Revenue cycle management firm nTelagent has raised $1.7 million by selling convertible preferred shares and will use the cash to market its retail payment system.
Called The Retail Application, that software is designed to help healthcare providers better manage deductibles, co-pays and other out-of-pocket payments.
Earl Winter, nTelagent's chairman and CEO, said a company study showed that two-thirds of providers' bad debt comes from insured patients. Having a better point-of-sale system in place will enable them to increase collections, he said.
Five-year-old nTelagent has in the past received backing from Burch Investment Group as well as former Province Healthcare executives Marty Rash and the late Chris Hannon. Looking to expand its client base, the company has partnered with several regional hospital associations this year.