BOISE, Idaho, Dec. 17, 2020 (GLOBE NEWSWIRE) -- VisitPay, the leader in patient financial engagement, was officially rated today as a standout patient financial engagement platform in the latest report from KLAS: Patient Financial Experience 2020. The report closely examined two pillars of the patient financial experience market -- engagement platforms along with financing services -- to compare vendors in customer satisfaction, capabilities and patient benefits.
"This report is the first to deeply explore an important solution category: fostering a positive patient financial experience,” said Mac Boyter, Research Director and report author at KLAS. "Providers we spoke with told us that VisitPay brings unique consumer finance expertise to the healthcare industry, and is a standout performer due to the strength of its technology and high overall customer satisfaction.”1
The report determined that VisitPay’s messaging capabilities are superior, with the company rated highest compared to all vendors analyzed for customized messaging based on patient behavior.2 Health systems note that VisitPay “has worked extensively to supply them with messaging tools that cover every scenario and has helped them optimize these tools, which they describe as adaptable and functional”.3
In the interest of driving dynamic and meaningful industry-wide change, VisitPay focuses on meeting the needs of large, enterprise healthcare providers. Of those surveyed, VisitPay was the only organization to have respondents solely from large organizations4, emphasizing its intent to deliver the broadest impact to patient and provider financial health.
VisitPay also came in at the No. 1 spot for supporting integration goals.5 KLAS notes that this high score is a result of the platform’s single sign-on functionality, enabled by interoperability and optimization with existing EMRs, with customers saying “the VisitPay platform has increased patient satisfaction and reduced cost to collect by consolidating bills and thus reducing patient pain points.”6
“With over a quarter million Intermountain and SelectHealth members already using VisitPay, and the platform’s deep integration with our My Health+ digital patient portal, VisitPay is a key part of our systemwide consumerism strategy going forward,” said Todd Craghead, Vice President of Revenue Cycle for Intermountain Healthcare.
Importantly, KLAS found that “VisitPay customers feel the vendor’s tools enable them to offer patients a variety of payment options, leading to increased collections”.7 This result is proving critical in today’s dire economic climate as the healthcare industry grapples with financial implications from COVID-19, a recession and more.
“We are honored to be ranked a clear category leader,” said Kent Ivanoff, CEO and co-founder of VisitPay. “This report validates our strategy of working exclusively with large enterprise health systems, delivering a unique combination of technology and consumer finance expertise that builds patient and member loyalty.”
The KLAS findings come on the heels of major partnership momentum for VisitPay. Since August, health systems including Geisinger, Riverside, ProHealth Care and WellSpan have joined other major systems such as Henry Ford and Intermountain Healthcare in partnering with VisitPay as they recognize the platform for its superior patient payment options and finance tools.
To download the full KLAS report, please go to: https://www.visitpay.com/executive-reports/klas-report-patient-financial-experience-2020/
About VisitPay
Founded in 2010, VisitPay is the leader in patient financial engagement. The company’s third-generation cloud-based platform is used by the nation’s largest and most innovative health systems to deliver transparency, choice, and control to patients managing healthcare payments and transactions. Through VisitPay, patients can access a comprehensive accounting of their financial obligations, as well as critical health plan and healthcare information, via a health system-branded portal. VisitPay’s proprietary analytics tailor consistent and fully compliant financing options that meet the unique needs of patients and their families, creating a simplified billing experience that drives both higher payment rates and improved patient satisfaction scores. VisitPay’s investors include Norwest Venture Partners, Flare Capital Partners, and Ascension Ventures.
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Media Contact
Natalie Pacini
Highwire PR for VisitPay
415-335-7641 ext. 43
visitpay@highwirepr.com
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1 KLAS, Patient Financial Experience (2020) p. 5
2 KLAS, Patient Financial Experience (2020) p. 5
3 KLAS, Patient Financial Experience (2020) p. 5
4 KLAS, Patient Financial Experience (2020) p. 5
5 KLAS, Patient Financial Experience (2020) p. 24
6 KLAS, Patient Financial Experience (2020) p. 23
7 KLAS, Patient Financial Experience (2020) p. 5