A Medical Device Daily Staff Report
Patientco (Atlanta), a healthcare expense management solution for patients and healthcare providers, reported the closing of its Series A funding round for $3.75 million led by BlueCross BlueShield Venture Partners and Sandbox Industries. Sandbox Industries Managing Director Tom Hawes will join Patientco's board.
Patientco simplifies the challenge of understanding healthcare expenses for patients so they pay their healthcare providers faster. Already more than one million patients across 20 states securely receive, pay and track their healthcare expenses via Patientco. Patientco's proprietary technology integrates with physician and hospital information systems to provide a comprehensive communication, payment and reconciliation solution.
"The primary reason healthcare providers don't get paid on time is patients don't understand what they're paying for. Solving this unmet need is why Patientco is in business," said Patientco CEO Bird Blitch. "We will apply this strategic financing to enhance our offering and aggressively market Patientco to an expanded network of providers and patients."
In other financings activity; CardioNet (Conshohocken, Pennsylvania), a wireless medical technology company with a current focus on the diagnosis and monitoring of cardiac arrhythmias, said that CardioNet's president/CEO, Joseph Capper, has adopted a Rule 10b5-1 trading plan to purchase shares of the Company's common stock over time as part of his individual investment strategy. The trading plan is being established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934 and CardioNet's policies regarding stock transactions.
Capper's plan covers the purchase of up to 75,000 shares. Purchases can be made from time to time starting Aug. 17, 2012 through Nov. 1, 2012 and may be amended in accordance with the plan. The stock to be purchased will be acquired in the open market.