HealthX Ventures bets on innovative patient payments platform, HealthiPASS
Chicago, IL — HealthiPASS, an innovative patient check-in and payments company, announced Tuesday that HealthX Ventures has joined the company’s funding round. HealthiPASS had completed a Series A funding in late 2015, led by OCA Ventures along with several strategic healthcare investors.
This funding will enable HealthiPASS to continue to expand its marketing, sales, client service, and product teams to aggressively grow market share. HealthiPASS is a digital check-in and patient payments platform that optimizes patient collections for ambulatory care providers like physician groups, ambulatory surgical centers, diagnostic centers, etc. HealthiPASS brings clarity on cost of care (price transparency) and a contemporary, retail-like experience that incentivizes patient participation. HealthiPASS nationwide clients have seen significantly improved patient net collection rates, reductions in their cost of patient billing & collections, and a sharp decline in their days to collect patient balances.
“As patients face a stark new reality of increasing deductibles, co-pays and self-pay balances, providers are being asked for more price transparency and accountability when it comes to the care they provide, just as it is in many other industries. Innovative payment solutions, like HealthiPASS, are vital to controlling collection costs while also providing flexibility for patients,” said HealthX Managing Partner Mark Bakken, who will join the HealthiPASS board as part of the new funding. “We are excited to help support the team at HealthiPASS grow their solution, which solves a great need in the healthcare market: Providing clarity around the opaque nature of healthcare payments.”
“Healthcare providers are finding themselves in a “perfect storm” – while patients are now responsible for a greater portion of their healthcare bill, the financial risk has significantly shifted to providers,” says Rajesh Voddiraju, CEO, HealthiPASS. “Margins are further challenged due to reduced reimbursements, the looming change from fee-for-service to value-based reimbursements (performance-based contracts, bundled pricing, capitation models), and added regulatory compliance tasks that require more investments. Optimizing patient collections while providing a very transparent and contemporary experience to meet the rising demand for consumerism is the new imperative for healthcare provider leaders. We are thrilled to have the team at HealthX Ventures as our partner, alongside a great group of strategic investors, to help us scale. I’m pleased to welcome Mark Bakken, a seasoned & successful serial entrepreneur, to our Board and am looking forward to his guidance in the coming days.”
About HealthiPASS
HealthiPASS is a digital check-in and patient payments platform that turns patient bad debt and all expenses associated with patient billing & collections into higher operating income – while delivering an outstanding patient experience. HealthiPASS enables medical groups to deliver greater convenience for their patients and complete transparency into cost of care before-, at- or immediately post-service through a multi-channel patient engagement platform. It leverages ubiquitous technology including iPad-based patient check-in “kiosks” along with patient-facing tools including Smartphone apps and web apps to enable patients to “always be in the know” and be financially accountable for the care they receive. For more information, please visit http://www.healthipass.com
About HealthX Ventures
HealthX Ventures is a digital healthcare focused venture capital fund based in Madison, Wisconsin. HealthX Ventures supports early/seed stage, high-growth companies in all areas of digital health, including companies who are making healthcare safer, more efficient and more affordable. The firm is investing out of its flagship fund, and is led by experienced entrepreneurs, investors, and industry experts who have grown companies and led change across the healthcare system.