According to a statement, the company’s software makes it easier for healthcare providers to choose which insurance they want to take. Instead of focusing on primary care physicians, Anagram reaches out to dentists, ophthalmologists and others to help them with their billing needs.

“Most of our customers are independent practices in the ancillary market — like dermatologists and dentists — we are not targeting the core hospital system networks.”

The company says that its software allows providers to pull real-time health insurance benefits from a variety of networks so they never have to ask for patients’ insurance. The company also said providers can set their own prices and discounts to support cash payments through the service.

Data provided by the company indicated that offices that use Anagram’s services can take on 260 more patients and receive an additional $30,000 annually per-location from cash-paying patients. Over $55 million worth of claims have been processed through the company’s software, according to the statement.

“Accessing benefits and paying for healthcare really doesn’t have to be as difficult as it is today,” said Jeremy Bluvol, co-founder and CEO of Anagram. “We envision a world where paying for healthcare and leveraging insurance benefits is a simple and transparent experience for both patients and providers. With Anagram, patients can go to any provider they want, and providers never have to file paper claims or turn patients away again.”