6/19/2023 0 Comments Ivinci health reviews![]() "With the rise of high deductible plans and the corresponding rise in patient financial responsibility, there will be unprecedented demand for a different billing experience – one that's on par with other consumer-driven markets. IVinci Health's CEO, former Capital One executive Kent Ivanoff, believes the market is primed for a solution that addresses the collection of patient balances and delivers a substantially more consumer-friendly online experience to healthcare billing. "iVinci provides effective solutions that help us work with our patients to manage their obligations because they simultaneously provide our patients with easy-to-use online tools for managing, paying and financing their healthcare bills.” "We find that patients are becoming increasingly challenged by health plans passing a higher percentage of each final bill onto them for payment," said Dr. The new round of funding included investors such as Intermountain Healthcare, Inova Health System, and St. To respond to the changing healthcare payments landscape, iVinci is attempting to make healthcare billing more consumer friendly, and it closed $5 million in new funding earlier this month to support those efforts. Worse, all too often, they turn a positive patient care experience into a negative one. Solutions like online bill pay and recourse finance are fragmented and incomplete. It is a sea change that has profound financial impacts for both patients and health systems.Ĭurrent revenue cycle management (RCM) systems were designed to track claims and optimize payments by third-party insurers. That percentage is predicted to increase as more costs are shifted to patients through higher deductibles. IVinci’s new patient billing and revenue management tool comes at a time when the proliferation of high-deductible health plans have increased patient obligations from less than 5 percent of health systems’ revenue to a whopping 20 percent in just a few short years. It tells patients exactly what they owe and when they owe it, then provides online management tools and financing options.” “In the span of a few months we’ve seen the number of patients who rate their billing experience as ‘good’ or ‘excellent’ improve by more than 40 percent.Increases in patient obligations means healthcare systems need to make billing more user accessible.Īccording to Venture Beat, iVinci Health is “launching a new patient portal, called the VisitPay Portal, which hospitals can use to simplify the selection, financing, and billing of health services for their patient customers. "The early results from our VisitPay implementation are extraordinary,” Bert Zimmerli, EVP and CFO at Intermountain, said in a statement. Intermountain, which just began deploying the technology this past spring, is also seeing results. Luke's Health System in Idaho and Orego, which has had VisitPay deployed since 2014, has seen a 50 percent increase in patient satisfaction ratings and a 20 percent increase in patient payment rates, according to VisitPay. While the problem of patients not paying has always existed in healthcare, rising deductibles have made it more common, and more damaging, to health system bottom lines. By making it easier for patients to pay for their care, the software helps hospitals increase the number of patients that make their payments. It also allows patients to set up tailored installment payment plans, all online. ![]() The platform allows patients to see what they need to pay by integrating data from the patient's health plan and data from the health provider. VisitPay offers hospitals an online payment platform for patients. “We are excited to begin this next stage of our journey and look forward to dramatically expanding the number of health systems and patient consumers we can serve.” It can be implemented across multiple billing systems in as little as 10 weeks,” Kent Ivanoff, CEO of VisitPay, said in a statement. “Our cloud-based technology is in demand from patients and providers alike in this age of high-deductible health plans. VisitPay also rebranded (it was formerly known as iVinci Healthcare) and announced a new customer, Intermountain Healthcare. Ascension Health, which invests on behalf of a number of health systems, contributed to the round as well. VisitPay, a Boise, Idaho-based healthcare payments startup, has raised $15 million in a round led by Norwest Venture Partners.
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