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VC MDMC Agreement Press Release 091718

LA JOLLA, CA, September 17, 2018 /PRNewswire/ — VestaCare, Inc. the healthcare market leader in automated time-of-service (TOS) patient payment solutions, today announced an agreement with Sikeston, MO based Missouri Delta Medical Center to officially launch VestaCare’s new advanced patient cost estimator solution. Missouri Delta will also be implementing VestaCare’s unique TOS patient payment solution, VestaPay™, to enable patients to better afford and manage their healthcare and strengthen the current and future financial performance of the hospital.

VestaCare’s VestaPay technology, which includes the new price estimator and advanced eligibility, is bolstered by VestaCare’s patent pending Dynamic Balance Adjusting AutoPay plans. This solution suite significantly strengthens Missouri Delta’s ability to help their patients manage their entire patient financial experience.

Tom Brekka, CEO of VestaCare, commented, “Patients and providers alike are struggling with the rise of high-deductible health plans and increasing patient financial responsibility. VestaPay’s proven track record of preventing 50-70% of historical patient revenue losses offers a major breakthrough against approaches that “chase” the patients for payment after treatment.

“With the rising number of hospital failures affecting all of our communities, it is critical that VestaPay’s ability to help turn around hospital financials becomes more widely adopted ” said Brekka. “With over 24 months of proven success engaging and enrolling patients from all demographics and financial standings into VestaPay Dynamically Adjusting AutoPay plans, there is no excuse for continued hospital closures.”

Greg Carda, CFO of Missouri Delta

Commented, “We evaluated a host of systems from all major eligibility and estimator vendors. None provided the accuracy, completeness and extensive feature-set as offered by the VestaPay estimator. Notwithstanding these outstanding attributes, VestaPay takes a giant step further, which is to address the question: “What good is an accurate estimate if my patients can’t afford to pay the cost of their treatment? That VestaPay’s Dynamic Balance Adjusting AutoPay plans allow us to engage and enroll all patients on or before time of service is simply a breakthrough of epic proportions. With VestaPay we can use their very accurate estimates to set our patients’ expectations, then no matter whether that estimate was 100% correct or some other level, with simple elegance, VestaPay ensures all of our patients can afford their payments and that their AutoPay plans turn out exactly right over the timeline of their plan.”

“VestaPay’s electronic patient engagement solution is awesome! It allows us to contact and engage patients while they are price-shopping, considering treatment at Missouri Delta and in all stages from visit preparation and appointment reminders through enrollment and post follow-up. We can even deploy whole new levels of charity care with greater accuracy, swifter response and more precise allocation of our charity dollars across our patient population.” said Carda.

VestaCare Contact Information:
(http://www.vestacare.com),
(888) 291-7425

Missouri Delta Contact Information:
(http://www.missouridelta.com),
(573) 472-7604

Case Study: Wayne Memorial Hospital

Preventing Patient Revenue Loss Before It Begins

For nearly 100 years, Wayne Memorial Hospital (WMH) has been woven into the fabric of their northeastern Pennsylvania community and is Wayne County’s largest employer. Like many other U.S. hospitals, WMH was hurting financially as a result of rapid changes in the healthcare system throughout the last decade.

Between fiscal years 2014 and 2016, WMH lost over $22 million in revenues. During 2017, that number skyrocketed as many patients were forced to choose more “affordable” high-deductible health plans. That trend is reflected in a tenfold increase, from 3% to 30% since 2005, in the percentage of patient-responsible revenues owed to all U.S. hospitals. WMH realized they must adapt their billing practices and culture to this new reality or face the possibility of closure.

WMH engaged VestaCare to provide the only system capable of securing the patient’s total financial obligation before or at the time of service, and the only system with multiple compassionate payment options to ensure patients can afford their monthly payments.

To ease the transition for WMH’s patient-facing staff, VestaCare provided training with chair-side assistants to guide staff through the cultural change needed to secure payment up front. Once WMH staff realized that setting up patients on these payment options would actually help patients avoid receiving massive bills or collection agency calls months after being discharged, they embraced the change.

As a direct result of WMH adopting VestaCare’s process, patients reported a positive hospital experience and WMH realized an increase in patient satisfaction scores.

Build a Reputation for Affordable Healthcare

 

Unaffordable healthcare is a primary cause of patient leakage as patients delay or avoid the care they need due to large out-of-pocket costs due upon receipt after treatment.

To achieve a reputation for providing affordable healthcare, hospitals must provide treatment estimates and affordable payment options PRIOR TO TREATMENT.

• Known financial liability
• No surprise bills
• Focus on recovery
• Less financial anxiety

VC Web Section 6 istock#680410714

VestaCare Appoints New Senior Healthcare Executives

Expanded Expertise in Solving Hospital Patient Leakage Challenges

La Jolla, CA – January 9, 2018    VestaCare, Inc – A healthcare payment solutions company, is excited to announce and welcome the addition of two senior healthcare executives. Doug Bilbrey joins as vice president of sales and Ray Chase comes aboard as vice president of national accounts.

