The healthcare tech industry is riding on the wave of digital transformation courtesy the increase in the use of technology in the healthcare spectrum. The advantages that technology has provided to healthcare are manifold. Technology infiltration has revolutionized the way patients are getting treated but also transformed everything from the diagnosis of a disease to care delivery and even follow-ups. Therefore, it comes as no surprise that there are a number of new companies developing new products or services which would help healthcare services provide better and more efficient care to their patients. For this, these startups look to leverage the advancements in technology to proactively improve healthcare while also improving the people’s standard of living.
Companies have started to tap into the power technologies such as AI, NLP, cloud, blockchain, and more to provide better care to their patients. Solutions that leverage cloud to help doctors and medical personnel consolidate the data regarding their patients have been developed so that they get a complete overview of their patients including past illnesses and other ongoing treatments. Additionally, new solutions have also been released in the market that first take into consideration the present medical conditions of the patients with chronic diseases and then come up with effective changes in their lifestyle to help them in their treatment.
To help organizations select the best healthcare tech startups, CIO Review magazine has come forth with a special edition on Tech Startups. A distinguished panel of prominent CEOs, CIOs, VC’s and analysts, along with CIO Review’s editorial board has assessed a number of healthcare tech startups and has shortlisted the frontrunners in providing cutting-edge technological solutions in this space. The listing provided will help your company analyze the best solution provider that will boost your business while also helping them to serve their clients efficiently.
We present to you “10 Most Promising Healthcare Tech Startups - 2019.”Company:
Christopher Wolfington, CEO
John K. Ziegler, CFO
Lauren Anderson, VP OperationsDescription:
A patient financial management platform providing solutions for pre-care patient engagement, education and pre-care payments to assist healthcare providers in their efforts to effectively manage the growing problem of patient financial responsibility
Simplifying Patient Financial Management
"Patient financial responsibility in the healthcare industry is becoming an explosive problem, considering nationally only 19 percent of the $400 billion in annual patient responsibility is ever paid,” begins Christopher Wolfington, CEO of FinPay, LLC. The lack of pre-care engagement to provide transparency and education to patients on their financial responsibility for care remains the leading cause of this problem, resulting in a negative and frustrating financial experience for the patient and increased bad debt for the healthcare provider. The current reactive collection models do nothing to solve the problem and only aggravate patients while increasing costs throughout the entire healthcare ecosystem. Experts predict that the shift of costs from insurance companies to the consumer will continue and soon the patient will be responsible for 25-30 percent of the overall cost of care. Wolfington says, “Considering health care providers already work on slim profit margins, many providers face insolvency if they don’t take action today to solve this problem.”
Pennsylvania-based FinPay taps this complicated niche through its pioneering solution that brings transparency in patient financial responsibility by initiating timely pre-care communication and engagement. FinPay has crafted a smart platform using a pre- care model that leverages the power of artificial intelligence & analytics to target & segment patients by situational risk coupled with engagement filters which determine which patients receive an automated experience and which require high touch engagement and counseling via phone or face-to-face. With a risk stratification model at its core, the platform helps providers to segment patients based on situational risks that routinely cause bad financial outcomes for the provider. This segmentation allows for the educational curriculum, payment rules, payment options, policy considerations, exceptions, and thresholds to be tailored to each identified situational risk.
"FinPay has crafted a smart platform using a pre- care model that leverages the power of artificial intelligence & analytics coupled with engagement filters that determine which patients receive an automated experience and which require high touch engagement."
FinPay’s educational curriculum includes healthcare financial literacy, health benefits review, managing expectations on the billing & claims process, and cost-saving strategies to name a few. Focusing on providing the best possible financial experience, with pre-care patient education at the core, is the only way to truly make patient financial responsibility digestible and affordable for the patient. FinPay delivers this enhanced financial experience through a staffing model with FinPay certified payment specialists or a training model where FinPay trains the provider’s current staff.
Once patients understand what they owe, why they owe it, and how their responsibility was determined, FinPay’s automated payment platform offers patients a number of flexible payment programs, like single payment programs, installment plan programs, non-recourse consumer medical loans, recourse consumer medical loans, and available patient grant programs. FinPay’s “set it & forget it” platform means all patient monthly payments are automated and all programs are compliant with Federal & State consumer protection laws.
Having integrated FinPay’s solution into their patient financial management strategy, several providers have witnessed colossal improvements in patient payments and patient satisfaction, as evident by the collection of over 50 percent of patient financial responsibility before the patient even walked through the door and 78 percent or more overall.
Recently, FinPay partnered with Recovery Centers of America, which operates in the behavioral health space, to address their growing problem with patient financial responsibility. Prior to FinPay less than 2 percent of patient financial responsibility was paid prior to care and only 16 percent overall. FinPay’s solution resulted in a 600 percent increase in pre-care payments and their client achieved an ROI of a whopping 946 percent.
Having witnessed tremendous success in the broader adoption of its solution by providers across acute care, specialty pharma, physician networks, and behavioral health, FinPay has recently announced the release of their solution for employers and payers so pre-care engagement, education, and automated payment options can be delivered as an employee or policy holder benefit. FinPay has clearly become the leader in pre-care payments and patient engagement.