LAS VEGAS--(BUSINESS WIRE)--Patientco, a next-generation patient payment technology company, announced today the release of its Smart Patient Financial Engagement Platform designed to help health systems provide consumers with a modern financial experience. By combining award-winning user experience, consumer preferences, proprietary data, and intelligent rules, Patientco’s Smart Patient Financial Engagement Platform is designed to tailor patient communications, payment options, and financing offers to each patient’s individual financial circumstances to improve affordability.
“Patientco makes it easy for our patients to have affordable payment options at their fingertips,” says Mike Simms, VP of Revenue Cycle at Cone Health. “Their technology allows our team to tailor the patient's financial experience, build loyalty, and strengthen financial outcomes for our health system.”
With 44% of Americans unable to pay for a $400 emergency, according to a recent Federal Reserve report, and average individual deductibles rising above $2,000 in 2018, consumers require more payment options tailored to their unique circumstances to make healthcare more affordable.
As a result of the Affordability Crisis, the patient’s financial experience now occupies a prominent role in healthcare. Compared to retail or consumer goods, which offers many flexible payment options, healthcare often lags behind. Patientco’s Smart Patient Financial Engagement Platform is designed to address this challenge by providing health systems with an intelligent financial communication engine, a broad set of consumer-first payment tools, and tailored payment options ranging from zero-interest short term payment plans to low-cost, long-term financing offers.
“There is a significant opportunity for health systems to turn the patient financial experience into an economic growth engine creating increased payment dollars today and improved patient loyalty for the future,” remarked Bird Blitch, chief executive officer and co-founder of Patientco. “With 91% of consumers regarding healthcare as a ‘big ticket’ item according to Porter Research, yet less than half being able to afford it, imagine the good that can happen for both patients and health systems by providing technology to make the financial experience better.”
Leading health systems realize the importance of shifting to meet patients’ unique needs and expectations is the key to thriving in the consumer-driven era of healthcare. With Patientco, health systems can easily leverage both digital and paper communications based on consumer preferences, offer mobile-friendly account management and payment, and deliver customized payment options tailored based on each patient’s unique financial circumstances.
Patientco’s Bird Blitch will be speaking on next-generation healthcare payment technology at HLTH 2018 in Las Vegas and the Patient Financial Engagement Platform will be on display at Kiosk K20 in the Exhibit Hall.
About Patientco: Patientco is a payment technology company founded specifically to re-think the patient payment experience in healthcare by bringing together intuitive consumer payment tools and world-class payment infrastructure backed by data-led design to create a superior billing experience and deliver more payments to Health Systems. Patientco is making healthcare better one payment at a time.