With 48 months of data under our belt, we have seen that 90% of patients who make their first payment end up paying their bill all the way to completion. Compare that to the heart-breaking national averages, and we look like superheroes. We’re not superheroes — we’re just really, really good at this.
Here’s how other medical billing companies handle this situation:
- Faulty predictive billing: simplistic solutions that are often wrong and therefore under-charging or over-charging patients, leaving hospitals holding the bag and frustrating patients.
- Payment plans without AI adjustment: Anyone can set up an automated creditcard charge, but if it’s not being managed and adjusted based on artificial intelligence that can account for a multitude of factors that affect these types of billing, it’s going to create a ton of problems.
- High interest health credit cards: Great — charge patients going through a healthcare ordeal 15%, 20%, 30% on top of their high insurance premiums, deductibles, out-of-pocket expenses, prescription costs, etc. This isn’t a way to help people pay their bills.
- Waiting months and then hoping patients pay: It’s maddening that the system works this way and it’s unfair to patients who are balancing their lives, their budgets, and the health issue that led them to the hospital in the first place.
- Sending patients to collections: “The Journal of Accountancy reported that 56% of Americans with debt said it had “negatively impacted their lives.” This practices also ensures that hospitals receive only pennies on the dollar for their services.
- Suing patients: While we empathize with the hospitals who want to get paid for their services rendered, suing patients seems utterly out of line. A recent NPR story reported that “In Virginia, 36% of hospitals sued patients and garnished their wages in 2017.” We find this heartbreaking.
VestaPay has seen where these medical billing companies have failed, and in response, have perfected a payment solution that works for everyone — patients, healthcare providers, and medical professionals. We’re committed to improving the lives of individuals going through medical ordeals while simultaneously supporting the doctors, nurses, technicians, and administrators who save and protect lives each and every day.