![]() In the latest round of financing, investing health systems were compelled by the power of VisitPay to drive a remarkable patient experience, its relevance in the face of growing patient obligations and the sizeable opportunity before iVinci. "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. "Now, more than ever, an exceptional billing experience needs to complement an exceptional clinical experience to engender patient loyalty." "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." Dr. IVinci Health's CEO, former Capital One executive Kent Ivanoff, believes that 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. "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. Patients will choose where to get care - based not just on the quality of the care itself but also on the financial management resources made available to them by healthcare providers," said Ivanoff. "Billing is the last phase of a patient's experience with a health system. Whether it fractures the patient relationship - or positively enhances it - is entirely a function of how consumer-oriented health systems become. Fostering patient loyalty, by providing patients choice and convenience online, is key to driving all of a health system's revenue, not just the portion owed by patients," said Ivanoff. The newest addition to VisitPay is the Patient Payment and Financing Portal that health systems can make available to their patients. The Portal simplifies the medical billing process so that patients know exactly what they owe, when they owe it and then gives them online management tools and financing options so they can choose how to pay in a way that works best for them and their family. "While there are any number of reasons why people pay or don't pay their medical bills, two stand out as the most common – confusion over what is truly owed and a dearth of relevant financing options," said Ivanoff.
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