Health iPASS Announces Newest Round of Funding
Company Raises $10 million to Redefine the Patient Revenue Cycle by Guaranteeing Patient Payments to Medical Providers
CHICAGO, IL (November 13, 2018, 2018) Health iPASS today announced it has topped off its $7.2 million Series A with $3.0 million in additional funding led by QED Investors – the financial technology focused venture capital fund led by Nigel Morris, co-founder of CapitalOne. The investment from QED Investors will help Health iPASS offer a first of its kind, non-recourse guarantee of patient payments to medical providers who are suffering from the rise of high deductible healthcare plans and difficulty collecting from patients.
The rapid rise of patient as a payer in healthcare has thrust patient payment collection optimization to the forefront of revenue cycle management priorities, prompting many medical practices to seek a simplified, automated solution that streamlines both time-of-service and residual balance payments. Health iPASS has disrupted the revenue cycle market by offering a solution that promotes both greater price transparency and payment convenience for patients and automates a host of front and back-office financial management tasks such as sending appointment reminders via SMS/Email, patient check-in and intake forms, verification of insurance benefits, and automatic posting of demographic and payment information into a medical practice management system.
Health iPASS now backs its solution with an extraordinary offer to guarantee medical providers a patient net collection amount well above industry standards and data that demonstrates its existing clients collect 97% of patient responsibility using its patient revenue cycle solution.
Health iPASS clients have achieved:
- Significant reductions in A/R days
- A 97% patient residual balance collection rate when capturing payment-on-file
- Considerably lowering the cost to collect
- Exponential increases in patient satisfaction and retention
“Our investment principles are built on a foundation that identifies companies who intelligently use information to identify opportunities and capitalize on market trends,” commented Matt Risley, Senior Partner at QED Investors. “The Health iPASS revenue cycle price transparency and patient collections model is predicated on patient payment collection simplification and their unique, value added differentiators position them for strong growth and a rapid expansion of their footprint across medical practices in a variety of specialties. We are proud to support their rapid growth trajectory and share their optimism and enthusiasm to redefine this segment of healthcare through an innovative, intelligent revenue cycle solution that has already provided a strong return on investment for their current clients.”
“We started our journey to redefine the patient revenue cycle in healthcare with an idea and limited resources,” said Health iPASS founder and CEO Rajesh Voddiraju. “Since our inception three short years ago, Health iPASS has quickly grown into a dominant revenue cycle solution that allows doctors to more clearly tell their patients what they will pay out-of-pocket and simplifies the payment process to be closer to a hotel experience than as confusing as paying your taxes. We continue to be encouraged by these votes of confidence from our investors and optimistic in our continued ability to redefine the patient revenue cycle in healthcare.”
About Health iPASS
Health iPASS is redefining the patient revenue cycle by improving the patient experience from appointment to payment. Health iPASS helps providers promote price transparency, build trust, and increase their operating income by simplifying the check-in process and streamlining both time-of-service and residual balance patient payments through an innovative, multi-channel software solution. Our patient friendly system supports 850+ payers, 90+ practice management systems and is payment processor-agnostic. Many providers have realized 90-95% patient net collection rates, slashed denials by over 50%, and have significantly reduced cost and time to collect. Find out more by visiting our website.