VisitPay's ultimate goal with the platform is "helping consumers and providers manage patient financial health with transparency, choice and control." With this help, the company argues hospitals and health systems can offer customized financing options at the individual patient level, decreasing bad debt and making patients more satisfied with their bill paying experiences. Founded by former executives from Capital One, patients use the platform to pay, manage and set up finance plans to deal with their bills. With these issues in mind, Boise, Idaho-based VisitPay, formerly iVinci Health, developed its cloud-based patient financial health platform. Sixteen percent indicated they could only cover between $100 and $200 using cash on-hand, 22 percent could cover an expense between $200 and $400, and 22 percent could cover an expense that's more than $400. Additionally, an annual consumer survey conducted by the Federal Reserve Board found 39 percent of respondents could only use cash on-hand to cover an unexpected medical expense of less than $100. At the same time, patients are having greater difficulty covering these often unexpected and significant medical expenses.Ī Consumer Financial Protection Bureau survey showed more than a third of consumers reported financial hardship in the past year, including inability to pay medical bills. Hospitals and health systems are increasingly focused on patient collections as they seek to minimize bad debt in an environment where more is owed directly by patients due to high-deductible plans. Past Issues - Becker's Clinical Leadership & Infection Control.Current Issue - Becker's Clinical Leadership & Infection Control.Becker's Cardiology + Heart Surgery Podcast.Becker's Ambulatory Surgery Centers Podcast.Becker’s Digital Health + Health IT Podcast.Digital Innovation + Patient Experience and Marketing Virtual Event.Conference Reviewers: Request for More Information.The Future of Dentistry Roundtable October.29th Annual Meeting - The Business & Operations of ASCs.8th Annual Health IT + Digital Health + RCM Conference.
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