BOISE, Idaho--(BUSINESS WIRE)--Today VisitPay, formerly known as iVinci Health, announced the successful completion of a major funding round to fuel the next phase of its growth. The company has rebranded as VisitPay to reflect its singular focus on helping consumers and providers manage patient financial health with transparency, choice and control. The round was led by leading venture capital firm, Norwest Venture Partners, and included participation from Ascension Ventures.
As patient financial responsibility and healthcare costs continue to rise, providers face the challenges of increasing patient payments while improving patient satisfaction. With VisitPay, hospitals benefit from an outside-in, consumer-oriented approach to patient financial responsibility. The easy-to-use online platform is powered by proprietary segmentation and scoring models that deliver personalized patient payment and financing options while driving sustainable economic outcomes for healthcare providers.
“The growth in patient financial responsibility has put health system operating margins under unprecedented pressure,” said Robert Mittendorff, M.D., partner, Norwest Venture Partners. “We believe that the VisitPay platform will have the greatest impact on both patient financial outcomes and the financial health of hospital networks nationwide. We are proud to have VisitPay join our portfolio of healthcare technology leaders.”
Ascension Ventures is a strategic healthcare venture fund investing on behalf of thirteen non-profit health systems operating nearly 500 hospitals and generating close to $90 billion in annual net patient revenues. “Our investor base is looking for innovative solutions to drive better consumer experiences while improving patient payment rates and driving down the cost to collect,” said Victor Kats, Managing Director, Ascension Ventures. “The combination of the consumer finance experience of the management team with the VisitPay platform enables health systems to offer a modern digital experience that consumers expect in all their actions.”
Intermountain Healthcare and St. Luke’s Health System Successfully Deploy VisitPay
Intermountain Healthcare, a $6.7 billion system with 22 hospitals in Utah and Idaho, began deploying VisitPay to its patient base in spring 2017. “The early results from our VisitPay implementation are extraordinary,” said Bert Zimmerli, Executive Vice President and Chief Financial Officer. “In the span of a few months we’ve seen the number of patients who rate their billing experience as ‘good’ or ‘excellent’ improve by more than 40 percent.”
Intermountain’s results parallel those achieved by St. Luke’s Health System, a $2 billion system with 8 hospitals and more than 200 medical offices in Idaho and Eastern Oregon. St Luke’s deployed the initial version of VisitPay in 2014. Their breakthrough results over two years led to today’s highly scalable VisitPay platform. St. Luke’s has shown a 50 percent increase in patient satisfaction ratings and a 20 percent increase in patient payment rates over traditional billing processes.
“Our online bill-pay platform is a differentiator and has generated tremendous goodwill with our patient base. It’s had a significant impact on our financial health and complements our existing systems, processes and use of Epic’s MyChart,” said Jeff Taylor, Senior Vice President and Chief Financial Officer of St Luke’s.
VisitPay is available for deployment at hospital systems nationwide. “Our cloud based technology is in demand from patients and providers alike in this age of high deductible health plans. It can be implemented across multiple billing systems in as little as 10 weeks,” said Kent Ivanoff, CEO of VisitPay. “We are excited to begin this next stage of our journey and look forward to dramatically expanding the number of health systems and patient consumers we can serve.”
Continued Leadership Momentum
VisitPay is also delighted to announce two strategic new hires, rounding out its leadership team. Will Reilly joins to lead Client and Consumer Marketing. He was previously Vice President of Product Marketing for IBM worldwide. Mickey Lemon, a 20-year industry veteran, joins VisitPay to lead Sales and Business Development. Mickey was previously a Vice President in the Revenue Cycle team at Cerner.
VisitPay is the first and only platform for Patient Financial Health. The culmination of seven years learning and development, this proprietary cloud-based platform enables hospitals and health systems to dramatically increase the amount paid on patient balances because patients can finally exercise control over their financial health. VisitPay is proudly headquartered in Boise, Idaho, one of the most livable cities in the country, where it has assembled a powerful team focused on predictive analytics, user-driven software design and consumer finance. More information about the company and its solutions can be found at www.visitpay.com.
About Norwest Ventures
Norwest Venture Partners is a leading Silicon-Valley based venture capital and growth equity investment firm managing more than $6 billion in capital. Since our inception, we have invested in more than 600 companies. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders advance on their journey. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. For more information, please visit http://www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Ascension Ventures
Ascension Ventures is a strategic healthcare venture fund with more than $800 million in capital under management. Our limited partners are some of the most respected, values-driven nonprofit healthcare systems in the US. As a strategic investor, Ascension Ventures adds value by sharing its portfolio companies’ solutions across its limited partner base. The work we do at Ascension Ventures generates returns to our limited partners that help support their missions to provide care to the poor and vulnerable. Our thirteen limited partners represent 474 acute care hospitals and numerous other healthcare related facilities, coverage in 40 states and the District of Columbia, approximately $88 billion in combined annual operating revenue and 578,000 associates. For more information, please visit http://www.ascensionventures.org/.