VisitPay Will Offer a Patient Finance Experience in Tandem With the Epic Billing System
Carilion Clinic, a not-for-profit health system headquartered in Roanoke, Va., has selected VisitPay to provide patients with the tools and resources necessary to manage and meet their financial obligations with confidence.
“At Carilion Clinic, we are focused on all aspects of our patients’ experience, including our financial relationship,” said Donald B. Halliwill, Executive Vice President and Chief Financial Officer for Carilion. “Paying for health care has never been more complicated, confusing and sometimes intimidating. We have numerous resources already in place to help our patients, including needs-based financial assistance. With VisitPay, we are adding to these resources to make it easier for our patients to understand their bills and have more control over how they choose to meet their financial responsibilities.”
“I’ve volunteered to be an early adopter of this software, and I’m really excited to share with our patients these new ways to pay online and set up payment plans,” Halliwill said. “This is just one way our patient financial support team is focused on meeting the needs of our patients and communities.”
VisitPay’s proprietary segmentation and advanced analytics, as well as its ability to uncover insights from data in any billing system or EHR in multiple facilities, will give shape to the health system’s overall patient engagement strategy in a way that creates a seamless patient experience with the Epic platform. With this data-driven approach, Carilion Clinic can configure sustainable, longer-term financing options that meet patients’ needs, while remaining fully compliant with the health system’s credit risk policies and national regulations.
These combined capabilities will enable Carilion Clinic to test, standardize and measure the performance of their policies, such as discounts or longer-term payment plans. Additionally, VisitPay’s sophisticated in-app survey and analytics tool will capture patient feedback in real-time, allowing Carilion Clinic to proactively refine policies and experience to suit patients’ needs.
VisitPay’s unified digital interface provides patients with a single and comprehensive view of their financial responsibilities—as well as those of family members or dependents. Moreover, the platform intuitively connects with other payment options and insurance information, providing patients with transparency in a single view. The result for the patient is a simplified billing experience that can be accessed digitally or through Carilion Clinic’s patient call center.
VisitPay clients typically report a 30-50% lift in payment yield and a typical bill pay experience Net Promoter Score of 50, three times the healthcare industry average. These results are validated by VisitPay’s ability to provide ongoing measurements of financial plan performance, trended over time. This empowers health systems to optimize variables—from billing policies to payment plan terms to patient segmentation configurations—in near real-time.
“VisitPay’s platform drives the ability of health systems to identify the right person with the right offer at the right time, with maximum efficiency for the revenue cycle,” said Kent Ivanoff, CEO and Co-Founder of VisitPay. “We are excited to help drive Carilion Clinic’s vision to design a comprehensive and cohesive approach to medical billing that aligns with individual clinical journeys.”