15, 2014 /PRNewswire/ - iVinci Health LLC, the company behind the healthcare industry's first and only comprehensive Patient Revenue Management system, branded as VisitPay®, has successfully closed $5 million in new funding. The company also announced the launch of a new extension to VisitPay® – an online Payment and Financing Portal that provides an easy and convenient way for patients to manage their medical bills and set-up financing plans for balances owed by them and their families. The new round of funding, which closed on September 3, was uniquely led by market-leading health systems that include: Intermountain Healthcare, headquartered in Salt Lake City, Utah Inova Health System, headquartered in Falls Church, Virginia St. The benefits that chiropractors provide can be seen in a variety of health. Luke's Health System, headquartered in Boise, Idaho and another undisclosed but highly-regarded health system headquartered in the Pacific Northwest. MERIDIAN - 2145 East Fairview Avenue Suite 140. After using the company's solutions, iVinci's first two health system clients, St. Luke's and the Pacific Northwest health system referenced above, initially became investors during the company's first equity offering in 2011. In the latest round of financing, investing health systems were compelled by the power of VisitPay to drive a remarkable patient experience, its relevance in the face of growing patient obligations and the sizeable opportunity before iVinci. "We find that patients are becoming increasingly challenged by health plans passing a higher percentage of each final bill onto them for payment," said Dr. "Now, more than ever, an exceptional billing experience needs to complement an exceptional clinical experience to engender patient loyalty." "iVinci provides effective solutions that help us work with our patients to manage their obligations because they simultaneously provide our patients with easy-to-use online tools for managing, paying and financing their healthcare bills." Dr. IVinci Health's CEO, former Capital One executive Kent Ivanoff, believes that the market is primed for a solution that addresses the collection of patient balances and delivers a substantially more consumer-friendly online experience to healthcare billing. "With the rise of high deductible plans and the corresponding rise in patient financial responsibility, there will be unprecedented demand for a different billing experience - one that's on par with other consumer-driven markets. Patients will choose where to get care - based not just on the quality of the care itself but also on the financial management resources made available to them by healthcare providers," said Ivanoff. "Billing is the last phase of a patient's experience with a health system. Whether it fractures the patient relationship - or positively enhances it - is entirely a function of how consumer-oriented health systems become. Fostering patient loyalty, by providing patients choice and convenience online, is key to driving all of a health system's revenue, not just the portion owed by patients," said Ivanoff. The newest addition to VisitPay is the Patient Payment and Financing Portal that health systems can make available to their patients. ![]() The Portal simplifies the medical billing process so that patients know exactly what they owe, when they owe it and then gives them online management tools and financing options so they can choose how to pay in a way that works best for them and their family. Dissertation Title: "Do Newer Prescription Drugs Pay for Themselves? Searching for Appropriate Empirical Methodologies"Newer and more expensive drugs account for a large proportion of the recent rapid growth of prescription drug spending."While there are any number of reasons why people pay or don't pay their medical bills, two stand out as the most common – confusion over what is truly owed and a dearth of relevant financing options," said Ivanoff. However, if use of newer drugs can reduce spending in other medical services, it may save total healthcare costs (the "cost-saving effect"). He argued that the use of new drugs reduces, on average, total healthcare costs.Īggregate-level evidence of the cost-saving effect is supported by two well-cited studies conducted by Frank Lichtenberg. In Paper 1, I reassess this evidence and conclude the original findings do not sustain under plausible alternative approaches. Thus, we do not have robust evidence of the aggregate cost-saving effect. ![]() Furthermore, wide variations in safety, efficacy and costs exist across drugs and diseases. In Paper 2, I investigate the cost-saving effect in one clinical area - atypical antipsychotic agents compared with traditional mood stabilizers as long-term treatment for bipolar disorder. Using commercial insurance claims data from 1998-2001, I test the hypothesis through several econometric methods, including a propensity-score matching, interrupted time series, differencing strategies, and an instrumental variables approach.
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