Deployed at 10% of U.S. not-for-profit hospitals, the medical billing platform is setting new standards for care and establishing itself as the enterprise go-to
BOISE, Idaho—February 23, 2021—VisitPay, the leader in patient financial engagement, today announced that it has renewed partnerships with key industry leaders Inova Health System, Intermountain Healthcare, and St. Luke’s Health System, who together bring 1 million patient users to the VisitPay platform. Propelled by new partnerships with some of the U.S.’s largest healthcare systems—including Geisinger, WellSpan Health, Carilion Clinic, Riverside Health, and ProHealth Care—VisitPay added 3% of U.S. not-for-profit hospitals to its user base in the last year. Recent market validation from KLAS confirms VisitPay as a leader in establishing a patient-first healthcare billing experience at enterprise scale.
The platform’s record growth and 100% contract renewal rate demonstrate an industry eager for a solution that prioritizes a patient-first experience is built with the sophistication to handle enterprise complexity, and is able to improve financial performance for both patient and provider. Integrating seamlessly with Digital Front Doors and core billing systems like Epic SBO, the platform has become an enterprise essential. In an industry where the Net Promoter Score benchmark—inclusive of clinical, administrative, and financial patient experiences—is 16-27, VisitPay’s average of 44 tells a remarkable story of unwavering financial loyalty and empowerment throughout a uniquely trying year.
“VisitPay’s seamless integration with our digital front door, My Health+, coupled with the nearly $20 million in patient payments it facilitates monthly, has made the platform a key pillar of Intermountain’s consumerism strategy,” said Bert Zimmerli, chief financial officer, Intermountain Healthcare. “The half-million Intermountain patients who have used VisitPay report high levels of satisfaction with the patient experience, which we anticipate will help maintain their loyalty to Intermountain in the years to come.”
“Since our implementation with VisitPay, we have seen top-two box patient satisfaction with the billing experience increase by more than 100%, and payment yield improve by 29%,” explained Jeff Taylor, chief financial officer, St. Luke’s Health System. “In continuing our partnership with VisitPay, we are excited to achieve new benchmarks in patient satisfaction and financial performance.
In response to the financial and medical stressors of the COVID-19 pandemic, VisitPay launched its Financial Relief Accelerator to equip patients and providers with the tools they needed to stay afloat and engaged. According to a recent VisitPay survey of over 1,600 Americans, patients not only rank medical bills as a top stressor, but 1 in 3 would defer COVID treatment to avoid them.
“Never before has our country experienced such unprecedented medical and financial uncertainty,” said Alice Pope, chief financial officer, Inova Health System. “Inova is committed to providing our patients with the tools and support they need. In 2020, our patients’ increased adoption of the VisitPay platform—over 80%—made it clear that a fully self-serviced, fully digital financial experience is a top priority.”
“2020 marked a step-change for patient financial health as large, integrated healthcare providers realized positive change in the patient experience was not just essential, but readily available through our platform,” said Kent Ivanoff, CEO and co-founder, VisitPay. “At VisitPay, we are proud to help millions of patients and the largest health providers through today’s financial uncertainty by providing education and digital tools that foster financial empowerment for the long run.”
Committed to enhancing the expertise and capabilities VisitPay provides for its customers, the company also welcomed David P. Smith as chief technology officer, Tom Ryden as chief financial officer, and Pat Saxman as chief growth officer. VisitPay also launched Text to Pay, a mobile payment feature; partnered with TransUnion Healthcare to provide Revenue Protection® solutions; and collaborated with NTT Data Services to build Nucleus for Healthcare.
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.
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