Photo courtesy of Crain's Chicago
Our thanks to John Pletz and Crain’s Chicago for profiling Health iPASS and CEO Rajesh Voddiraju in an article published today on their website!
The swift rise in patient payment responsibility via high deductible health plans has created unique challenges for medical providers to collect not only the front end co-pays/deductibles/co-insurance, but to also address the collection of balances owed post insurance claim adjudication. Patients are often unaware of what they owe and why, causing a sharp spike in aged accounts receivable, and ultimately, an increase in bad debt write-offs when patients don’t pay. Current patient revenue cycle tools are simply too inefficient to address the rising tide of patient as a payer.
Health iPASS offers a solution to the lack of price transparency and payment convenience by accurately calculating how much a patient owes prior to receiving care, and an estimate of what is owed after insurance processes the claim. Patients are happy because there is no confusion about their financial responsibility and they are in a better position to make smarter decisions about their care and that of their families. Providers are happy because they get paid for services rendered, the cost to collect is drastically reduced, and they can more easily streamline both time-of-service and residual balance patient payments.
The article also offers a brief glimpse into the origin of Health iPASS, tracing its roots and origin back to a healthcare billing problem our CEO experienced that gave him the idea to create a better, more efficient revenue cycle solution that removed the traditional confusion and complexities surrounding patient billing.
Our thanks also go to Kevin Porter and the team at Ogden Clinic who have deployed the Health iPASS patient revenue cycle solution and successfully been able to reduce the cost to collect and bring price transparency and convenience to the billing process. Kevin was kind enough to lend his experience with Health iPASS to Crain’s as a testimonial to the success of the solution in his practice and the demonstrated return on investment (ROI).
A link to the full article on Crain’s Chicago web site can be found here: http://bit.ly/2HfdbaM