With 29 years of experience in the healthcare industry, Doug Bilbrey joins the company to lead the sales team in expanding VestaCare’s portfolio of clients.  He brings a wealth of industry experience and a proven track record in facilitating long-term business relationships with clients.  Doug comments “I am excited to come aboard VestaCare and look forward to applying my industry knowledge and expertise to help clients identify and minimize revenue losses as a result of patient leakage and rising deductibles. I am fortunate to be joining such a respected company that prides itself on delivering innovative solutions to providers, patients and payers.”  Previously, Bilbrey has held executive sales and management level positions with Patient Matters, MedAssist, Boston Software, and The SSI Group, Inc.

Ray Chase comes on board as vice president of national accounts and brings with him over 25 years of experience in revenue cycle management. His intimate knowledge of the financial challenges hospitals face will provide valuable insights as the company continues to develop best-in-class solutions. Ray states “I made the transition to VestaCare after learning of their VestaPay Enterprise System that minimizes hospital patient leakage and increases revenue.  It’s the most innovative program I have seen and I’m excited to be part of the team”.

Prior to joining the company, Ray held the position of vice president of revenue cycle overseeing nine hospitals in the East Texas market for CHI/St. Joseph HealthCare. Prior to CHI, Ray served as a revenue cycle subject matter expert consultant to many hospital and healthcare systems.

“I’m delighted to welcome Doug and Ray to the team as their experience and insights will accelerate our momentum as we continue to define new standards in healthcare payment solutions for hospitals and patients” says Tom Brekka, CEO.

 

Company Description

VestaCare is a healthcare payment solution company whose VestaPay program greatly reduces hospital patient leakage and revenue losses by offering patients flexible and affordable payment options, thereby building a reputation of affordable care for the health system. This results in increased patient and payer revenue as well as improved patient satisfaction and loyalty. www.vestacare.com

How to Maximize Patient Revenue Capture while Boosting Patient Satisfaction

Becker’s CFO Report

Hospitals and health systems across the nation are looking for ways to tackle a growing industry problem: how to collect from patients with high-deductible health plans.

Traditional post-treatment collection approaches are expensive and ineffective. Ideally, 100 percent of patient responsible revenue would be secured prior to treatment, and that can be complicated when you don’t know exactly what the patients will owe.
“Collecting the patient-pay responsibility isn’t really part of the culture of healthcare,” said David Hoff, president and CEO of Wayne Memorial Health System in Honesdale, Pa., at the Becker’s Hospital Review 3rd Annual Health IT + Revenue Cycle Conference in Chicago on Sept. 21. However, with the influx of patients with high-deductible health plans, hospitals must do a better job of capturing revenue on both the inpatient and outpatient sides, according to Mr. Hoff.

When Wayne Memorial Health System examined ways to improve self-pay accounts, officials were adamant about not denying healthcare. However, they realized patient liability is a growing percentage of hospital debt, and they needed to be proactive.

At the beginning of the journey to improve patient revenue capture, officials learned there were several assumptions held by the system’s employees that needed to be corrected. For instance, Mr. Hoff said some employees thought patients do not or should not have to pay their bills, while others thought bad debt is not a big deal.

To help change the thinking around self-pay accounts, Wayne Memorial Health System enlisted the help of VestaCare, a La Jolla, Calif.-based company that provides software and services to hospitals. Using VestaPay, a fully integrated patient payment management system, Wayne Memorial Health System was able to not only improve patient revenue capture but also boost patient satisfaction by providing patients with an affordable monthly healthcare payment plan and reducing the number of patients it discharged into the community with bad debt. In the first 12 months, Wayne secured 37% of prior year bad debt and is on track to securing 60% of this current fiscal year’s patient revenue.

“We really liked the VestaCare approach,” said Mr. Hoff. In addition to VestaCare’s software working seamlessly across all departments and IT systems, Mr. Hoff said Wayne Memorial Health System benefited from the extensive training VestaCare provided to Wayne’s registration and scheduling staff. “This was a cultural change for the staff,” he said, “and VestaCare helped guide them through the transition.”

In working with Wayne Memorial Health System, VestaCare Founder and CEO Tom Brekka said the system was able to significantly improve patient collection efforts by securing nearly 100 percent of VestaPay enrolled patients’ liabilities before or at the point of service. VestaPay automates the entire patient financial lifecycle, including estimating patient liability prior to treatment and applying dynamic adjusting AutoPay plans, eliminating subsequent patient accounting steps. “It not only greatly improves patient revenue capture and increases patient satisfaction, but it also streamlines the entire patient accounting process,” said Mr. Brekka.

https://www.beckershospitalreview.com/finance/how-to-maximize-patient-revenue-capture-while-boosting-patient-satisfaction.html

Call: 858.454.7800 Fax: 858.454.8680
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