Venture Capital News: HealthiPASS Secures $7.2M Series A
CHICAGO, IL, Patient check-in and payment technology provider for patients and providers, announced it has raised a $7.2 million Series A funding round.
HealthiPASS, the patient check-in and payment technology provider for patients and providers, announced it has raised a $7.2 million Series A funding round, led by FCA Venture Partners. The round also included participation from 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 payments experience for both patients and providers.
Just as millions of people do at hotels and airports, patients use HealthiPASS to check-in to appointments at HealthiPASS-equipped practices with a simple swipe of their credit/debit card or by scanning a unique QR code or PASS. The HealthiPASS platform processes the patient's payment information, providing a cost-of-care estimate and incorporating insurance benefit plan details to make 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 45 percent greater than the industry standard, and collects patients' balances after insurance within three to five days after processing.
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 is intuitive and easy to use for patients and providers alike, and it gives providers access to robust reporting and valuable insights that improve front-office operations and revenue cycle performance. 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 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 HealthiPASS, visit www.healthipass.com.
HealthiPASS is a digital check-in and patient payments platform that brings transparency and clarity to the patient payment experience. HealthiPASS turns patient bad debt and all expenses associated with patient billing and collections into higher operating income - while delivering an outstanding patient experience. HealthiPASS enables medical groups to deliver greater convenience for their patients and complete transparency into cost of care before-, at- or immediately post-service through a multi-channel patient engagement platform. Leveraging ubiquitous technology, including iPad-based patient check-in "kiosks" along with patient-facing tools including Smartphone apps and web apps, patients are "always in the know" and accountable for the care they receive. For more information, please visit http://www.healthipass.com.
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