ATLANTA--(BUSINESS WIRE)--iVita Financial announced today the nationwide launch of a disruptive, technology-driven, patient financing solution. The iVita Financial model is changing the standard for patient payments by satisfying the financial needs of patients and hospitals while creating a lasting patient-provider partnership to drive in-network utilization. Backed by San Francisco-based Vector Capital, iVita Financial offers patients flexible, 0% APR loan programs while accelerating cash to providers.
With the ongoing shift in financial responsibility, many patients are left untreated or with an unplanned financial burden. According to a recent industry report, consumers’ out-of-pocket healthcare costs have risen from $250 per year in 1980 to over $1,400 in 2016. Additionally, out-of-pocket spending is expected to reach $608 billion in 2019. Hospitals will then incur the cost of managing patient responsibility over time, which is complicated by legacy technologies built to service insurance payors as opposed to individual receivables. As a result, A/R and bad debt increase, while patient satisfaction scores plummet. Through iVita Financial’s consumer-friendly loan program, patients are able to secure payment options in advance of care or needed treatment and hospitals accelerate the intake of the revenue they are owed, while minimizing the leakage of net patient revenues.
“In order to meet shrinking operating margins, healthcare organizations are seeking new methods to ensure they receive timely payments for the services they provide, while also ensuring patients receive the care they need,” said Kim Anderson, CEO of iVita Financial. “Our unique financing program is a natural extension of the hospital’s pre-, or point-of-service financial options and gives both patients and providers an innovative, risk-free alternative to the ever-increasing need to meet financial obligations. We’re achieving this breakthrough in consumer finance by deploying technology and deep analytical models that promote upfront collections where the financial burden is lifted from the patient and provider revenues are increased.”
iVita Financial’s seasoned healthcare and fintech executive leadership includes John Ducharme, President & General Manager, previously with Accretive Health; Lauralea Tanner, Chief Revenue Officer, previously with Conifer Health Solutions and Change Healthcare; and Mehran Chirehdast, Chief Analytics Officer, previously with Capital One, USAA and Ford Motor Credit.
With traditional patient financing programs, such as recourse loans or payment plans, the patient’s financial liability remains on the hospital’s balance sheet, so a patient’s default results in bad debt to the hospital. iVita Financial’s program decreases patient bad debt, while helping ensure cash flow to hospitals through a non-recourse program structure.
iVita Financial is a Platinum Exhibitor at the Becker’s Hospital Review Annual Meeting in Chicago, April 11-14, 2018. Visit us at Booth 801.
ABOUT IVITA FINANCIAL
Headquartered in Atlanta, Georgia, iVita Financial is a fintech provider of consumer finance solutions to the healthcare industry backed by $4 billion private equity group, Vector Capital. By deploying advanced analytics and high-speed underwriting, iVita Financial delivers a disruptive, non-recourse finance solution for patients and healthcare providers. For more information contact info@ivitafinancial.com or visit www.ivitafinancial.com.
