We are Comprehensive, Proactive, and Disciplined in our approach
Our Desired Outcome:
Satisfied patients having a better financial experience while at the same time paying providers for the services they have provided.
People. Process. Platform
Only finpay has the experienced people, proven processes, and the automated payment platform to provide a patient financial management solution that delivers measurable results.
Click title to expand
Step 1: Data Analytics and Research
FinPay’s reviews historical patient data to reveal the factors that consistently create high financial risk for the Provider, including bad debt and lost revenue.
FinPay will conduct onsite research by interviewing stakeholders in the patient experience and shadowing current workflow to obtain profound knowledge on current culture and processes with respects to the patient’s current financial experience within the provider’s environment.
Step 2: Financial Clearance Services
Develop Financial Clearance Policy:FinPay designs & develops a financial clearance policy for managing patients who meet any of the defined high-risk criteria, and who do not require “urgent” medical treatments.
Target & Segment high-risk patients:FinPay customizes processes that target and segments patients who meet any of the defined high-risk criteria into a customized workflow for each risk category that is consistent with the Financial Clearance Policy.
Step 3: Patient Engagement Services
FinPay provides payment specialist at the point-of-care to communicate financial clearance policies, provide financial education, manage patient billing expectations, and to offer multiple payment alternatives to patients.
Step4: FinPay Automated Payment Platform
Offer more payment options: FinPay’s payment platform provides patients with more compliant options to pay, including single payments (credit/debit/HSA/check), Community Care Foundation Grants, automated installment plans, and origination of consumer medical loans. FinPay’s platform provides “set-it & forget-it” automation for all payment methods.
Step 5: Compliance Services
FinPay designs and develops a compliance rules engine to incorporate requirements for consumer protection laws consistent with approved financial clearance policies, including internal audit procedures.
Click title to expand
Data Analytics Tool
FinPay’s data analytics tool makes it easy to review and analyze historical data. We will work with you to analyze this historical data to reveal the factors that consistently create high financial risk.
Financial Clearance Policy Builder
FinPay’s propriety financial clearance policy builder simplifies the policy making process. This tool empowers the provider to target and segment financial high-risk patients into individual risk classes and implement a rules engine and customized workflow for each class of high-risk patients.
Finpay Payment Specialist
FinPay provides point-of-care payment specialist who assists patients in understanding their financial responsibilities, simplify the process by providing patients a variety of payment options to fit any household budget and facilitate patient payments so providers get paid for the services they provide while producing more satisfied patients.
Automated Payment Platform
FinPay has a patent-pending technology to automate installment plans, consumer medical loan origination & payment management and the ability to process a variety of payment alternatives:
Credit/debit/HSA Card Processing
Installment Plan Automation
Consumer Healthcare Loans
Community Care Foundation Financial Assistance Grants
Community Care Foundation
FinPay is the exclusive partner to the Community Care Foundation for the management and payment of the foundation’s financial assistance grants. The foundation provides grants for up to 90% of a patient’s out-of-pocket medical expenses and medical insurance premiums.
Employer Sponsored Medical Loan Programs
An Employer sponsored, Guaranteed issue consumer medical loan program where the FinPay Platform is linked to a company’s payroll processor allowing FinPay to receive employee enrollment data so loans are pre approved. Loan payments are deducted directly from employee’s paycheck protecting them from missing a payment. Our system automatically validates employment/member status and determines the maximum loan amount based on pay and the sponsor company’s healthcare plan benefits.
Capacity to Pay Report
FinPay’s proprietary capacity to pay report delivers detailed information with respect to the financial resources available to consumers for payment. Unlike consumer credit reports and propensity to pay reports that only measure consumer credit worthiness for planned purchases, the capacity to pay report focuses on a consumer’s resources such as:
Income verification score
FinPay’s capacity to pay report has a 96% reliability score and does not require a consumer’s consent to be run.
FinPay’s compliance rules engine incorporate best practices with federal & state consumer protection, privacy, and payment Laws to avoid CFPB and banking/payment compliance violations: