Healthcare bills are often long and confusing affairs. Patients can be overwhelmed with a litany of line items for services from various departments or providers — so much that they often neglect to pay their full bill. This causes more headaches for both the provider and the customer.
And in the days of high-deductable plans, patients are responsible for a greater portion of that bill than ever.
Boise, Idaho-based iVinci Health makes a series of patient billing and revenue management tools for hospitals and other healthcare providers. It’s now launching a new patient portal, called the VisitPay Portal, which hospitals can use to simplify the selection, financing, and billing of health services for their patient customers. It tells patients exactly what they owe and when they owe it, then provides online management tools and financing options.
iVinci offers another system that allows providers to predict when and how patients will pay, as well as an array of other forecasting, vendor management, reporting, and analytic tools to manage revenues.
The company also says it’s completed a new $5 million round of funding. The new round, which closed on September 3, was led by Intermountain Healthcare, Inova Health System, St. Luke’s Health System, and one other undisclosed large healthcare system.
“We find that patients are becoming increasingly challenged by health plans passing a higher percentage of each final bill onto them for payment,” said Dr. David Pate, CEO at St. Luke’s Health System. “iVinci provides effective solutions that help us work with our patients to manage their obligations because they simultaneously provide our patients with easy-to-use online tools for managing, paying, and financing their healthcare bills.”
The company took a $1.7 million funding round last April. The new funding brings iVinci’s total up to roughly $6.75 million. The company says it will use the new money to fuel its national expansion and to promote the new patient portal product.
“While there are any number of reasons why people pay or don’t pay their medical bills, two stand out as the most common — confusion over what is truly owed and a dearth of relevant financing options,” iVinci Health’s CEO (and former Capital One exec) Kent Ivanoff says in a statement. “Our VisitPay Portal takes a very consumer-friendly approach to solving both of these problems for patients,” Ivanoff says.