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The VisitPay Blog | Building Better Financial Relationships

VisitPay 3.0: Taking the Patient Financial Experience to a Whole New Level

“We help people manage patient bills for good.”

When we founded VisitPay in 2010, we embraced this simple mission to solve one of healthcare’s most significant challenges: a needlessly convoluted and inefficient billing system that buried health systems under a mountain of bad debt and left both providers and patients deeply unsatisfied.

We applied our deep experience in consumer finance and health system revenue cycle management to develop and refine an intuitive platform to help everyday people understand and manage their medical payments over time and provide health systems with intelligent capabilities to boost both patient satisfaction and yield.

That mission continues to this day with the commercial release of VisitPay 3.0, a significantly enhanced iteration of our 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 our company’s growing roster of clients.

What It All Means

The success of our platform with the most respected health systems in the country speaks to the maturation of the patient financial health market. 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.

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.

So far, the era of consumer-driven healthcare hasn’t delivered on its promise of broadly creating smarter, better-informed consumers who are highly proficient at comparing different healthcare services. However, by adopting new payment strategies that prioritize billing transparency and robust, consumer-friendly payment options, health systems can help shape this new healthcare consumer – and create as much trust of providers in the financial arena as in the clinical realm.

Read our Patient Financial Health ebook.

Click here.

Kent Ivanoff

Kent is a seasoned business leader who has delivered breakthrough results in a multitude of consumer finance and payments businesses. Prior to co-founding VisitPay, Kent was the Executive Vice President, US Card Division for Capital One Financial. Kent lives in Boise, ID with his wife of 25 years and two children.

See all posts by Kent