And that's without making collection calls. "Our bad-debt rate is 75% lower than that. "On traditional platforms the average bad-debt rate on those (accounts) is 20% that's a pretty robust number," Ivanoff said. Luke's says it has seen a 48% increase in patient satisfaction with the billing experience, and a 70% increase in deductible and co-pay payments since implementing VisitPay. "Consumers are on the hook for more, and they don't have a 21st century tool set for dealing with that," Ivanoff said. Ivanoff and his partners' initial bet that patients would owe more has paid off for the firm.
Most of their focus was on big payers such as Medicare or private insurers.īut passage of the Affordable Care Act and trends in the private sector have triggered a rush to high-deductible insurance plans. Providers were ripe for the product because few had considered making billing and collections easier for patients, he said. "The patients can go in and say, 'I can afford to pay X amount at X per month,' and they can do that all online."įor example, "One of the things health systems have asked us to create is a version that can be used at point of service so health systems can help consumers understand what they will owe and help arrange financing," Ivanoff said. "The beauty of the tool is it provides complete flexibility for the health system to design how they want to work with the patient," Craghead said. Luke's and Intermountain, include Virginia's Inova Health and Washington state's MultiCare Health System. Ivanoff said the features of the VisitPay system are mostly driven by clients, which in addition to St. We worked closely with them over a few months with patient feedback through focus groups."
"It's important for a vendor to come with, 'Here's a shell of the platform, and here's the functionality,' " St. "We provided a fair amount of input, with the intention that it would totally replace our system."
That ability to help design what VisitPay would allow patients to do was a main selling point for another client, Salt Lake City-based Intermountain Healthcare, said Todd Craghead, vice president of revenue cycle at the system. The health systems drove much of what went into the product based on their individual needs. IVinci also started working with other provider clients to customize its core platform. Luke's and allowing the system to test what worked and what didn't. The model for how iVinci built out the VisitPay system was collaborative, working with St. "The poorer the experience, the more expensive it is for the organization-on the order of three to four times more expensive-just the cost of servicing the account," Rawdan said. Luke's learned it could save a lot on collections by installing a system for paying bills that was easier for the consumer. Luke's, like pretty much every other health system, didn't know much about the link between ease of payment and its own bottom line. So iVinci built an online payment portal called VisitPay.īefore teaming up with iVinci, St. "IVinci said they thought they could create one." "We didn't have a digital platform," said Michael Rawdan, St. It also showed they were more likely to pay if they could easily set up an installment payment plan. IVinci's business intelligence showed patients wanted to go online and see their statement and pay their bill like they did with other accounts. Luke's quickly learned from the startup's analytics led iVinci to a whole new business and a new way of billing for the health system. "We started by building a business tool to help hospitals understand payment dynamics," Ivanoff said. It was an analytics system based, in part, on what Ivanoff learned earlier in his career at credit card company Capital One Financial Corp. IVinci founder Kent Ivanoff was selling his expertise in predicting who would pay how much and when. The two organizations, both based in Boise, Idaho, started working together in 2013. Luke's understand what bills were likely to get paid by patients. Tech startup iVinci Health didn't set out to help patients understand bills coming from St.
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