Luke's predicts 20% of its future revenue will come directly from patients. Luke's look more closely at this technology, Taylor said. The growth of health plans with high deductibles and cost-sharing made St. There was also a 50% improvement in payment rates since the portal went live, he said. Luke's as good or excellent since VisitPay's adoption, compared with 35% before the portal's availability. Roughly 70% of patients have rated their billing experience with St. or another revenue-cycle technology firm because they all work, Ivanoff said. It doesn't matter if the organization uses Epic Systems, Cerner Corp. Or, providers can offer a 12-month, 24-month or longer-term payment option.įrom a back-end perspective, the VisitPay platform is fully automated with the hospital's legacy billing systems. For example, people can receive a discount if they pay in full. “As far as the patient is concerned, they are dealing with the health system,” Ivanoff said.įurther, health systems can create different financing plans for each patient.
There's no perception that an outside collection agency will be chasing after payments. But Ivanoff said what separates the portal from others is its branding with the provider's name and logo. Working through VisitPay is similar to managing student loans or utility bills. Patients can link their bank accounts or health-savings accounts to the application and set up automatic payments. Balances show what the insurer has paid, what the patient has paid and what amount is still due. Patients sign up for the billing platform with a user name and password. VisitPay is different from other hospital-patient billing portals and financial-assistance programs because of its transparency and flexibility, Ivanoff said. “Oftentimes, patients don't pay the bill because they are so confused about it.” “He understood that the credit space in healthcare was not managed well and not patient-friendly,” said Jeff Taylor, chief financial officer at St. Ivanoff told the system's executives that if they wanted to reduce bad debt and handle the rising tide of high-deductible plans, they had to understand patients' payment patterns. Ivanoff, iVinci's CEO, developed the technology after a year managing the revenue-cycle process at St. The firm's main product is VisitPay, an online portal that helps patients manage, pay and finance their healthcare bills, all in one spot. In 2010, he co-founded Boise, Idaho-based technology company iVinci Health.
“It's a broken, ineffective billing process,” he said. But in healthcare, they frequently don't know what they owe. Ivanoff wanted to help resolve these conflicts because, he says, most patients want to pay their bills. Patient-friendly billing practices have long been discussed by groups such as the Healthcare Financial Management Association, but best practices are far from widespread. Patients often battle insurers and providers, uncertain about the details behind their medical expenses.
He saw people struggle with mounds of medical paperwork and benefit statements that looked like hieroglyphics. He used to work at credit and banking giant Capital One and created several consumer finance startups that were acquired by Capital One.
More than half of insured patients are boggled by their bills, and almost two-thirds are surprised by their out-of-pocket costs, according to a 2014 survey from TransUnion Healthcare. It's not difficult to find patients who are dissatisfied with the healthcare billing process.
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