Everyone can agree, no matter what your politics, there’s nothing worse than being completely engulfed in healthcare bills. Incurring heavy hospital and insurance costs can weigh anybody down to the point of finding no solace. Fortunately, there is a fintech that is reshaping the system as we know it and making life easier for patients and medical providers everywhere.
Simplee develops progressive payment software to better serve both patients and the hospitals who charge them for treatment. By employing a consumer design and predictive analytics technology platform, they work with thousands of providers in the U.S. to wholly manage billions of nationwide payments—creating the largest patient financial care digital ecosystem.
Headquartered in Palo Alto, California, the company was instituted in 2010 by Tomer Shoval (formerly of eBay) after a prior family vacation to Mexico, wherein they all fell ill with the flu. Upon their return stateside, a plethora of medical bills and insurance statements awaited—the vexation was unbearable.
“He quickly realized this was a frustration shared by all patients,” said John Dwight, VP of Marketing at Simplee, to RewardExpert. “He founded Simplee with the mission to transform the patient financial experience.”
In less than a decade, Simplee’s best-in-class SaaS product has changed the way hospitals and patients interrelate. To achieve this level of modernization, it’s revolutionary software gathers data from billions of exchanges and general invoicing for treatment, thereby, enabling their algorithmic engine to comprehensively suggest inexpensive payment solutions for both parties.
“Our team is committed to making healthcare billing and payments a patient-centric process,” detailed Dwight. “We leverage advanced technologies and predictive analytics to personalize that process and introduce both transparency and affordability into it. We make it fast and easy to know what you owe and then pay it.”
Since the enterprise launch of its SimplePAY platform in 2012, patients could have online access and pay their medical bills while being engaged directly by their healthcare providers. Needless to say, this radically improved the revenue cycle in health systems all together, as hospitals, treatment centers and institutes saw increases in self-service payments and reductions in collection costs.
“Simplee originally launched as a patient facing financial dashboard,” continued Dwight. “Very soon, we realized that in order to reach more patients quickly—and achieve our goal of transforming medical payments—we needed to work through the hospitals to help them. So, we designed our platform to be easily integrated, transformative in nature, with impact across hospital specialties, (ex: marketing, payments, IT, etc.).”
Partnering with forward-thinking companies has continually been a strong suit of Simplee, as well as attracting high-profile investors who’ve boosted them to where they are today. Their valued partnership program covers three bases: channel, integration and product—harnessing these essential principles has put them in the good company of Amazon Web Services, PayPal and the legendary Mayo Clinic, to name a few. And, in 2016, they were joined by American Express Ventures, with return investors 83North and Heritage Group, to raise further venture capital for their important mission.
“The shift to a business to business to customer (B2B2C) model put partners and investors like Mayo Clinic and American Express on our radar,” confirmed Dwight. “We have cultivated relationships with a broad range of pioneering and innovative systems and providers that understand healthcare financial dynamics are changing, and they must shift gears to serve patients.”
Bridging the Gap
Founding the financial care movement is a big responsibility that requires interminable planning and implementation for the future. Simplee has reached astronomical heights of growth in patient fulfilment and in demonstrated system performance. The solidarity between patients and providers in their one-of-a-kind network is mutually beneficial in the world of healthcare.
“We’ve created a system known for turning payments and billing into a self-service experience,” concluded Dwight. “We are now applying that expertise to deliver the same level of self-service to the check-in process, so that patients can manage the frontend financial paperwork and requirements at home, or online, to minimize waiting time at their provider.”
Find out about the exciting ways Simplee is changing how you pay for healthcare by visiting simplee.com and learn more about their consumer friendly platform today.