FinPay More Than Quadruples Patient Payments for Healthcare Providers in an Effort to Offset the Hospital Bankruptcy Crisis

PHILADELPHIA, Sept. 4, 2019  /PRNewswire/ -- FinPay, LLC, a leading financial technology and patient financial management platform for healthcare providers, employers, and payers, today announced it has partnered with leaders in behavioral health, specialty pharmaceuticals, and health systems including Recovery Centers of America ("RCA"). In addition, it has hired a new Vice President of Engineering and seen significant financial growth.

FinPay in the Field: Client Wins
RCA brought FinPay in to help manage their growing patient financial responsibility problem. FinPay's solution engaged RCA patients pre-care to provide education, transparency, and payment options that make their bills digestible and affordable. With an extensive platform built out to help patients understand the costs of their care, RCA is now able to dedicate more time and resources to what truly matters to them: the patient's clinical care.

In the first year since program implementation, RCA has seen a 600% increase in pre-care payments prior to admission and a 450% increase in overall collection of patient financial responsibility. These results delivered a 946% ROI in year one. With hospitals closing at a rate of 30 per year with no end in sight, FinPay's solution and its corresponding results could decrease risk and improve cash flow for hospitals aced with financial troubles.

FinPay's solution has been validated in numerous market segments, including acute care, specialty pharma, physician practices, and behavioral health.

FinPay's Corporate Growth: Revenue & New Technology
Since 2016, FinPay has seen over 400% growth in revenues. The company has also more than doubled its team, reaching 24 employees in 2019.

Over the next six months, the company is developing and implementing machine learning-driven patient engagement tools that provide education, transparency, and payment options to patients prior to care via a HIPAA compliant automated patient engagement technology. The first task will be to integrate artificial intelligence to power FinPay's proven risk stratification tools that will deliver a hyper-personalized patient financial experience through high-touch pre-care patient engagement.

"We are thrilled with the growth we've seen in the last year and will only continue this rhythm into 2019," said CEO Chris Wolfington. "FinPay has broken down the barriers of education and affordability for thousands of patients. Our mission is to strengthen the healthcare ecosystem through pre-care engagement and lower overall costs in the process."

For more info on FinPay, please visit www.finpay.net. To learn more about FinPay's work with RCA, please visit this link.

About FinPay, LLC

FinPay, LLC is a financial technology and patient financial management company for healthcare providers, payers, and employers, delivering comprehensive education and payment solutions to healthcare consumers. FinPay has developed proprietary risk stratification and financial clearance policy building tools that give patients a hyper-personalized experience that mirrors the high quality clinical care they receive. FinPay's platform targets and segments patients by situational risk so the patient receives relevant financial education, the appropriate payment options, and total transparency; all prior to care. FinPay's patent-pending cloud-based payment platform provides automation of all payment methods such as installment plans, consumer medical loans, grants, and traditional payments like credit/debit cards and checks.

Media Contact:
BAM Communications for FinPay
[email protected]

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SOURCE FinPay, LLC

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