ORLANDO, Fla.--(BUSINESS WIRE)--Today at the HFMA ANI 2017 conference, ezVerify and LendingPoint announced an exclusive partnership that will make it easier and more affordable for consumers to pay their medical bills. Working together, the two companies will provide a new service called ezCarePoint, which will allow patients to accurately predict their out-of-pocket expenses and apply for flexible payment plans and loans to cover the costs of medical procedures.
According to a report by The Commonwealth Fund, more than 30 million people do not get necessary medical attention out of fear that doing so would be financially burdensome. Many Americans do not have a clear understanding of their insurance coverage and out-of-pocket obligations -- as a result, consumers face medical costs they weren’t expecting, and practitioners lose money on unpaid bills.
By integrating the ezVerify and LendingPoint technologies, ezCarePoint will help patients verify their insurance coverage and payment responsibility for health care services before the procedure takes place, preventing incidents where patients unexpectedly find themselves responsible for bills outside of their insurance coverage. If the patient can’t pay the out-of-pocket costs up front, they will have the option to apply for a loan and payment plan quickly and easily from the ezCarePoint platform. Patients will be notified of approvals in a matter of seconds, and upon approval, LendingPoint will pay the loan proceeds to medical practitioners within one business day to pay the patients’ out-of-pocket medical costs up front.
“Informed patients are happier patients. In the current environment, it’s very difficult for patients to know what they’re required to pay. And for hospitals and practitioners, this leads to administrative headaches, frustrating calls, and unpaid bills,” said Dr. Gerald Glass, co-founder and chairman of Automated HealthCare Solutions, ezVerify’s parent company. “ezVerify takes the guesswork out of medical costs, and working with LendingPoint, we can now make it easier to pay for much-needed medical procedures.”
“Dealing with medical expenses can add more stress to an already stressful situation. LendingPoint gives our customers convenience, flexibility and peace of mind by offering them better financial options,” said Tom Burnside, co-founder and CEO of LendingPoint. “We look forward to working with ezVerify to make it easier for patients to understand their financial obligations, and to help millions of deserving yet underserved people get access to fair and affordable loans.”
LendingPoint gives consumers better access to affordable credit. Personal loans range from $3,500 to $25,000, with terms from 24-48 months. The company created a new, forward-looking credit model that uses a combination of data and technology to tell a unique credit story beyond a person’s FICO score, and looks for better reasons to say “yes” in a matter of seconds.
ezVerify created a unique insurance verification platform that brings together databases from the world’s leading insurance providers, hospitals, and medical providers -- standardizing response types and contracted rates from payors and service types from practitioners. In doing so, providers can accurately predict patient responsibility, thus decreasing administrative costs associated with insurance verification and unpaid bills.
By partnering with LendingPoint, ezVerify is helping to solve the last mile in patient care -- from verification of insurance coverage, to patient responsibility, and to payment. ezCarePoint will be available online and on iOS and Android devices, and will begin rolling out at select healthcare providers by Q3 2017.
ezVerify's revolutionary health insurance verification and validation proprietary technology enables patients and their healthcare providers to obtain real-time, accurate information regarding co-insurance, deductibles, in- and out-of-network benefits, co-payments and more. This technology enables patients to understand and plan for their financial responsibilities regarding treatment, and providers to receive payment or make arrangements for payment with patients in advance of healthcare services being provided. With all of the changes, confusion and disruption in the health insurance landscape resulting from healthcare reform, ezVerify is transforming the healthcare industry by empowering patients and providers with access to real-time, accurate insurance coverage information. To learn more, visit www.ezVerify.me.
LendingPoint is a balance sheet lender built for the modern world, with a vision to revolutionize access to credit. The company is creating a better lending environment by looking for more reasons to say “yes” -- helping NearPrime consumers unlock access to affordable loans and live better financial lives. Its award-winning leadership team brings unmatched experience in FinTech and credit. Founded in September 2014, LendingPoint is a privately-held company with headquarters in Kennesaw, Ga. For more information, visit https://www.lendingpoint.com.