Boston MA, June 9, 2020 – Flywire, a high-growth vertical payments company, announced new enhancements to its leading healthcare payments platform during COVID-19 that improve patient engagement and affordability. Flywire’s pre-service payment plans, which were developed in partnership with health systems, enable healthcare providers to offer patients personalized payment options prior to service based on their specific financial needs. To enable healthcare providers to address the concerns of patients who may be experiencing financial hardship as a result of COVID-19, Flywire also offers customizable payment solutions that adapt to patients’ capacity to pay.
As patient responsibility continues to rise amidst strained personal finances, engaging patients digitally with personalized payment options that meet their ability to pay is a critical balance for providers. In many cases, patients don’t fully understand their obligation, nor do they have a way to engage with a healthcare provider until after the cost is incurred. As a result, there is an increasing rate of receivables going to bad debt, increasing collection costs, as well as administrative time and expense.
This affordability gap is further widening due to COVID-19. Even as health systems slowly reopen for elective procedures, they still face revenue challenges, as they are forced to collect from patients with less available cash. Flywire’s offerings take the surprise out of medical bills for patients and streamline provider operations, which are critical in the COVID-19 era.
The enhancements to Flywire’s healthcare payments platform include:
- Pre-service payment plans: This solution gives providers greater ability to settle payment commitments from an estimate by engaging patients with affordable options via text or email, or in real-time over the phone and in-person, while easing the payment burden for patients. The improved solution - which builds on Simplee Access Prepare & Pay following Flywire's recent acquisition of Simplee - combines a consumer-first self-service experience with seamless payment integration and workflow.
- COVID-19 relief payment options: As a way to help defray the out-of-pocket spend for patients and minimize bad debt for hospitals, Flywire provides an integrated solution that identifies a COVID-19 patient’s current financial situation through analytics, engages them with personalized payment offers at pre- and post-service, and enables them to self-activate payment arrangements that meet their needs. This rules-based solution allows clients to quickly adapt to unplanned scenarios, such as COVID-19, by offering a temporary lower installment payment to ease the burden on patients.