Finpay is the industry leader in pre-care patient engagement, specifically as it relates to enhancing a patient’s financial experience with their healthcare provider.
It seems everyone in healthcare today is talking about re-thinking their Patient Financial Management strategy and the need to manage patient financial responsibility more effectively. Today in America, patient out-of-pocket medical expenses are approaching $400 billion and growing. The current financial experience for patients is confusing and chaotic, with little transparency and even less education explaining a patient’s financial responsibility for care.
Healthcare in the United States is one where most have a tremendous clinical experience, but the financial experience leaves you wanting and is abrasive to the relationship between the patient and their healthcare provider. Few healthcare providers place any emphasis on the patient’s financial experience, which is troubling considering almost 100% of the time a patient’s last experience with their healthcare provider is financial, not clinical. The current disruptive process is why only 19% of the $400 Billion that patients owed last year was ever paid.
Finpay is a patient financial management company that uses pre-care engagement and education to make patient financial responsibility digestible, affordable, and transparent to the patient. Finpay leaves patients feeling confident in their ability to pay and providers confident in their ability to deliver a patient financial experience that reflects the quality of their clinical care.
Finpay is a platform where we use our people, our processes and our payment platform to engage patients pre-care to provide the education and transparency that helps patients to navigate their financial responsibility for their care. Our goal is to trigger two emotions from the patients we serve; one is comfort – comfort that they understand what they are expected to pay and the second emotion is confidence – confidence is triggered when you give patients enough options on how they can pay that they are confident they are able to meet those obligations. A more informed consumer will make a healthier decision for their household budget.
Finpay’s solution is unique because we engage the patient pre-care to provide the education a patient needs in order to understand and afford their financial responsibility for care. This education includes managing the patient’s expectations of the billing & claims process, full disclosure of the provider’s financial clearance policies, full review and explanation of the patient’s deductible, co-pay, and co-insurance associated with their insurance benefits, and translation of how a providers charges translates to what portion the patient is going to owe. FinPay will even talk to the patient about cost-saving strategies like health savings accounts, flexible spending accounts, and health reimbursement accounts to pay for services pre-tax in order to lower the overall costs to the patient. Once patients understand their obligations, Finpay offers a variety of automated payment programs, which include single pay programs, installment programs, grants, and recourse & non-recourse consumer medical loans.
Finpay is proving that pre-care engagement is the solution for both the patient and the provider. Finpay patients routinely pay more than 50% of their financial responsibility pre-care and more than 80% overall. These results are literally 400% better than the industry average. Most importantly, patients thank Finpay for the experience, a healthy conversation about the cost of care before they purchase or make their healthcare decisions. Finpay’s solution ensures that the patient’s last encounter is a clinical experience, not financial.
With Finpay, everybody wins, and the financial stability of the healthcare industry is improved in the process.