Nelly Raises $51M to Digitize European Medical Practices

Nelly's Ambition: Revolutionizing Healthcare Fintech

Nelly, a Berlin-based startup, aims to become a leading fintech solution within the healthcare sector. Currently, the company collaborates with over 1,200 medical practices across several European nations.

However, a substantial number of practices could significantly improve their administrative processes. This potential for growth fueled Nelly’s recent €50 million (approximately $51 million) Series B funding round.

Securing Growth Capital

Cathay Innovation spearheaded the funding round, with participation from Notion Capital. Existing investors, including b2venture, Lakestar, Motive Ventures, and Arc Investors, also reinvested in the company.

Addressing a Digital Gap in Healthcare

The founders of Nelly observed a notable lag in digital adoption within many medical practices, despite advancements in other industries. As Nelly co-founder and CEO Niklas Radner explained to TechCrunch, a common experience involved manual data entry and delayed, paper-based billing.

This realization prompted the development of a software-as-a-service platform designed to streamline patient onboarding for medical practices.

Streamlining Patient Onboarding

Nelly’s initial offering allows patients to digitally complete necessary forms when booking appointments. Confirmation messages are delivered via SMS, WhatsApp, or email, containing a link to a secure portal.

Through this portal, patients can input their personal information and medical history electronically.

Bridging the Digital Divide in Appointment Scheduling

Despite the convenience of digital onboarding, Radner notes that over half of all appointments are still scheduled through traditional methods like phone calls or in-person visits.

To address this, Nelly provides a QR code that patients can scan while in the waiting room, granting them access to the onboarding portal.

Seamless Integration with Existing Systems

Nelly is designed to integrate with existing practice management systems, ensuring data synchronization without requiring practices to overhaul their current infrastructure.

These integrations are developed either internally by the Nelly team or through collaborations with partner organizations.

A Comprehensive Suite of Tools

The onboarding system serves as the foundation for Nelly’s broader product suite. Radner positions Nelly as a combined solution akin to Typeform, DocuSign, and Klarna, tailored for medical practices.

Enhancing the Patient Experience

Beyond onboarding, Nelly facilitates online appointment booking and offers patients various payment options, including online payments and card readers managed by Nelly.

The platform also sends reminders prompting patients to leave reviews on Google Maps.

Optimizing Practice Administration

For medical practices, Nelly automates invoice generation and billing processes, reducing the time spent on payment collection.

Furthermore, Nelly functions as an alternative to traditional corporate banking, offering expense management tools and corporate credit cards.

Accelerated Payments Through Factoring

Nelly also provides factoring services, enabling instant payouts for outstanding claims.

These deep integrations throughout the patient journey and within the practice’s administrative systems create a significant competitive advantage.

Nelly has also prioritized data protection, achieving relevant certifications. Radner highlights Nelly as the first company to issue digital invoices in the German medical sector.

Expanding Geographic Reach

Currently, Nelly’s services are available in Germany, Austria, and Switzerland. Recent expansion into Italy signals further growth plans across Europe.

Strategic Partnerships and Scalability

Nelly has secured partnerships with major Dental Service Organizations (DSOs) in Europe, including Colosseum Dental Group, which operates in 11 countries.

The company intends to scale its services to all 700 Colosseum Dental Group locations, leveraging these partnerships for broader European expansion.