Both have also used the payment system themselves. Luke’s and the unnamed Pacific Northwest health system, were initial investors during iVinci’s first equity offering in 2011. Two main obstacles often prevent patients from paying medical bills promptly – confusion and a “dearth” of financing options, according to Ivanoff. That’s a far cry from much of the current-day billing practices that include snail-mailed statements with vaguely coded language, confusing lists of prices and ever-changing indications of what insurance has or hasn’t paid for. IVinci said its financing portal simplifies the medical billing process, making it clear how much the patient owes exactly, when they owe it and how they might finance it with a host of online management tools. 1st payment of tuition fees: from now, up to one week before the start of lessons. “Patients will choose where to get care - based not just on the quality of the care itself but also on the financial management resources made available to them by healthcare providers.” “There will be unprecedented demand for a different billing experience - one that’s on par with other consumer-driven markets,” Ivanoff said in a release. To that end, iVinci estimates that patient obligations have grown from less than 5 percent of the health system’s revenue to 20 percent over the last few years. Particularity with the proliferation of high-deductible health plans, which are expected to continue as employers grapple with utilization costs and place more financial responsibility on the consumer, the market is ripe for something different, the thinking goes. ![]() The company, founded in 2010 and headed by former Capital One executive Kent Ivanoff, said it thinks the market is “primed for a solution that addresses the collection of patient balances and delivers a substantially more consumer-friendly online experience to healthcare billing.”
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