iVitaFi, the patient financing company, has released an updated digital payment platform for hospitals and clinics, the Atlanta-based company announced Monday (April 25).
The iVitaFi MyPlan network promises to help healthcare providers interact with clients using patient-focused communication channels and payment networks to increase patient satisfaction and improve their bottom line.
Under the initiative, patients can access their medical bills using one sign-on and have the option to make a quick payment. If patients prefer, they can enroll in a payment plan or a 0% interest line of credit for up to three years, regardless of their credit score.
In addition, the product offers additional tools for providers. They include the ability to send statements digitally and to communicate with patients about their hospital bills via text, email, and voicemail.
“Our platform provides multiple digital engagement and payment options so that patients have an easy and convenient way to pay their healthcare bills,” said Greg Falconer, CEO of iVitaFi.
iVitaFi MyPlan is not just for patients. The company said providers such as hospitals and clinics can get a competitive edge, sustain financial stability and improve patient satisfaction measures.
In March, PYMNTS reported the business of paying for healthcare hasn’t been an early adopter of the connected economy — but that’s changing fast.
Read also: To Fix Patient Payments, Include Consumers in the Consumerization of Healthcare
In an interview with PYMNTS, Kevin Kidd, senior vice president and executive lead of healthcare strategy at Bank of America (BoA), said he’s helping to modernize healthcare payments.
When he was a lawyer for healthcare providers in his previous positions, Kidd said he saw providers used software systems that often failed to have consumer payment technologies built in.
“Healthcare is typically slow to adopt new technologies,” he said. “It also can be slow with adopting new processes.”
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.