PALO ALTO, CA--(Marketwired - Mar 17, 2015) - Simplee®, the technology leader in patient payment and engagement, today announced that patient payment volumes on its Simplee®PAY platform exceeded $1 million per day. The company projected that payments for its healthcare provider customers would reach $1 billion by the end of 2015.
"I'm thrilled by the growth and consistent validation as our hospital and physician customers rollout the Simplee consumer friendly billing and payment experience to patients," said Tomer Shoval, CEO of Simplee. "Our vision to help medical providers modernize the patient financial experience is simple. The market opportunity is tremendous: billions a day and growing."
An industry study by McKinsey and Company is one of many examinations that agree healthcare providers are experiencing a retail shift whereby higher financial responsibility is driving insured patients to demand greater financial clarity and flexibility.1 As a result, health systems are increasingly turning to the patient's financial journey to complement their clinical work.
At the same time, while more than 50% of consumers pay most household bills online or in a self-service manner, healthcare self-payments remain in the single digits.2 The SimpleePAY platform enables healthcare providers to engage their consumers using integrated billing and payment solutions that are optimized for self-service. By aligning revenue cycle with patient experience efforts, providers using SimpleePAY achieve an average of 40% of patients shifting to self-service within 6 months, 15% mobile usage, and 23% reduction in the cost to collect. Further, post payment surveys indicate an average of 81% of patients recommend their hospital or physician after their SimpleePAY experience.
"Self-service payments have emerged as the new standard for providers and a key success indicator," continued Shoval. "From Silicon Valley to Nashville, Epic to Cerner, and Fortune 50 to community hospitals, our customers experience rapid success and payback: reduced cost to collect, higher collections, and -- most importantly -- happier patients."
Since 2013, Simplee has grown from one charter hospital customer in California to 10 health systems representing 31 hospitals and 205 physician groups across 10 states. The SimpleePAY platform leverages proprietary technology and infrastructure partnerships with ExactTarget, Wells Fargo, and Vantiv. To learn more about Simplee and its SimpleePAY platform, visit http://simplee.com.
Simplee® is transforming the patient financial experience. Headquartered in Palo Alto, Calif., Simplee offers health care providers a SaaS billing and payment platform that patients love.
Since our founding in 2010, we focus on making a consumer friendly experience for patients. By engaging the healthcare consumer with clarity and convenience, our Simplee®PAY patient billing and payment solution leads to lower costs, higher collection rates, and happier patients.
Simplee®PAY has earned the exclusive endorsement of the American Hospital Association, and is an award-winning revenue cycle management solution as named by Fierce Innovation Awards, Healthcare Edition.
For more information on Simplee, visit www.simplee.com.
1 McKinsey & Co.: "The Next Wave of Change for US HealthCare Payments", May 2010
2 Javelin Strategy and Research. "Bill Pay Innovators (Part 1): What Challengers Must Do To Reshape How Americans Pay Bills." April 2012. https://www.javelinstrategy.com/brochure/245. Survey responses of CFOs, VP RevCycle, and PFS staff from HFMA-Simplee webinars where overwhelming majority reported online bill payment adoption < 10%, n=120.