In latest move to set health industry example, premier health system leverages new digital financial solutions to bolster customer experience and support end-to-end care
VisitPay, the leader in patient financial engagement, today announced it is partnering with Geisinger, an integrated health system serving 1.5 million customers in Pennsylvania and New Jersey with 13 hospitals and 550,000-member health plan, to offer patients a consolidated, personalized healthcare billing experience as the nation continues to face a pandemic-induced recession. VisitPay’s innovative financial products and expertise will allow Geisinger to further advance its leading patient experience and offer additional support to patients during times of economic uncertainty.
VisitPay’s financial solutions make the healthcare billing experience simple and efficient for both patients and providers, at enterprise scale. Among other solutions, Geisinger will now be able to equip internal revenue cycle teams with an integrated customer service portal to enable employees to manage patient obligations, customer requests and internal workflow. Patients will receive consolidated billing statements across visits and family members. With almost 60%1 of patients reporting that the rising cost of healthcare would influence their decision to seek treatment, and over 50%2 stating that the financial experience influences their choice of healthcare system, VisitPay’s solutions aim to ensure that bill payment is not a barrier to seeking care.
“At Geisinger our sole focus is to make health easier for the communities we serve — it is our North Star and guides all of our strategic decisions,” said Kevin Roberts, Executive Vice President and Chief Financial Officer at Geisinger. “Partnering with VisitPay is the latest step in that direction and highlights our mission to make healthcare more accessible for our patients, especially given the financial challenges caused by COVID-19. We are thrilled to roll out VisitPay’s solutions as we feel they will be extremely beneficial to our communities.”
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Health systems nationwide are in dire need of a solution to help them financially recover from COVID-19’s impact, with an estimated $200 billion in losses between March and June alone. In fact, a VisitPay analysis3 found that providers’ daily total payments between mid-March and mid-May of this year dropped 47%, while providers using VisitPay saw a up to a 10-percentage point improvement in payments from patients using VisitPay’s platform. Additionally, patients’ customer experience expectations are changing as needs evolve and as healthcare continues its digital transformation, with 52%4 reporting they wish to receive healthcare bills via email and over half stating they want to pay bills over time.
“VisitPay is committed to developing technology that helps fulfill our mission of improving the healthcare billing experience for both providers and patients, and that endeavor is more critical now than ever,” said Kent Ivanoff, CEO and co-founder of VisitPay. “We are excited to be Geisinger’s trusted partner in helping to define a new standard of digital healthcare and believe that all health systems should follow their lead in recognizing the patient financial experience as an essential aspect of effective business strategy.”
This partnership exemplifies a joint commitment in creating an overall better healthcare experience for users, and is the latest in a series of innovations introduced by Geisinger over the years that sets the bar for the entire industry in defining the comprehensive, end-to-end healthcare experience.
