CHICAGO--(BUSINESS WIRE)--Today at the HIMSS 2015 Annual Conference, PokitDok introduced its Health Credit Outcome (HCO) product, designed to aid qualification tools used by lending institutions, payment solutions, health systems and medical practitioners, as they make new financing options available to their customers for non-acute medical services. Designed by a team of data scientists with a deep academic background in mathematics and graph theory, the HCO is a probabilistic risk model that uses patient health data, claims and financial history.
With the patient’s consent, organizations can make informed lending options available to help finance expensive, non-acute procedures that often fall below the deductible threshold, like orthopedic surgery, imagery or cosmetic treatments. Providers then mitigate financial risk, improve cash flow and have more resources to support payment options for care.
Studies show that medical bills are the primary cause of bankruptcy in the United States. Kaiser Family Foundation reported 80 percent of those with insurance must pay an annual deductible before insurance begins to subsidize medical costs. Those with high deductible health plans (HDHPs) covering their families could spend $12,900 out of pocket each year, before insurance kicks in. According to America’s Health Insurance Plans (AHIP), enrollment in health savings accounts on high-deductible health plans is growing 15 percent annually, introducing a wider demand for financing options related to non-ambulatory elective health procedures. Lending institutions and payment solutions with interests in healthcare, can make services available that are more attractive to consumers than high interest credit cards.
“This really is a win - win - win for consumers, providers and national healthcare systems at large,” said Jim Bonnette, MD Executive Vice President, Head of Strategy Consulting, The Advisory Board Company. “Real-time access to demographic data, benefit plans, coverage, how much of one’s deductible is satisfied, claims outstanding and availability of employer supported savings accounts, to mention a few, gives both providers and consumers a new option for healthcare lending, one that could be financially life-changing.”
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As a last resort to collect unpaid bills, providers often have to engage in costly legal proceedings. With the shift to HDHPs, providers are addressing the necessary changes to revenue cycle management. Accurately identifying financial resources and establishing payment plans ahead of a medical encounter dramatically reduces risk. Through PokitDok’s HCO, patients electing to finance procedures can access unprecedented data resources to help assess the right lending package, pay for services and access care.
“Historically, it has been nearly impossible to combine health and financial data,” said Ted Tanner, Jr., co-founder and CTO, PokitDok. “For years, this information has resided in isolated databases, flat files and in paper form. We’re living in a new era of digital health where information can be unshackled and play a fundamental role in an economy that represents nearly one fifth of the national GDP. This offering is game-changing, addressing an emerging market need by connecting two previously disjointed industries, in a way that wasn’t possible even a couple of years ago.”
Information on PokitDok’s Health Credit Outcome is available on the PokitDok Platform through an Application Programming Interface (API) that can be integrated into the financial checkpoint at health systems and group practices or connected to an endpoint on payment and lending platforms. For more information, email firstname.lastname@example.org.
PokitDok is a cloud-based platform for seamless healthcare transactions, connecting consumers directly with practitioners in a transparent, e-commerce experience. PokitDok provides Enterprise access to market-driven provider, treatment, pricing and scheduling information through APIs, plus X12 claims, authorization, eligibility and referrals solutions. Health systems, technology providers and start-ups seeking to reduce expenses and streamline health-related business processes can sign up at platform.pokitdok.com to request an API key. PokitDok is based in San Mateo, CA and Charleston, SC and is backed by New Atlantic Ventures (NAV.VC), Rogers Venture Partners, and Subtraction Capital.