"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. IVinci Health's CEO, former Capital One executive Kent Ivanoff, believes 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. "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.” "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. The new round of funding included investors such as Intermountain Healthcare, Inova Health System, and St. To respond to the changing healthcare payments landscape, iVinci is attempting to make healthcare billing more consumer friendly, and it closed $5 million in new funding earlier this month to support those efforts. Worse, all too often, they turn a positive patient care experience into a negative one. Solutions like online bill pay and recourse finance are fragmented and incomplete. It is a sea change that has profound financial impacts for both patients and health systems.Ĭurrent revenue cycle management (RCM) systems were designed to track claims and optimize payments by third-party insurers. That percentage is predicted to increase as more costs are shifted to patients through higher deductibles. IVinci’s new patient billing and revenue management tool comes at a time when the proliferation of high-deductible health plans have increased patient obligations from less than 5 percent of health systems’ revenue to a whopping 20 percent in just a few short years. It tells patients exactly what they owe and when they owe it, then provides online management tools and financing options.” “Our VisitPay Portal takes a very consumer-friendly approach to solving both of these problems for patients,” Ivanoff says.Increases in patient obligations means healthcare systems need to make billing more user accessible.Īccording to Venture Beat, iVinci Health is “launching a new patient portal, called the VisitPay Portal, which hospitals can use to simplify the selection, financing, and billing of health services for their patient customers. “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,” iVinci Health’s CEO (and former Capital One exec) Kent Ivanoff says in a statement. The company says it will use the new money to fuel its national expansion and to promote the new patient portal product. The new funding brings iVinci’s total up to roughly $6.75 million.
The company took a $1.7 million funding round last April. “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.” “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. Luke’s Health System, and one other undisclosed large healthcare system. The new round, which closed on September 3, was led by Intermountain Healthcare, Inova Health System, St. The company also says it’s completed a new $5 million round of funding. IVinci offers another system that allows providers to predict when and how patients will pay, as well as an array of other forecasting, vendor management, reporting, and analytic tools to manage revenues. It’s now launching a new patient portal, called the VisitPay Portal, which hospitals can use to simplify the selection, financing, and billing of health services for their patient customers. It tells patients exactly what they owe and when they owe it, then provides online management tools and financing options.
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Boise, Idaho-based iVinci Health makes a series of patient billing and revenue management tools for hospitals and other healthcare providers.
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