HealthiPASS, a Chicago-based healthcare payments company, today announced it has raised a $7.2 million in Series A funding round, led by FCA Venture Partners. The round also included participation from OCA Ventures, Healthy Ventures, HealthX Ventures, Waterline Ventures and a small group of strategic investors. As high deductible health plans become more and more prevalent and patient out of pocket burden continues to increase, HealthiPASS simplifies the payments experience for both patients and providers. The health IT startup plans to use the funding to further innovate and expand the patient payments platform and sell into ambulatory healthcare settings across the country.
Founded in 2013, HealthiPASS is a digital check-in and patient payments platform that brings transparency and clarity to the patient payment experience. HealthiPASS turns patient bad debt and all expenses associated with patient billing and collections into higher operating income – while delivering an outstanding patient experience.
Just as millions of people do at hotels and airports, patients use HealthiPASS to check-in to appointments at HealthiPASS-equipped practices with a simple swipe of their credit/debit card or by scanning a unique QR code or PASS. The HealthiPASS platform processes the patient’s payment information, providing a cost-of-care estimate and incorporating insurance benefit plan details to make healthcare visits a fast, easy and transparent experience.
Healthcare providers using the platform are able to achieve net collection rates of up to 96 percent, which is 45 percent greater than the industry standard, and collects patients’ balances after insurance within three to five days after processing. Outside of office visits, patients can access HealthiPASS at any time using their smartphone or web-based apps to track charges for the care they receive.
“Far too many people are unclear on how much a visit to the doctor will cost them, and navigating what’s covered by insurance and what is the patient’s responsibility can be frustrating and confusing,” said HealthiPASS CEO, Rajesh Voddiraju in a statement. “With HealthiPASS, we offer our providers a strategic advantage in the market. We’re empowering them to give patients greater clarity and transparency into their financial responsibilities and enhancing the patient payment experience, which results in higher patient satisfaction and loyalty.”