Atlanta, GA – Capio™, the leading provider of Patient Financial Wellness™, today announced that it has acquired PatientCard®. With over 450 hospital clients, Capio will immediately offer PatientCard’s 0% APR, provider-branded finance and loyalty card program to its current client base, and additional targeted hospitals and healthcare providers nationwide. Capio’s suite of solutions is designed to deliver superior financial results, align with provider missions, and enable patient financial wellness at all points along the patient journey.
As health care costs continue to rise, patients are finding it increasingly difficult to pay their medical expenses, especially when the costs involve a medical emergency. According to CMS, out-of-pocket medical expenses are expected to approach $400 billion in 2019. This significant increase is creating cash-flow issues for medical providers, and often leaves patients in financial distress. In many cases, patients will simply decline medical services due to concerns over being saddled with debt. Beyond the financial burden of health care costs, patients have learned to expect consumer-focused services, creating an expectation of increased payment options and a superior customer experience.
To combat the escalating problems surrounding health care costs and the burden placed on patients and providers, Capio now provides a patient financial wellness platform consisting of PatientCard™, PatientConnect™ and PatientComplete™. This platform provides comprehensive, patient-centric solutions that reduce the time for medical providers to get paid, which improves cash-flow, and provides a positive experience for the patient. The platform consists of three product solutions:
• PatientCard supports the provider’s mission to assist their patients by
offering a non-discriminatory, 0% APR, provider-branded patient financing and loyalty card program.
• PatientConnect is a full solution set of patient engagement programs from debt prevention services to primary and secondary bad debt recovery. It is designed to significantly boost revenues, improve cash flow and lower operating costs.
• PatientComplete helps turn unpaid, dormant accounts into a new, bottom-line revenue stream utilizing both backlog and forward-flow program options.
“As we celebrate Capio’s 10-year anniversary, our commitment to improving patient financial wellness for all patients continues to be stronger than ever,” said Mark Detrick, Chief Executive Officer, Capio. “The addition of PatientCard provides us with the capability to leverage Capio’s patient-centric culture across the entire financial journey. Our team is excited to engage with patients early in their healthcare experience to provide payment solutions that meet their individual financial needs. I am honored to work alongside our passionate, dedicated team as we strive to achieve this critically important endeavor”.
“The concept of integrating PatientCard’s product solution into Capio’s proven platform was a very targeted opportunity for us,” said Steve Wright, President, PatientCard. “We quickly discovered a shared vision to provide an end-to-end solution that honors and respects the changing needs of both patients and providers. We can now provide a truly unique solution that comprehensively addresses these growing needs within our communities, and the people they represent.”
