“There is a staggering need to help patients and practices. Opening our API to every company in the space - and charging no transaction fees to try it – will help more patients get financial relief." - Adam Tibbs, CEO
Orlando, FL (PRWEB) February 22, 2017
Parasail Health, the San Francisco health-tech startup that launched with a patient financing app for non-elective medical bills has announced it is expanding its support to patients and practices across the entire healthcare industry. It has released a free open API (here) that can be integrated into any provider or billing company website or payment portal.
This means that any provider, hospital, revenue cycle management company or billing service provider can offer their patients financing as easily as offering a credit card payment option. Providers that want to try it can do so for free; Parasail charges no transaction fees to new partners for the first 90 days.
Parasail launched as the financial bedrock of the US healthcare system has been experiencing a seismic shift. Between 2011 and 2014, provider revenues tied to patient payments have increased by 193% (*1). Similarly, since 2006, patient out-of-pocket costs have increased 230% (*2). Patient responsibility is now a significant revenue component of the healthcare system, but that system is still largely built around an antiquated model where all payments flowed through insurance companies.
Parasail’s patient payment app allows patients to apply for financing from their smart phone or computer in less than two minutes – with no effect on their credit – and comparison shop fixed-rate loan options from all of the web’s top online lenders in one place. Unlike health care credit cards, long the only other option for patient financing, there are no terminals, tiered fee structures or high transaction fees for providers. Patients are offered only fixed-rate loans with no hidden fees or ballooning interest rates, and Parasail approves 2 to 3 times as many applicants as the leading health care credit card does.
“The more that we’ve studied the health care industry, the more we’ve realized that we can’t limit our solutions to just surgery centers and non-elective specialities,” said Adam Tibbs, Parasail’s co-founder and CEO. “There is a staggering need – right now – across the entire health care infrastructure to help patients and practices with an immediate solution. Opening our API to every company in the space - and charging no transaction fees to try it – will help more patients and doctors get financial relief immediately.”
The turnkey patient financing solution comes at a critical time in US health care policy. Both public and private health care professionals are equally flummoxed by the rising costs of health care – and the unclear role that government, employers and insurers will play in covering patient costs. With the rise of high-deductible healthcare plans (HDHPs), now accounting for nearly a quarter of employer-provided health plans (*3), providers and hospitals are actively seeking a solution that can improve their collections without harming their patients.
A McKinsey Retail Healthcare Consumer Survey cited “lack of financing options” as the top reason why patients said they did not pay their medical bills. In 2016, 51% of patients owed more than $1,000 to providers, yet according to a December 2015 Google Consumer Survey, 62% of participants surveyed had less than $1,000 in their savings accounts. An even more sobering finding from the US Treasury showed that over 40% of Americans couldn’t cover an unexpected expense of just $400.
The free open API can be accessed at: http://www.Parasail.com/developers
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 providers paid right away. With fixed-rate patient loans sourced from all of the web’s top online lenders, patients can comparison shop for payment solutions in minutes without affecting their credit. A suite of new products including free estimators for out-of-pocket costs, a learning center blog with tips on saving money and integrations with crowdfunding and patient advocacy partners helps empower patients to plan, manage and pay for healthcare and make the right decisions for their health and financial situation. 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. http://www.parasail.com
1 - InstaMed
2 - Kaiser Family Foundation
3 - Kaiser Family Foundation