As we close the books on 2018, it’s a good time to take stock of how far we have come as a company—and share some of those results with you.
VisitPay has enjoyed an incredibly successful year of growth, innovation and industry recognition.
- We continued to cement our position as a proven and trusted leader in patient financial health, barnstorming the country to evangelize the transformative power of a patient-centric financial journey.
- We welcomed to the VisitPay family several new health system clients, adding to an already deep bench that includes many of the nation’s leading-edge provider organizations.
- A number of our long-time health system clients took their established success with VisitPay to entirely new levels.
- On the technology side, we continued to innovate—making our revolutionary, cloud-based patient financial experience platform even more versatile.
Here are some of our biggest headlines for 2018:
‘VisitPay Signs Exclusive Agreement with JPMorgan Chase’
At HIMSS18 in March, we entered into an exclusive agreement with JPMorgan Chase Bank, N.A. to extend recourse financing to VisitPay’s Balance Transfer program. The agreement provides a new way for the healthcare industry to manage the economics and experience of patient financing.
Our relationship with JPMorgan breaks the price barrier of traditional—and largely inefficient—financing programs while dramatically improving the patient and provider experience. With this partnership, VisitPay offers providers a fully automated and economically sustainable approach to financing patient receivables. The program allows providers to augment the unmatched billing experience created by VisitPay with a fully automated, low-cost financing solution.
‘VisitPay Launches Latest Version of Market-Leading Platform’
In July, we announced the successful commercial release of VisitPay 3, a significantly enhanced iteration of our revolutionary, cloud-based patient financial experience platform.
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:
- Sixty-day go-live; the fastest go-to-market patient financial experience solution in healthcare.
- Sophisticated back-end enhancements that allow for seamless integration with any billing system or EHR—even those used by providers who are not part of the health system.
- An elegantly redesigned interface to streamline the user experience.
All of the clients we signed this year have launched or will be launching on this new iteration of the VisitPay platform.
‘VisitPay Adds to an Impressive Client Roster’
Over the summer, we deployed our platform at Methodist Health System, helping this Dallas-based organization to provide patients with a simplified billing experience and more flexible financing options tailored to their specific needs.
“Methodist is excited about our partnership with VisitPay. We are confident this solution will bring a better experience to our patients,” said Craig Bjerke, CFO of Methodist Health System. “Our goal is to improve our communication with our patients around their financial options and give them flexibility in paying their medical bills.”
In the fall, we announced a partnership with Texas Health Resources, one of the largest faith-based, nonprofit health systems in the United States. VisitPay also closed on a major scoring and platform win with another major nationally-renowned health system, which you will learn about early next year.
It wasn’t all about the new clients. We also recognize the significant successes of our existing clients. In August, VisitPay announced that it had powered past the six-figure user threshold. One of our oldest clients, St. Luke’s Health System in Boise announced more than 60,000 registered users of the platform. Intermountain Healthcare in Salt Lake City announced a 30 percent lift in yield, thanks in part to the VisitPay platform.
‘VisitPay Recognized as an Industry Leader’
VisitPay executive leadership and clients were invited to a number of national healthcare tradeshows and exhibitions in 2018, sharing their successes and insights with thousands of peers. Some of the most notable shows included the HIMSS18 Revenue Cycle Solutions Summit and the Becker’s Patient Financial Health Summit. This fall we also hosted a lively and innovative summit of our own—the 5th Annual VisitPay Summit, in scenic Sun Valley Idaho.
VisitPay also made a splash in the media, with its capabilities and client featured in such prominent publications as Modern Healthcare, the Financial Times, MedCity News, Managed Healthcare Executive, Healthcare Now Radio, Healthcare Finance News, Forbes Online, Becker’s Hospital Review and The Advisory Board Co. VisitPay’s platform also was highly rated and in-demand by nearly 700 consumers surveyed by Black Book market research.
‘VisitPay Expands National Sales Team’
In August, we introduced Conrad Coopersmith, a seasoned healthcare finance executive, as our new Chief Revenue Officer. Conrad was tasked with leading our expanded national sales team, which now includes Mark Cordova, a sales executive with more than 25 years of healthcare experience, who will oversee VisitPay’s Northwest territory. Collectively, the VisitPay sales team possesses more than 100 years of commercial healthcare financial and RCM experience.
This month, we further expanded our commercial sales team, including two sales executives, a vice president of channel partnerships and a sales development director. Each of our new team members comes to VisitPay with extensive health care IT experience and deep expertise in finance, revenue cycle management and lead generation.
‘VisitPay’s Online Knowledge Center Gains Influence’
VisitPay’s online library of multimedia tools and resources continued to grow in 2018. We enjoyed a 302% increase in traffic over 2017. Some of the most popular blog posts of 2018 included:
- 5 Reasons Why VisitPay Is the Right Choice to Complement Your Epic Strategy | May 9
- Why Marketers Should Care About the Patient Financial Experience | May 22
- Fixing the Fractured Financial Marriage Between Providers and Patients | June 7
- Moody’s: Turning the Latest Healthcare Outlook into Fresh Opportunities | July 25
- Focusing on Patient Experience Propels VisitPay to Top 19 Healthcare Startups List | Aug. 1
You can read these articles—and also check out a number of videos, infographics and an eBook on the VisitPay website.
Growth and Direction in 2019
So, what does all this mean? To me, it means that while we have accomplished a great deal, a number of significant market leadership challenges lie ahead in 2019.
You can look at my predictions for the upcoming year here, but all of us know that the continued rise in high-deductible health plans (HDHPs), tighter health system margins and the swelling ranks of frustrated patients are driving the need for transformational change in medical billing. The net result is that just as healthcare organizations are being asked to take on more risk by traditional payers, they are also assuming more financial risk of non-payment by patients.
If you want to change financial outcomes, you have to change the financial experience for patients. Patients have become far more significant contributors to healthcare organization revenue than they have ever been. Yet unlike traditional payers, patients require an individualized approach that makes them feel heard and empowered. Tying a great customer experience drives provider loyalty and builds trust. Do that and patient payments will be less of an issue and more of a key part of a sustainable care model.