Partnership Improves the Patient Experience While Maximizing Revenue for Healthcare Providers
TransUnion announced a partnership with VisitPay, an online patient financial engagement and revenue recovery platform. The agreement redefines the revenue cycle category by bringing together technologies from two market leaders to create a comprehensive solution for healthcare providers.
In partnership with VisitPay, TransUnion Healthcare’s leading Revenue Protection solutions will now extend beyond government and commercial insurance into patient payments – further improving the patient experience while maximizing provider revenue. Together, TransUnion Healthcare and VisitPay will improve the patient financial journey by providing an end-to-end patient payment experience, linking estimation with back-end billing and creating a data-driven feedback loop for providers to continually improve estimate accuracy, financial performance and patient satisfaction. Patients will be empowered with better information regarding their healthcare costs and be able to select a personalized payment option that best meets their unique needs.
“As we explored the patient financial experience market it became clear that VisitPay was the best partner to complement TransUnion’s comprehensive revenue protection solutions,” said Dave Wojczynski, president of TransUnion Healthcare. “They engage patients to make the billing process understandable and easy to navigate. With our commitment to create a positive patient experience, it’s a natural next step for both companies to expand our reach in order to support healthcare consumers in a new way and offer a comprehensive solution to providers. Further, TransUnion will provide tools to help hospitals convert earned revenue into cash at all stages of the revenue cycle, and from all payment sources.”
VisitPay has developed a cloud-based, online patient financial engagement and payment platform that simplifies the entire billing experience for patients, helping them manage the increasing costs of healthcare for themselves and their families. Leveraging its proprietary technology, VisitPay clients have seen patient payment yield improve by 30-70%, patient satisfaction increase by 70% and healthcare systems’ operational efficiency improve by up to 70%. Patients can use VisitPay to access a comprehensive, consolidated view of their financial obligations from both physician and hospital visits, presented alongside a digital explanation of benefits, as well as real-time access to Health Savings Account information, clinical portals and insurance plans. VisitPay’s proprietary analytics tailor personalized financing options for patients and their families to choose the payment option that the patient determines best meets their unique needs, creating a simplified billing experience that drives both higher patient payment rates and improved patient satisfaction scores for health systems.
In addition to offering VisitPay as a standalone platform, TransUnion Healthcare will be integrating its industry-leading patient access solutions with VisitPay’s.
“We’re excited to partner with TransUnion and transform the patient financial experience from pre-service through post-service,” said Kent Ivanoff, Co-Founder and CEO, VisitPay. “Together our integrated technology will deliver a first of its kind financial experience for healthcare providers and patients.”
TransUnion Healthcare’s Revenue Protection solutions empower patients by allowing providers to engage them in the financial process early, resulting in greater patient satisfaction and likelihood of payment. TransUnion solutions also reduce costs to collect, and improve the patient experience by segmenting accounts into an optimal payment workflow. TransUnion Healthcare works with more than 1,850 hospitals and health systems and has protected over $6.4 billion in net revenue and cash to date for its entire client base. TransUnion offers the most comprehensive revenue cycle management solution set in the market – including identity verification, insurance eligibility, patient payment estimation, insurance coverage discovery, Medicare bad debt and DSH (disproportionate share hospital), transfer DRG (diagnosis related groups), denials, underpayments and financial clearance.