CoPatient has secured more than USD1 million in funding, according to documents filed with the Securities and Exchange Commission. The company's co-founder Rebecca Palm said much of that amount is composed of existing capital converting from outstanding notes, Portland Business Journal reported.
The medical billing advocate received its initial capital from Direct Health Solutions, Cambia Health Solution's investment arm. According to Palm, some of the notes were held by Cambia and some individual investors. However, she did not disclose how much of the USD1 million is new capital, the report said.
At present, CoPatient is developing an online tool that assists users in health care bill evaluation. The tool will also help identify methods of saving on costs. The firm combines technology and real-life advocates to scour through its clients' bills, the report explained.
Recently, CoPatient moved into its new headquarters in Southeast Portland. Palm said the firm will continue to bring in more advocates for their customers. She also said CoPatient is hiring staff for the company's product development.
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