CarePayment offers a patient financial engagement solution that utilizes a 0.00% APR model to help patients manage out-of-pocket healthcare expenses. This technology enhances providers' cash flow by reducing bad debt and improving collection rates from patients.
Funding
$7.5M 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
Many patients struggle to afford and manage out-of-pocket healthcare expenses, leading to delayed or foregone care and financial strain. Healthcare providers face challenges in collecting patient payments, resulting in increased bad debt and reduced cash flow.
Solution
CarePayment provides a patient financing solution that enables individuals to manage their healthcare costs through a 0.00% APR payment plan. This program allows patients to pay their medical bills over time without incurring interest charges, making healthcare more accessible and affordable. By offering flexible payment options, CarePayment helps patients adhere to their treatment plans and reduces financial barriers to care. For healthcare providers, CarePayment improves patient payment rates, accelerates cash flow, and minimizes bad debt write-offs. The platform integrates with existing billing systems to streamline the payment process and enhance the patient financial experience.
Target Audience
The primary target audience includes patients with high out-of-pocket healthcare expenses and healthcare providers seeking to improve patient payment rates and reduce bad debt.
Features
- 0.00% APR patient payment plans with flexible terms
- Integration with existing healthcare provider billing systems
- Automated enrollment and payment processing
- Patient portal for managing accounts and making payments
- Reporting and analytics dashboards for providers to track payment performance