SwervePay Acquires Healthcare Cost Transparency Leader StatPayMD
SwervePay, LLC, an innovative patient-centric payment solution in healthcare, announced its acquisition of StatPayMD to further provide healthcare consumers with the information, tools and transparency needed to manage their financial responsibility.
StatPayMD (formerly Symbiosis Health) is a graduate of Blueprint Health, a healthcare IT accelerator in New York, and most recently based at MATTER in Chicago. StatPayMD makes it easy for patients to understand “out-of-pocket” costs before and at care. With SwervePay’s payment tool, patients can better communicate around cost of care, understand payment options, and pay their bill on the go and in a way that is convenient for them. SwervePay offers an innovative suite of tools for making patient payments – no mobile apps, no paper, just one-click payments via text message. The portal-free platform also alleviates manual tasks in the revenue cycle process for providers and health systems.
The majority of negative reviews for healthcare providers often stems from surprises in one’s medical bills, not because of bad patient care. Even though 92 percent of insured consumers are both able and willing to pay their out-of-pocket medical expenses, 15 cents of every dollar is lost on claims processing, payments, billing and revenue cycle management, totaling a nearly $300 billion loss for the healthcare industry each year (McKinsey). To solve this problem, educating patients about their insurance plans and offering convenient payment choices needs to be an integral part of the patient experience.
“By using technology to automate processes, such as bill payments, we can allow healthcare providers to stay focused on patient care,” said Jaeme Adams, co-founder and CEO of SwervePay. “We’re excited about the team and technology StatPayMD brings to SwervePay, furthering our commitment to creating a consumer-friendly payment experience in healthcare.”
The biggest bottleneck to a reliable cost estimate is accurate benefits data. Benefits plans are becoming increasingly complex in design with special carve outs and coverages for different procedures. StatPayMD uses a combination of technology, services and direct partnerships with insurance companies to access relevant and accurate eligibility data from every health plan. The analytics engine blends that data with providers’ negotiated contracts and claims history to create an accurate, personalized cost estimate for each patient.
“We’re thrilled to join the team at SwervePay and continue our mission of making it easier for healthcare providers to help patients better manage their financial responsibility in healthcare,” said Piyush Kedia, founder and CEO of StatPayMD.
SwervePay launched in 2010 to focus on providing a simpler way of communicating among patients and providers. In February 2016, the company announced it completed a $10 million Series B funding round, led by Chicago-based Garland Capital Group.