Q&A With DaisyBill's CEO and Co-Founder
Catherine Montgomery/ CEO and Co-Founder/DaisyBill
What is the mission of your company?
Workers' compensation medical billing is broken. DaisyBill is a billing solution that gets workers' comp medical bills paid quickly, accurately and efficiently.
Even though employers pay premiums so that their employees will receive appropriate treatment when they are injured at work, many physicians will not treat injured workers because it is too difficult to get their bills paid. The billing process is incredibly complicated and rule-bound, and much more painful than regular health insurance.
(Read More: Start-up DaisyBill Wants to Fix Workers' Comp)
This means that doctors are less willing to treat injured workers and insurers find it difficult to comply with state regulations, while the rest of us—employers, taxpayers and the government—are saddled with a system that is expensive but doesn't really work for anybody.
DaisyBill brings smart technology to workers' comp so that the entire system works better. By making medical billing transparent and simple, we make it easier for doctors to treat patients, for patients to receive quality health care, for insurers to administer their programs, and for state governments to regulate the recovery of injured workers.
Explain your business model. How do you make money?
DaisyBill charges providers a nominal transaction fee to correctly process their workers' compensation bills; getting these bills paid quickly, correctly and efficiently.
Whom do you compete with in this space and how are you different?
DaisyBill is the only tool designed specifically to manage and process workers' compensation medical bills. We are the only ones who can do what we do, so we have no competitors.
Revenue cycle management tools and practice management systems that are currently used by medical providers were designed to process commercial health insurance claims. Currently there are no tools/technology to help providers with their workers' comp bills.
Where are your headquarters?
Number of full-time employees?
12, and we're still hiring, so let us know if you hear of any great people!
Year Founded ?
We just completed our seed round, which closed out 2012, and we are currently in Series A for our multistate expansion outside of California.
Key Investors ?
Alongside our initial bootstrap capital, we've been able to raise our initial funding from a tremendous group of veterans in the medical billing world.
The Blueprint Health accelerator program has also been immensely helpful.
Co-founders Catherine Montgomery and Sarah Moray have 18 combined years of medical billing experience. Among their ventures, they started and still own Clarity Medical Billing Resources. Clarity is a free website devoted to helping medical billers in California get paid for treating injured workers.
If you would like to share more information please feel free to include additional information.
As an update to the filmed segment, DaisyBill is now processing thousands of claims. We are adding more practices to our user base as fast as we can, while fielding inquiries about partnering opportunities. At the same time, in response to early feedback, we are adding new features and functionality to our service. It is an exciting time for us!