Nursing homes chase unpaid bills the way hospitals did two decades ago, mostly by hand. Sunbound is buying a 25-year-old specialist in that chore and filling its wallet at the same time.
The New York startup acquired Richter Healthcare Consultants, a revenue cycle and reimbursement adviser for skilled nursing, senior living, home health and hospice operators, and closed a $24M Series A led by TTV Capital. Total funding now stands at $36M, with Ziegler Linkage Fund, Live Oak Bank, Fika Ventures and Bling Capital among the backers.
Richter’s founder, Jennifer Richter, stays on in a role covering partnerships and product strategy. Her firm brings outsourced billing, accounting, Medicaid eligibility work, audit support and electronic health record implementation, much of it for the trickiest corner of post-acute finance.
Combined, the two companies expect to process $3B in annualised payments. Sunbound’s software tests claims for denial risk before they are submitted, covering Medicare, Medicaid and managed care. On collections it reports 99%, and 96% of claims clear on the first attempt for operators using the platform.
It also sells the front of the house: admissions tools that verify coverage and a resident’s ability to pay in about 30 seconds, before a bed is committed, and a private-payments product that digitises family contributions. Sunbound says that last item alone saves communities more than 40 hours a month.
