Parasail Health Launches Patient Loan App at HFMA ANI 2016

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Parasail app can approve patients in minutes, providing loans to cover patient out-of-pocket expenses and pay doctors.

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50% of billed amounts of medical bills go uncollected. Parasail can help.

Parasail Health, a provider of fixed-rate loans to help patients cover out-of-pocket medical expenses, has launched it’s new online and mobile application during Healthcare Financial Management Association's 2016 National Institute (HFMA ANI) in Las Vegas today.

The new application will allow patients to find financing plans within minutes from the doctor’s office or linked to directly from a billing statement. Several hundred medical practices and healthcare systems in California and Arizona have signed up for a chance to test-pilot the program, which could dramatically reduce aging receivables and increase collection rates for the medical industry.

In recent years, the industry has seen a sharp increase in employer-provided High-Deductible Health Plans (HDHPs) according to Kaiser Family Foundation. When combined with findings from a recent Edison Research/Marketplace poll finding that 63% of Americans can not afford an unexpected expense greater than $1000, the medical industry is facing a crises of uncollectible debt. A Greenway Health study showed that approximately 50% of billed amounts of medical bills go uncollected and many hospitals and practices are seeking new ways to provide new financing options for patients.

Parasail’s mission is to help both doctors and patients focus more on health and less on payment, by creating no-hassle, transparent payment plans for patients with fixed-term loans and no hidden fees. Patients get affordable monthly payment plans (APRs start as low as 5.99%) and when phase 2 of the application completes testing, providers will get paid immediately with no recourse if the patient defaults.

How Providers get paid in minutes by Parasail:

  • Doctors provide Parasail Payment links to billing statements and in ePay options
  • Patients apply for a Parasail Payment Plan from their phone or computer in 1-2 minutes
  • Patients accept a fixed-term loan with affordable payments
  • Parasail provides the funds immediately and services the account for its lifetime
  • After testing, Parasail pays the doctor directly when the loan is initiated

To learn more about how Parasail helps doctors and patients or if you’re interested in becoming a billing partner, visit booth 1127 at HFMA ANI. You can also connect with Parasail online by visiting http://www.parasail.com or by following us on Twitter: @ParasailHealth.

About Parasail Health:
Parasail Health helps doctors and patients focus on treatment instead of payment by offering a suite of products that make medical bills affordable for patients and get doctors paid right away. With affordable patient loans, a simple and intuitive application process and clear estimates of out-of-pocket costs, patients are empowered to make the right decisions for their health, even if they have high deductibles. Parasail provides doctors with secure revenues so they can focus on healing, while being paid right away with no risk if the patient defaults on their debt. Parasail’s mission is to humanize the health care system by putting the needs of doctors and patients first. It’s time to focus on what matters.

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Chris Wyatt
@ParasailHealth
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