iVinci Health Raises $5M to Fuel National Expansion, Announces Launch of Personal Finance Portal for Healthcare

BOISE, Idaho, Sept. 15, 2014 /PRNewswire/ -- iVinci Health LLC, the company behind the healthcare industry's first and only comprehensive Patient Revenue Management system, branded as VisitPay®, has successfully closed $5 million in new funding. The company also announced the launch of a new extension to VisitPay® – an online Payment and Financing Portal that provides an easy and convenient way for patients to manage their medical bills and set-up financing plans for balances owed by them and their families.

The new round of funding, which closed on September 3, was uniquely led by market-leading health systems that include: Intermountain Healthcare, headquartered in Salt Lake City, Utah; Inova Health System, headquartered in Falls Church, Virginia; St. Luke's Health System, headquartered in Boise, Idaho; and another undisclosed but highly-regarded health system headquartered in the Pacific Northwest.  After using the company's solutions, iVinci's first two health system clients, St. Luke's and the Pacific Northwest health system referenced above, initially became investors during the company's first equity offering in 2011.  In the latest round of financing, investing health systems were compelled by the power of VisitPay to drive a remarkable patient experience, its relevance in the face of growing patient obligations and the sizeable opportunity before iVinci.

"We find that patients are becoming increasingly challenged by health plans passing a higher percentage of each final bill onto them for payment," said Dr. David Pate, CEO at St. Luke's Health System.  "iVinci provides effective solutions that help us work with our patients to manage their obligations because they simultaneously provide our patients with easy-to-use online tools for managing, paying and financing their healthcare bills." Dr. Pate went on to say. "Now, more than ever, an exceptional billing experience needs to complement an exceptional clinical experience to engender patient loyalty."

iVinci Health's CEO, former Capital One executive Kent Ivanoff, believes that the market is primed for a solution that addresses the collection of patient balances and delivers a substantially more consumer-friendly online experience to healthcare billing.

"With the rise of high deductible plans and the corresponding rise in patient financial responsibility, there will be unprecedented demand for a different billing experience -- one that's on par with other consumer-driven markets.  Patients will choose where to get care -- based not just on the quality of the care itself but also on the financial management resources made available to them by healthcare providers," said Ivanoff.  "Billing is the last phase of a patient's experience with a health system.  Whether it fractures the patient relationship -- or positively enhances it -- is entirely a function of how consumer-oriented health systems become. Fostering patient loyalty, by providing patients choice and convenience online, is key to driving all of a health system's revenue, not just the portion owed by patients," said Ivanoff.      

The newest addition to VisitPay is the Patient Payment and Financing Portal that health systems can make available to their patients. The Portal simplifies the medical billing process so that patients know exactly what they owe, when they owe it and then gives them online management tools and financing options so they can choose how to pay in a way that works best for them and their family.

"While there are any number of reasons why people pay or don't pay their medical bills, two stand out as the most common – confusion over what is truly owed and a dearth of relevant financing options," said Ivanoff.  "Our VisitPay Portal takes a very consumer-friendly approach to solving both of these problems for patients."

iVinci's Patient Revenue Management system is comprised of three easy-to-implement solutions that collectively enable health systems to capture more patient-driven revenue.  In addition to the Patient Payment and Financing Portal, iVinci offers Patient Scoring and Segmentation that provide health systems with unprecedented accuracy in predicting when and how patients will pay.  The system also provides a Patient Revenue Intelligence Center that affords hospital staff a wide range of forecasting, vendor management, reporting and analytic tools to manage every aspect of their patient revenue business.

About iVinci Health

iVinci Health® is an entrepreneurial healthcare financial technology company with extensive expertise in both consumer finance and health system management.  The company has developed and launched the first and only Patient Revenue Management system for hospitals and health systems.  This proprietary, cloud-based platform enables hospitals and health systems to dramatically increase the amount they collect on balances owed by patients because it empowers patients to easily manage, pay and finance their healthcare bills online.  More information on the company and its solutions can be viewed online at www.visitpay.com

FOR MORE INFORMATION:
Dan Branley (206) 914-1231
[email protected]

SOURCE iVinci Health LLC