VisitPay is also delighted to announce two strategic new hires, rounding out its leadership team. “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,” said Kent Ivanoff, CEO of VisitPay. “Our cloud based technology is in demand from patients and providers alike in this age of high deductible health plans. VisitPay is available for deployment at hospital systems nationwide. It’s had a significant impact on our financial health and complements our existing systems, processes and use of Epic’s M圜hart,” said Jeff Taylor, Senior Vice President and Chief Financial Officer of St Luke’s “Our online bill-pay platform is a differentiator and has generated tremendous goodwill with our patient base.
Luke’s has shown a 50 percent increase in patient satisfaction ratings and a 20 percent increase in patient payment rates over traditional billing processes. Their breakthrough results over two years led to today’s highly scalable VisitPay platform. St Luke’s deployed the initial version of VisitPay in 2014. Luke’s Health System, a $2 billion system with 8 hospitals and more than 200 medical offices in Idaho and Eastern Oregon. Intermountain’s results parallel those achieved by St.
“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.” “The early results from our VisitPay implementation are extraordinary,” said Bert Zimmerli, Executive Vice President and Chief Financial Officer. Intermountain Healthcare, a $6.7 billion system with 22 hospitals in Utah and Idaho, began deploying VisitPay to its patient base in spring 2017. Luke’s Health System Successfully Deploy VisitPay “The combination of the consumer finance experience of the management team with the VisitPay platform enables health systems to offer a modern digital experience that consumers expect in all their actions.” “Our investor base is looking for innovative solutions to drive better consumer experiences while improving patient payment rates and driving down the cost to collect,” said Victor Kats, Managing Director, Ascension Ventures.
We are proud to have VisitPay join our portfolio of healthcare technology leaders.”Īscension Ventures, is a strategic healthcare venture fund investing on behalf of thirteen non-profit health systems operating nearly 500 hospitals and generating close to $90 billion in annual net patient revenues. “We believe that the VisitPay platform will have the greatest impact on both patient financial outcomes and the financial health of hospital networks nationwide.
“The growth in patient financial responsibility has put health system operating margins under unprecedented pressure,” said Robert Mittendorff, M.D., partner, Norwest Venture Partners. The easy-to-use online platform is powered by proprietary segmentation and scoring models that deliver personalized patient payment and financing options while driving sustainable economic outcomes for healthcare providers. With VisitPay, hospitals benefit from an outside-in, consumer-oriented approach to patient financial responsibility. The round was led by leading venture capital firm, Norwest Venture Partners, and included participation from Ascension Ventures.Īs patient financial responsibility and healthcare costs continue to rise, providers face the challenges of increasing patient payments while improving patient satisfaction. The company has rebranded as VisitPay to reflect its singular focus on helping consumers and providers manage patient financial health with transparency, choice and control. Boise, Idaho, – November 7, 2017 - Today VisitPay, formerly known as iVinci Health, announced the successful completion of a major funding round to fuel the next phase of its growth.
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