How Health.Finance is tackling modern-day healthcare patient financing
Nick Varnitski is a FinTech entrepreneur and technology executive with a proven track record of starting and growing several businesses in the IT arena for the past 17 years.
Nick is the Founder and CEO of Armada Labs, which offers software development services for the FinTech Industry and multiple other verticals. Under Nick’s direction, Armada Labs additionally develops its own software products. Previous successful ventures started by Nick Varnitski included Prime Debt Soft, which is a software platform for debt management industry, and eResolve, a virtual debt resolution platform, which was recently acquired by Experian.
His newest product launch is Health.Finance, a consummate solution for the patient healthcare financing industry.
There are some stunning numbers for you to think about regarding modern-day healthcare patient financing. Are you ready? Here we go.
• Total patient financial obligation is around $400 billion
• 37% of providers surveyed said their main revenue cycle concern is the increase in patient responsibility
• There has been a 50% increase in deductible plans in recent years
• Only 15% of bills sent to collections are recovered
• Medical bills are the biggest cause of bankruptcy in the U.S. at 62%
• 34% of
consumers pay their medical bills late. It has made the healthcare industry the
most consistently delinquent billing category
These staggering totals are in part why Armada Labs recently launched our new division called Health.Finance. This new endeavor provides a streamlined payment process that becomes a win-win for both patient and provider.
The platform is a premier
solution for today’s healthcare patient financing industry. It allows patients affordable
payment options, and healthcare providers to supply more needed services to
their community. With the desire for patients to get on a payment plan, and
providers to ensure they collect for services, this is the perfect solution for
both ends of the payment cycle. Our platform is not only data driven, but we
use machine learning as well. What it does is outline the outcome of the
probability that a patient will be able to make payments. The platform is
comprehensive, scalable, and patient-friendly.
Nick Varnitski, Armada Labs’ Founder and CEO says:
“We’ve been in FinTech software development for the last 17 years, even before everyone started using the term “FinTech”. When it comes to financial services, consumers are used to the latest advances in technology.
I, as a consumer, can get a loan right from my mobile phone, I can apply for a mortgage, open a bank account or trade stocks from anywhere where there is internet connection. But when I come to a hospital or doctor’s office and become a patient, it feels like I stop being allowed to be a consumer. The convenience of the technology is taken away from me. I am handed a paper form and a pen and am supposed to remember all my financial details.
This is what Health.Finance is trying to solve. We feel that patients are consumers too, and should enjoy the benefits of technology they have gotten used to.”
For providers out there, think about this:
• You will have the ability to understand unique patient financial situations
• It will create less time-consuming manual reporting burdens
• You will significantly decrease write-offs and unpaid collections
• There is more flexibility in the application, which will lead to more patient payments
For patients out there, think about this:
• 37% of those surveyed said lack of financing was the main reason for not paying medical bills. Now, you can have it
• Gone are the days of the $20-$25 co-pay. You can spend thousands of dollars on medical care. And now, Health.Finance can be your solution to take care of those costs without stressing about how to come up with the total amount all at once
• The process to set up payments doesn’t require you to fill out long paper forms. It can be done in a few minutes on your cell phone
Varnitzki adds, ““Health.Finance
is not a lender, we don’t lend money to patients, but rather provide doctors
and hospitals with the same level of financial technology that only large
lenders and banks used to be able to afford. We are enabling hospitals to do
something that they are already doing, offering payment plans to patients who
can’t afford to pay up front, but doing it in an automated manner, where both
hospital and patient benefit.”
In the United States, for example, healthcare financing can be confusing for the average patient. When government administrations change out, oftentimes there are attempts to put different healthcare plans into place. The ever-evolving world of political change in America brings with it different strategies as to how healthcare should be maintained.
Throughout the industry, patients and providers are in constant flux when it comes to a payment structure that can meet the needs of both parties. Developing effective, efficient ways to improve the patient financial experience is an essential strategic priority for all providers, as they navigate the shift to self-pay models. Fortunately, many healthcare organizations have come to realize that a little flexibility, patience, and compassion go a long way and send a strong message for improving both patient experience and a hospital's bottom line.
Preventive care is under-utilized, resulting in greater spending on more complex, advanced diseases.
Patients with chronic
diseases like hypertension, heart disease, and diabetes commonly do not receive
proven and effective treatments such as drug therapies or self-management
services to assist them manage their conditions in a better fashion. This holds
true for insured, uninsured, and under-insured patients. These issues are
exacerbated because there can be fragmentation of healthcare systems. So, it’s
not surprising at all, given that healthcare providers don’t always have a
platform that ensures accounts received become payments collected. The correct
software that delivers for both ends of the provider/patient revenue cycle can
significantly improve patient care.
Restructuring payment methods in our healthcare industry to improve the quality and value of care is essential to address escalating costs, poor quality, and increasing numbers of patients without health insurance coverage. Providers should be able to collect for services so they have the ability financially to improve access to the right care at the right time in the right setting.
Patients should have clear access to payment options that will assist them in making well-informed decisions. Often, patients cannot get reliable information on the important outcomes and overall costs of their treatment options. With better information, outcomes, satisfaction, and financing options — patients could make more confident decisions about getting the care they need while spending no more than necessary.
Health.Finance is ready to be your strategic partner. What makes a strategic partner? Excellent reputation, financial strength, experience in the healthcare sector, relationships in the industry, and the ability to expedite growth. Put a check mark next to all of those when it comes to Health.Finance.