BoomerangFX Adds Integrated Financial Services to Private-Pay Healthcare Platform

BoomerangFX has added integrated financial services to its cloud-based software-as-a-service platform for private-pay healthcare practices.

This addition turns the platform into “a full-spectrum financial infrastructure provider inside the clinic,” the company said in a Thursday (Oct. 2) press release.

One of the new integrations is Stripe, which allows clinics to process online and in-clinic payments, administer recurring memberships and packages, and offer patients real-time financing plans, according to the release.

Other new integrations include Affirm and Klarna, which offer buy now, pay later (BNPL) options that include instant approval for patient financing and enable patients to pay over time while clinics are paid in full, the release said.

These new integrations join the BoomerangFX clinical management ecosystem that includes electronic medical records, charting, e-scripting, inventory management, business reporting, patient messaging and artificial intelligence-powered lead generation tools, per the release.

“BoomerangFX is evolving into a true financial and business operating system for private-pay healthcare,” BoomerangFX Co-Founder and CEO Jerome Dwight said in the release. “With Stripe powering payments and Klarna and Affirm financing embedded directly into our system, we are closing the loop on the patient financial journey.”

The company also said in the release that in the fourth quarter, it will add to the platform an AI assistant called AUVIA that will be able to book appointments, initiate patient financing applications, call patients and follow up on no-shows.

The PYMNTS Intelligence and American Express collaboration “A Dose of Digital: How Modernizing Payments is Revitalizing Healthcare” found that digital healthcare payments are emerging as a revolutionary force by streamlining financial transactions for providers and patients alike.

The report also found that 24% of consumers would consider switching providers if they couldn’t pay in their preferred way.

Another PYMNTS Intelligence report, “10 Impact Statements: The 2024 Pay Later Report,” found that 56% of consumers had used a pay later plan in the 12 months prior to being surveyed.

It also found that consumers use pay later plans because this option provides convenience and flexibility when paying for large purchases. Even among consumers who do not live paycheck to paycheck, 18% use pay later plans because of the convenience they provide.

Photo: Jerome Dwight, co-founder and CEO of BoomerangFX