Collectly, a US-based company with Armenian roots, which optimizes the process of reciprocal payments between the medical institutions and patients attracted investments amounting to $3 million.

The Cnews.ru reports that the lead-investor of the round is TMT Investments venture fund.

Collectly - is an innovative tool for practices that want to demystify medical billing, boost patient collection rates, and improve the patient billing experience.  

Many medical institutions bear extra costs due to badly projected payment process making the medical costs in the USA $3,33 trillion which makes the country’s 18% GDP. The startup’s task is to improve the situation by cutting medical costs.

“Collectly team has already reached high indicators on the wide medical market of the USA. We are glad that the investors see the potential for the company’s future growth and are ready to support our development. The new round of investments will help us scale business on the new level and strengthen the team by attracting new talents,” Collectly CEO and co-founder Levon Brutyan said.

In near future Collectly projects scaling business – integration with 30 new medical ERP systems, signing contracts with major hospitals and medical groups. Besides, for active business growth, Collectly is intensively attracting staff, first of all engineers from Russia.

“We are happy to participate in Collectly’s new round. The project resolves a very important problem for medical industries replacing the outdated payment mechanism with new technologies. The brilliant team and the innovative product will help Collectly to dynamically develop in the US market,” the co-founder and managing partner of TMT Investments Artyom Inyutin said.

Collectly was founded in 2016 by Levon Brutyan (CEO) and Maxim Mizotin (CTO). The fintech company serves over 300 medical groups and handles over 150,000 payments per day. For the past year the company’s income increased 3,5 times.

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