High-Level Overview
Collectly is an AI-powered healthcare technology company that builds patient financial engagement software designed to help healthcare organizations collect more money faster by modernizing and automating revenue cycle management (RCM) workflows. Its platform serves medical groups, billing and RCM companies, hospitals, and health systems by streamlining patient billing, payment collection, and financial communication. Collectly’s software addresses the growing challenge of patient payments, which now constitute over 35% of medical provider revenue, by improving cash flow, reducing Days Sales Outstanding (DSO), and enhancing patient satisfaction. The company’s AI-driven solutions automate tasks such as virtual check-ins, insurance verification, billing communication, and payment plans, enabling providers to increase collections by 75-300% and improve patient satisfaction scores to around 93%[1][2][4][6].
Origin Story
Founded in 2017 by Levon Brutyan and Maxim Mizotin, Collectly emerged from the founders’ recognition of the inefficiencies and disconnect between healthcare providers and patients in the billing process. The company is based in Santa Monica, CA, and has evolved to focus on integrating AI and automation into healthcare RCM to address the estimated $200 billion in uncollected medical payments annually due to manual workflows. Early traction included significant improvements in patient collections and cash flow for clients like CleanSlate, which saw a 250% increase in patient revenue within a month of using Collectly’s platform[4][1].
Core Differentiators
- AI-Driven Automation: Collectly uses AI to automate routine RCM tasks such as insurance verification, patient billing inquiries, and payment follow-ups, reducing manual workload and errors.
- End-to-End RCM Solution: The platform covers the entire revenue cycle from virtual check-in, point-of-service payments, to post-service billing and collections.
- Seamless Integration: Bi-directional APIs enable integration with any Electronic Health Record (EHR) or Practice Management (PM) system, allowing easy adoption without disrupting existing workflows.
- Patient-Centric Experience: Offers a modern, portal-free payment experience with flexible payment plans, autopay, and omni-channel communication (text, email, phone).
- Security and Compliance: HITRUST i1, HIPAA, SOC2 certifications ensure data security and regulatory compliance.
- Proven Impact: Demonstrated ability to increase patient payments by up to 300%, reduce DSO to as low as 12 days, and achieve high patient satisfaction[1][2][4][6].
Role in the Broader Tech Landscape
Collectly rides the wave of digital transformation and AI adoption in healthcare financial services, addressing the critical need for modernization in healthcare revenue cycle management. The timing is crucial as patient financial responsibility has increased dramatically, creating pressure on providers to improve collections without harming patient relationships. Market forces such as rising healthcare costs, regulatory complexity, and patient demand for transparent, convenient billing experiences favor Collectly’s AI-powered approach. By automating and personalizing financial workflows, Collectly not only improves provider cash flow but also enhances patient engagement and satisfaction, influencing the broader ecosystem toward more patient-friendly healthcare finance solutions[2][4][8].
Quick Take & Future Outlook
Looking ahead, Collectly is positioned to expand its AI capabilities further, exemplified by the launch of Billie, an AI voice agent designed to transform patient billing interactions. The company will likely continue scaling its platform across more healthcare providers, leveraging predictive analytics and deeper automation to optimize revenue cycles. Trends such as increasing patient financial responsibility, AI-driven personalization, and demand for seamless digital experiences will shape Collectly’s growth trajectory. Its influence may extend beyond billing to broader patient financial engagement, potentially setting new standards for how healthcare organizations manage revenue and patient relationships in an increasingly digital world[7][9][8].
Collectly’s mission to help healthcare organizations collect more money faster while improving the patient financial experience positions it as a key innovator in healthcare revenue cycle management, bridging the gap between providers and patients with technology that delivers measurable financial and operational benefits.
