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.
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.”