BOISE, Idaho, Sept. 19, 2018 /PRNewswire/ -- VisitPay announced the successful commercial release of VisitPay 3.0, a significantly enhanced iteration of its revolutionary, cloud-based patient financial experience platform.
This latest generation of VisitPay offers the most cost-effective and fastest-to-market patient financial experience solution in healthcare, accelerating and simplifying the patient financial engagement strategies of the company's growing roster of clients.
"The success of our platform with the most respected health systems in the country speaks to the maturation of the patient financial health market," said Kent Ivanoff, CEO and Co-Founder of VisitPay. "Our clients are looking for more than small-bore fixes to patient billing; they partner with us to fundamentally reimagine the patient financial journey, which has become a cornerstone of the overall healthcare experience."
Building on its predecessors' exclusive capabilities—the consolidation of patient bills within a unified interface, the display of visit-level EOBs alongside each provider bill, and the use of automated segmentation and advanced analytics—VisitPay 3.0 offers key enhancements, including:
- Platform investment to go-live within 60 days, nearly three times as fast as comparable solutions
- Back-end enhancements allow for seamless and sophisticated integration with any billing system, including those used by provider offices, specialists and groups that are not part of the health system
- An elegantly redesigned interface streamlines the user experience, making the patient experience even more intuitive and accessible
- Builds on an already extensive number of full spectrum, PCI-certified payment options, adding Interactive Voice Response and quick pay options such as text to pay
Multiple Systems, Single Monthly Bill
The newest version of VisitPay captures data across ambulatory and acute-care billing systems, including non-clinical billing systems, such as transportation, gift shop or meal charges, consolidating disparate obligations from an individual or entire family into a single monthly bill, eliminating a frequent source of patient frustration and dissatisfaction: multiple, often-conflicting paper-based or electronic bills.
The platform seamlessly integrates into the electronic health record and any billing system, powering the transition from print to digital with minimal disruptions to administrative workflow, while also automatically posting all transactions back into those billing systems.
VisitPay creates a consistent experience tailored to the needs of the individual consumer despite system complexity. VisitPay's automated segmentation capabilities and advanced analytics allow health systems to actively test, configure and personalize consumer financing strategies based on the organization's business rules and patient preferences, monitor results and quickly adjust and evolve strategy.
VisitPay 3.0 also provides call center agents with a single view of a patient's payment history across all acute and ambulatory billing systems, optimizing customer service for those patients who prefer to manage medical bills in person, by phone or other non-digital channels. VisitPay 3.0 also can deliver a consolidated paper bill to those who want them. And the platform continues to give patients a full spectrum of payment channels to include a no-login Guest Pay solution, text to pay, Interactive Voice Response, point of solution devices and traditional paper payment processing.
The platform is designed to positively impact key patient engagement metrics, including patient satisfaction and Net Promoter Scores (NPS), with an average 40% lift in patient satisfaction and higher NPS for the most discriminating users: those who need to pay large bills over time. As a direct result of that design construct, the platform also impacts key economic metrics. Clients typically report a 30% lift in payment yield and because of VisitPay's automated capabilities, a dramatic increase in operational efficiency. These results are validated by VisitPay's ability to provide ongoing measurements of financial plan performance, trended over time. This empowers health systems to adjust and optimize myriad variables—from billing policies to payment plan terms to patient segmentation configurations—in near real-time.
Learn more about VisitPay at www.visitpay.com.
Founded in 2010, VisitPay is the leader in patient financial engagement. The company's third-generation cloud-based platform is used by the nation's largest and most innovative health systems to deliver transparency, choice and control to patients managing healthcare payments and transactions. Through VisitPay, patients can access a comprehensive accounting of their financial obligations, as well as critical health plan and healthcare information, via a health system-branded portal. VisitPay's proprietary analytics tailor consistent and fully compliant financing options that meet the unique needs of patients and their families, creating a simplified billing experience that drives both higher payment rates and improved patient satisfaction scores. VisitPay's investors include Norwest Venture Partners, Flare Capital Partners and Ascension Ventures. For more information about VisitPay, visit www.visitpay.com. Follow us on Twitter and LinkedIn. Visit our Company Blog to access case studies, thought leadership and news.
Amendola Communications for VisitPay