What You Should Know:
– Vytalize Health to acquire patient financial experience platform MedPilot to accelerate data-driven engagement technology to its ACO’s Medicare population.
– An alumnus of the Cedars-Sinai Accelerator, MedPilot’s platform has already helped over 1 million patients to date and boasts a 97% patient satisfaction score.
Vytalize Health, a leading provider of value-based healthcare announced it is acquiring MedPilot, a Cleveland-based patient financial experience platform. The acquisition brings Vytalize a unique, end-to-end patient engagement capability to manage its 65,000 Medicare patients and $1 billion of medical spending. Vytalize Health’s mission is, “To accelerate the world’s transition to value-based care by taking care of the doctors who take care of us.” Together, the combined companies aim to transform the $250 billion independent primary care provider Medicare market.
Simplifying the Billing Process for Patients
Healthcare providers and revenue cycle management companies don’t have an effective way to contact patients about their bills, relying on mailing expensive statements, and then traditional collection agencies. We help patients better understand and resolve their medical expenses. Founded in 2014, MedPilot’s patient financial management platform transforms patient billing through customized outreach tailored to people’s preferences.
Medpilot leverages a combination of emails, texts, calls, and statements to increase a provider’s chance of connecting with patients to resolve their balance. Using machine learning they continue to optimize their outreach strategies based on the patient’s interactions. The company also powers the healthcare provider’s administrative department by providing them with a tool to more effectively track patients, manage their experience, and monitor financial activity.
MedPilot has helped over 1 million patients and demonstrated a 97% patient satisfaction score. MedPilot’s proprietary engagement engine personalizes outreach based on various patient characteristics and then uses machine learning to optimize communications between the healthcare provider and patient. MedPilot had raised $3.5M from prominent investors, including Hudson River Capital, Wavemaker 360 Health, Tom Hirschfeld, Cedars-Sinai, Jumpstart, Techstars, and TurnCap.
Acquisition Benefits for Vytalize Health
Vytalize Health partners with independent providers in value-based care arrangements for Medicare beneficiaries. The company combines a Medicare ACO, virtual doctors’ office, and a digital health platform to equip its network of physicians with everything they need to be successful in caring for their patients and staying ahead in a rapidly changing healthcare system.
Vytalize Health’s acquisition of MedPilot enables them to offer their growing Medicare population a powerful solution for last-mile patient engagement. With more than $20M in investment going into the combined company and 800% year-over-year growth for the last two years, Vytalize is poised to achieve breakout leadership in the value-based care delivery space for Medicare patients.
In 2020, Vytalize created an Innovation Lab to attract and deploy digital health solutions in a value-based environment. MedPilot’s acquisition marks a significant success for the Vytalize Innovation Lab. It delivers on its promise to enable technology partners to deploy quickly across Medicare patients through their vertically integrated ACO, virtual medical practice, and platform.
“As we grew our ACO and began enhancing our infrastructure for Medicare’s Direct Contracting program, our vertically integrated care delivery system needed a solution for last-mile patient engagement,” said Vytalize CEO Faris Ghawi. “We couldn’t have asked for a better technology and team to fill this need. It’s been a pleasure to work together, and we are thrilled to deploy many more solutions through this platform to improve the patient experience and health outcomes while lowering healthcare costs.”
As part of the acquisition, more than 35 MedPilot employees will join Vytalize Health. Vytalize plans to continue to invest in MedPilot’s hometown of Cleveland due to its strong employee talent pool and healthcare ecosystem. MedPilot’s founders will also join Vytalize’s senior executive leadership team. These include:
– Jacob Myers, CEO, will join Vytalize as Chief Innovation Officer
– Nathan Spoden, COO, will become Vytalize’s Chief Product Officer
– Matt Buder Shapiro, Chief Marketing Officer, will retain his title
Financial details of the acquisition were not disclosed. The transaction has been approved by both companies’ Boards of Directors subject to shareholder approval and is expected to close in the coming days.