Reimbursify Launches New, App-Centric Solution for Out-of-Network Health Insurance Reimbursement
- Unique solution streamlines difficult out-of-network reimbursement process for patients, health care providers, and self-insured employers
- Flagship app launched at major psychiatric conference in New York City
NEW YORK, May 7, 2018 /PRNewswire/ -- A new app launched at this year's American Psychiatric Association Annual Meeting (May 5-9, Javits Center, New York: Reimbursify at booth #1126) gives patients a quick and easy way to file out-of-network reimbursement claims with their insurance company in less than 60 seconds. Users can also monitor their current, pending, and past claims from the app.
Reimbursify is a powerful, highly scalable solution for consumers, small business and enterprise customers that exceeds all HIPAA security guidelines. Reimbursify is currently being used by patients in 21 states as well as Puerto Rico.
"Visits to healthcare providers who don't accept insurance (Out-of-Network or OON) represents 10-15% of the $700B annual outpatient market and continues to grow. As an industry segment, nearly 40% of mental health practitioners are OON. To claim reimbursement, patients face an arcane, confusing and time-consuming process. Many patients simply do not file, leaving hundreds of millions of dollars unclaimed," said William Brown, Co-Founder and COO. "Reimbursify is changing that equation, putting money owed back into the pockets of patients."
"Some of our users have filed up to 50 claims and received thousands of dollars back. We don't think they would have filed these claims without this app, which means they would have lost out on this reimbursement," says Vatsal Thakkar, M.D., an NYU-affiliated psychiatrist who also co-founded Reimbursify.
Available since 2017, Reimbursify's proprietary technology, based on decades of healthcare experience, includes the following innovative features for users:
- Streamlined Claim Filing: Users can easily file a reimbursement claim with their insurance company from their smartphone in under 60 seconds.
- Claims Dashboard: Reimbursify's smart dashboard manages all filed claims and keeps track of pending reimbursements.
- Family Filing: Patients can file reimbursement claims for their entire family from one convenient place – keeping family healthcare reimbursement simple and organized.
- Intelligent Notifications & Reminders: Reimbursify provides real-time notifications and on-going reminders on claim status through via email, text or in-app messaging.
- Speedy Filing of Repeat Claims: Patients can save time by 'cloning' their claims for recurring appointments. By simply tapping the "Clone Claim" button on a previously filed claim, a user can file for a new visit with the same provider in as little as ten seconds.
Reimbursify works for any out-of-network office visit, with any doctor, provider, therapist or specialist, and with virtually any insurance company. The app is free to download and a new user's first claim filing is free. For subsequent claim filings, the app charges a low flat-fee per claim filed. Reimbursify will be demonstrated at the 2018 APA Annual Meeting, which attracts over 12,000 participants and remains the premier gathering in psychiatry today
"Out-of-network reimbursement is a hugely under-served market," says Wendell Potter, senior analyst at the Center for Public Integrity, a fellow at the Center for Media and Democracy, and a consumer liaison representative to the National Association of Insurance Commissioners. "Reimbursify offers a breakthrough service for patients as well as economies of scale, technology innovation and customer focus to healthcare professionals looking to improve patients' lives."
According to healthcare industry studies, total US mental health expenditures will grow to over $200 billion by 2020, with reports that reimbursement will continue to be hard to access in most US states. Overall out-of-network healthcare costs today comprise over $100 billion out of the $700 billion provider market. Yet healthcare provides continue to opt out of insurance networks, thus driving up out-of-network filings.
About Reimbursify
Reimbursify, founded in 2016, is a healthcare-focused technology company providing app-centric solutions for consumers, healthcare providers & businesses, focusing initially on streamlining and managing the onerous process of filing out-of-network health insurance claims. By leveraging its extensive medical and software technology expertise, Reimbursify is creating mobile technology that provides elegant, easy-to-use, scalable and highly disruptive solutions for helping people increase their coverage, reduce out-of-pocket medical costs and maximize their health insurance benefits.
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SOURCE Reimbursify, Inc.
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