Rivia Health

By making it easier for patients to get visibility to and easily pay their medical bills digitally, Rivia Health speeds up patient payments with a 33% reduction of time in AR and reduces patient responsibility bad debt write offs by 38%.

Phoenix, AZ, USA

One Liner

One Liner
By making it easier for patients to get visibility to and easily pay their medical bills digitally, Rivia Health speeds up patient payments with a 33% reduction of time in AR and reduces patient responsibility bad debt write offs by 38%.

What Problem We are Solving

Problem
Healthcare Providers struggle with high operating costs, impacted cashflow, and lower overall revenues due to a highly manual patient billing process and delayed and defaulted patient payments. Key drivers of this problem are patients are not aware of or lose track of bills (#1 reason patients don't pay when they can afford to), need more clarity about what they owe before they are ready to pay, and 63% of patients do not use provider portals and thus rely on receiving a paper statement.

About Us

About Us
Rivia Health gets 75% of bills paid by day 2, with an average time to collect of 14 days, and reduces outstanding balances by 90% for providers, increasing overall patient payments by 45%, and eliminates manual billing follow up with automated, digital, and personalized communications and easy, no portal, no login, mobile-first payment options.

Venture Highlights

Highlights
Traction 
  • Full product built, tested, and operational in market 
  • Product Market fit achieved with repeatable sales model established 
  • 37 customers, 32 signed this year
  • $168K ARR current contracted revenue 
  • Forecasted to hit $1MM ARR in May 2023
  • Partnership and full integration in place with athenahealth 
  • Case Study about our 2,000% ROI and other performance metrics achieved for TrustCare Health published by athenahealth
  • 100% customer retention  

Recognition and Awards
Rivia Health has been recognized as an Arizona Innovation Competition Awardee, 2X Venture Madness Finalist, AZBio Finalist in Second Place, Voted Top 20 Companies to Watch in AZ by UnMet, Voted #9 Top Startup in Phoenix by Crunchbase, Voted in Top 11 Startups in AZ to Watch by Startup Hustle, and Flinn Foundation Scholarship Awardee as well as a graduate of the Center for Entrepreneurial Innovation. 

Outside of Phoenix, Rivia Health was featured on ABC15 News for positive impact on patients, won first place at the Global Health Summit Innovation Competition in early 2020, was recognized by The Healthcare Financial Management Association (HFMA) as one of five finalists for the Startup Cup competition for the most innovative solution for bending the healthcare industry cost curve and were interviewed as finalists at Y-Combinator in 2018. 

Business Model

Business Model
Healthcare practice organizations are our customers. We have a transaction based revenue model. When a patient pays a practice through our software, the practice organization pays Rivia Health a 2% transaction fee (no cap). We also charge a SaaS fee based on the size of the organization, starting at $250 per month.

Competitive Advantage

Quote
No account number, portal, or login required to pay. Easy, mobile-first modern, clean interface for payment platform. Personalized, dynamic, mobile first messaging tailored based on data optimization to improve visibility, clarity and understanding. Fully automated process that runs without requiring manual tasks for billing staff. Seamlessly integrated with existing practice management system to auto-reconcile all data to and from the system to avoid confusion or additional steps in the organizational workflow.

Revenue

Revenue To Date
N/A
MRR
N/A
Revenue YTD
N/A
Burn Rate
N/A

Customer Costs

CAC
$7.43K
LTV
$40K
Churn
N/A
Margins
45%

Go-To Market Strategy

Business Strategy
Our ideal customer profile is an ambulatory practice group with 1-100 physicians in network. We are targeting these groups because we have proven they have a 30-60 day sales cycle and our competitors are not focused on this market segment. We have also identified specific pain points we can solve for these practices including: high volume manual tasks related to patient billing, aging accounts receivable, accounts going to collections or converting to bad debt, high cost to collect, and patient satisfaction challenges.

Our initial target within this segment are organizations based on athenahealth, which is the second largest practice management system in the ambulatory market. About ~6,000 practice groups fit this specific profile.

We are selling through a combination of outbound and inbound strategies including: the athenahealth marketplace, targeted Linkedin and Google AdWords, email campaigns, and outbound calling.

Competitive Analysis

Competitive Analysys
No account number, portal, or login required to pay. Easy, mobile-first modern, clean interface for payment platform. Personalized, dynamic, mobile first messaging tailored based on data optimization to improve visibility, clarity and understanding. Fully automated process that runs without requiring manual tasks for billing staff. Seamlessly integrated with existing practice management system to auto-reconcile all data to and from the system to avoid confusion or additional steps in the organizational workflow.
Competitor Website
collectly www.collectly.co
visitpay www.visitpay.com
Cedar Health www.cedar.com

Networking

Networking
We are open to meeting up to grab a coffee, or just to chat. We would really enjoy your feedback and insight into our venture and would be happy to discuss anything that you are currently working on to see if we can be of service!

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Capital

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Name Amount
Amount Left $288,000.00
Amount Raised (This Round) $912,000.00
Amount Raise To Date $3.9M
Investment Type N/A
Type of Raise Convertible Note

Valuation
$5.00
Preseed
$3.9M
Grant Dollars Awarded
$180.00

TAM SAM SOM

TAM
$400B
SAM
N/A
SOM
$200B

Business Stage

Business Stage
Seed

Business Type

Business Types
Investor-Backed, Venture Capital Backed

Categories

SaaS
Fintech
B2B
Technology
Healthcare