Tag: MedPilot

Health IT Trends In 2020: Some Thoughts From Leaders

Business, New Year'S Day, New Year'S Eve

Vidya Murthy, VPO, MedCrypt

5G is on its way, promising high-speed internet access to everyone, everywhere. But how will increased connectivity impact overall security? Cybersecurity companies in the healthcare industry are working to effectively secure hospital networks and medical devices against hacks and vulnerabilities, but as technology like 5G becomes ubiquitous, more and more devices will have additional — and often unnecessary — connectivity features, thus creating more potential for vulnerabilities and breaches. Taking a proactive approach to cybersecurity is the solution we need to see more of in 2020.

Nate Spoden, co-founder and COO, MedPilot 

In 2020, I expect there to be a significant push on price transparency to help patients (and providers) align more on the actual cost of services. This will help patients know what they are getting into before services are rendered and help providers secure payment prior to any procedures being performed. There has been an upward trend on this in the urgent care space, but I expect there to be an major expansion in 2020 with many other types of healthcare providers.

The tools available in the market, which will gain great adoption in 2020, will help to not only estimate costs, but will also help provide financing options for patients. These financing options often come with high interest rates, but give patients the ability to get the services they need today. With high deductible health plans continue to gain market share, patient out of pocket costs will continue to rise in 2020. Healthcare providers can no longer afford to wait for these funds after the fact, as patients take longer than the average insurance company to pay their bill.

Therefore, providers will be eager to secure payment before services are rendered in an effort to combat this new challenge they haven’t dealt with until recent years. With higher patient responsibility these healthcare providers have seen higher bad debt write-offs than ever before. The struggle providers are facing as more and more patients can’t afford to pay their bills is battling the thought of sending patients to collections and/or firing patients from their practice.

In 2020, providers are going to have to set stricter guidelines, collect more money at the point of service, offer financing options, and give greater financial transparency to patients (and themselves) before providing services. This opportunity is ripe for more healthcare technology companies to come in with price transparency and financing technology, coupled with patient engagement tools. These tools will help providers both engage patients and secure a form of payment to limit write-offs and increase collections.

Without this, we will continue to see more patients turned over to debt collections and even more patients filing for bankruptcy, due to their healthcare care costs getting out of hand. Healthcare technology companies in this space can help alleviate this issue and reduce the burden to both healthcare providers and patients.

Terrence Ryan, CEO, HealthChampion

Artificial Intelligence (AI) and Big Data Solutions – platforms that aggregate large amounts of patient data, like EHRs/EMRs, will continue to partner with leading AI companies to combine the massive amounts of patient data with other analytics and capabilities to help monitor and treat populations. Digital health management will expand beyond chronic disease management to become a mainstay in the general population.

People will continue to adopt the right technology for their health goals and use digital health management to navigate their healthcare journey. Femtech will continue to expand aggressively as the female population looks to help manage every aspect of their health with both in-person and digital resources.

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Health IT Startup: MedPilot

Image result for medpilot logoMedPilot uses patient demographic data and payment history information from the practice management system to categorize accounts in order to tailor content, frequency and message medium, boosting engagement rates and patient satisfaction.

Elevator pitch

MedPilot transforms patient financial care through technology-enabled services.

Founders’ story

Jacob Myers
Jacob Myers

When Jacob Myers, our CEO, worked as a revenue cycle management consultant he noticed numerous solutions to help providers work with insurance companies, but saw a huge void on the patient side of the equation. MedPilot was founded to help providers more efficiently and effectively work with patients to help them understand and resolve their medical expenses.

Marketing/promotion strategy

MedPilot partners with practice management softwares and revenue cycle companies to help them add value to their provider clients who are interested in better patient solutions.

Market opportunity

Because of changes in the health insurance landscape, patients now account for more than 30 percent of healthcare payments. Providers used to overlook patients and only focus on collecting from insurance companies, however now patients can no longer be ignored.

Who are your competitors?

Most healthcare providers engage revenue cycle companies who specialize in insurance billing to also manage patient balances. The old school manual methods of working with patients is time-intensive and laborious, so these vendors don’t put a lot of effort into helping patients.

How your company differentiates itself from the competition and what differentiates MedPilot?

Typically, revenue cycle teams only utilize costly patient statements and occasional phone calls. Now close your eyes and picture the exact opposite …

MedPilot pulls in patient demographic information and billing data from the practice management system into our platform. Our software then uses data science and behavioral targeting to inform our specialized Patient Services team on the best times and frequencies for phone calls, texts, emails and statements to drive patients to our proprietary online bill pay.

For example, if a patient drops off on our help center, we would pause statements and prioritize their account to receive a call from our smart dialer, saving money, resolving the account quicker and increasing patient satisfaction.

Business model

MedPilot’s business model is a percent of successful transactions on our platform when working with healthcare providers directly. We utilize a licensing fee-model when engaging with RCM and practice management companies.

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