The startup offers a credit insurance revenue platform that provides patients with various payment alternatives while eliminating interest, penalties, and late fees. This service reduces healthcare costs, increases provider income, and enhances patient satisfaction through free advocacy services and a shared savings strategy.
Funding
$11.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Rising healthcare costs and high-deductible plans are shifting the burden of payment to patients, leading to difficulties in affording care and increased collection costs for providers. Patients often struggle to understand and navigate complex medical billing processes, leading to confusion and potential avoidance of necessary treatments.
Solution
AblePay Health offers a patient financial engagement platform that reduces out-of-pocket medical expenses and simplifies the payment process for both patients and providers. Patients receive savings on their medical bills, flexible payment options, and access to billing advocates who can answer questions and resolve billing issues. Providers benefit from guaranteed, risk-free payments within two weeks of billing, reduced collection costs, and improved patient satisfaction. The platform integrates with existing healthcare systems as a secondary payer, ensuring a seamless implementation process.
Target Audience
AblePay Health targets patients with primary health insurance who struggle to afford out-of-pocket medical expenses, as well as healthcare providers seeking to improve revenue cycle management and patient satisfaction. The platform also serves payers and brokers looking to enhance their offerings with value-added financial solutions.
Features
- Savings of up to 13% on out-of-pocket medical expenses (deductibles, co-insurance, and co-pays) for patients who pay in full.
- Flexible payment plans, including 3, 6, and 12-month options, with no interest charged on the 12-month plan.
- A secure member portal for viewing, managing, and paying medical bills.
- Billing advocacy services to assist patients with understanding and resolving billing issues.
- Guaranteed payments to providers within 14 business days.
- Integration with existing provider systems as a secondary payer using standard 837 & 835 electronic billing formats.
- Marketing materials and support for providers to educate patients about AblePay Health.