HealthiPASS secures $7.2M Series A to transform patient payments
CHICAGO – December 6, 2017 – HealthiPASS, a patient check-in and payment technology provider that helps patients and providers combat the new healthcare reality of higher patient out of pocket expenses, announced it has raised a $7.2 million Series A funding round, led by FCA Venture Partners, with participation from venture firms from the Bay Area to Boston including: OCA Ventures, Healthy Ventures, HealthX Ventures, Waterline Ventures and a small group of strategic investors. The funds will be used to further innovate and expand the patient payments platform and sell into ambulatory healthcare settings across the country.
As high deductible health plans become more and more prevalent and patient out of pocket burden continues to increase, HealthiPASS simplifies the patient payments experience and brings pricing transparency to patients while educating them about their healthcare benefits. At the same time, HealthiPASS helps practices collect patient out of pocket expenses, thereby helping healthcare providers improve their revenue cycle posture and deliver an enhanced user experience for patients.
Just as millions of people do at hotels and airports, patients of healthcare providers using HealthiPASS can check-in to their appointment with a simple swipe of their credit/debit card or by scanning their unique QR code or PASS. The HealthiPASS platform processes patient payment information, provides a cost-of-care estimate and incorporates insurance benefit plan details – giving patients greater peace of mind by making healthcare visits a fast, easy and transparent experience.
“Far too many people are unclear on how much a visit to the doctor will cost them, and navigating what’s covered by insurance and what is the patient’s responsibility can be frustrating and confusing,” said HealthiPASS CEO, Rajesh Voddiraju. “With HealthiPASS, we offer our providers a strategic advantage in the market. We’re empowering them to give patients greater clarity and transparency into their financial responsibilities and enhancing the patient payment experience, which results in higher patient satisfaction and loyalty.”
The HealthiPASS platform enables healthcare providers to achieve net collection rates of up to 96 percent, which is over 30 percent greater the industry standard, and collects patients’ balance after insurance within three to five days after processing. Outside of office visits, patients can access HealthiPASS at any time using their smartphone or web-based apps to track charges for the care they receive.
Healthcare Providers use HealthiPASS because it benefits both the healthcare provider and their patients, with:
- Self-service patient check-in.
- Real-time insurance eligibility verification.
- Instant and clear patient visit cost estimates (not just gross charges).
- Collection and storing of patient payment information.
- Automated collection of prior balances, copays and pre-service deposits at check-in.
- Automated collection of patient balance after insurance payments - without the need for paper statements, phone calls or debt collectors.
HealthiPASS’s user-friendly design is intuitive and easy to use for patients and providers alike, and it gives providers access to robust reporting and valuable insights into front-office operations and revenue cycle performance.
“Healthcare billing is notorious for complexity and confusion, resulting in slow or insufficient payments between patient and provider. HealthiPASS is changing that by bringing an unprecedented level of transparency,” said John R. Burch, Jr., Managing Partner, at FCA Venture Partners. “This platform is easing the pain points for both patients and providers, positioning HealthiPASS to profoundly impact the patient experience and the future of healthcare revenue cycle.”
For more information on how HealhiPASS works, schedule a demo.