AI Patient Billing
These are products that use AI to automate the patient billing process for healthcare providers, increasing their ability to responsibly collect patient payments. Some of the applications for these products include:
AI-Generated Patient Bills for minimizing errors and better explanations to patients
Billing Inquiry Chatbots available for handling routine billing questions
Optimized Payments for improved scheduling of payment reminders and timetables, as well as finding the right channels and messaging for patients
Ability to integrate relevant data and predict ability to pay in order to provide discounts, payment schedules, and other financial support for patients
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PayZen
Claimed
PayZen
Company Info
Founded: 2019
Headcount: 51-200
Customers
Verified Customers: 12
Customers Served: Hospital / Health System, Ambulatory Practice
Product Overview
Security and Compliance Certifications: SOC 2 Type 2, HIPAA
PayZen is a healthcare payments platform that pays health systems on behalf of patients, then uses AI to create personalized, interest-free payment plans based on patients' ability to pay. It integrates with EHRs and financial systems to ingest relevant patient data, and works with patients to identify the right payment schedule for them.
Cedar
Cedar Pay
Company Info
Founded: 2016
Headcount: 201-500
Customers
Verified Customers: 4
Customers Served: Digital Health Provider, Ambulatory Practice, Hospital / Health System
Product Overview
Security and Compliance Certifications: HITRUST CSF, HIPAA, PCI DSS
Cedar Pay is a patient billing and payment solution that integrates health plan data with provider billing so patients can view and resolve their medical bills, see real-time deductible statuses, and access HSA/FSA balances. For providers, Cedar Pay consolidates statements and explanations of benefits, provides tailored payment options, and automates and optimizes communications using machine learning.
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Clearbalance
Clearbalance
Company Info
Founded: 1992
Headcount: 51-200
Customers
Verified Customers: 6
Customers Served: Hospital / Health System, Health Plan
Product Overview
Security and Compliance Certifications: HITRUST CSF, SOC 2 Type 2, PCI DSS
ClearBalance Healthcare is a patient financing service provider that allows patients to manage their out-of-pocket medical expenses through revolving lines of credit, which can be interest-free or low-interest, making it easier for them to pay their healthcare bills over time. This approach aims to improve patient satisfaction and loyalty while helping healthcare providers accelerate cash flow and increase net collections. ClearBalance offers various solutions, including a patient financing program that helps health systems manage accounts receivable by transferring patient debt into manageable payment plans.
Decoda Health
Decoda Health
Company Info
Founded: 2023
Headcount: 1-10
Customers
Customers Served: Ambulatory Practice, Hospital / Health System
Product Overview
Security and Compliance Certifications: SOC 2 Type 1, HIPAA
Decoda Health is an AI-enabled patient billing and communications platform with a unified dashboard for centralized patient interactions and automated billing and invoicing. Key features include automated balance aging, AI-enabled messaging and calls for payment reminders and follow-ups, and integration with EHR/PMS systems.
Ecton
Ecton
Company Info
Founded: 2023
Headcount: 1-10
Customers
Customers Served: Ambulatory Practice, Hospital / Health System
Product Overview
Ecton is a patient financial engagement platform designed to enhance the payment experience with a combination of advanced payment rails and an AI-driven financial counselor that aids patients in understanding the best payment options, optimizes discounts, and can take payments directly. This AI co-pilot can work alongside existing financial counselors, addressing the significant shortage in health systems.
Flywire
Flywire
Company Info
Founded: 2009
Headcount: 1001-5000
Customers
Verified Customers: 4
Customers Served: Hospital / Health System, Ambulatory Practice
Product Overview
Security and Compliance Certifications: SOC 2 Type 2, PCI DSS
Flywire's healthcare payment platform helps providers offer personalized, affordable payment options to patients. Using machine learning, it predicts patients' capacity to pay and tailors payment plans accordingly. The platform integrates with Epic and Cerner, and uses PayZen’s payment plan technology to support patient financing. It also supports cross-border payments with transparent FX rates and multi-lingual support.
PayGround
PayGround
Company Info
Founded: 2018
Headcount: 11-50
Customers
Customers Served: Digital Health Provider, Ambulatory Practice, Hospital / Health System
Product Overview
Security and Compliance Certifications: HIPAA, PCI DSS
PayGround is a payments platform designed to automate patient billing and payment processes, with features like EHR/PM integration and automated payment reminders. It offers different pricing plans, including a free basic option, to accommodate the diverse needs of medical practices, focusing on reducing administrative burdens and improving payment efficiency
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PayMedix
PayMedix
Company Info
Founded: 2021
Headcount: 11-50
Customers
Customers Served: Ambulatory Practice, Hospital / Health System
Product Overview
PayMedix is a healthcare payment platform designed to help providers receive full payment for in-network services, regardless of a patient's ability to pay. It consolidates billing by issuing a single monthly statement to patients, covering all services from multiple providers. PayMedix also handles patient collections, removing financial risks for providers and eliminating the need for them to pursue unpaid balances. The platform integrates with existing systems without requiring changes to revenue cycle management or claims processes.
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Raxia
Raxia
Company Info
Founded: 2019
Headcount: 11-50
Customers
Customers Served: Digital Health Provider, Ambulatory Practice, Hospital / Health System
Product Overview
Security and Compliance Certifications: HIPAA, PCI DSS
Raxia is an AI patient financial engagement platform, with modules to automate patient account management, optimize patient communications, and accept payments. Raxia Orchestrate automates patient account management across different systems. Raxia Engage uses behavioral analytics to send personalized communication for payments. Raxia Pay offers interactive digital billing to clarify financial responsibilities for patients and improve payment rates.
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Sift Healthcare
Sift Patient Payments
Company Info
Founded: 2017
Headcount: 11-50
Customers
Customers Served: Hospital / Health System
Product Overview
Security and Compliance Certifications: HIPAA
Sift Healthcare's Patient Payments Management system uses AI to optimize the revenue cycle by predicting patient payment behaviors. It offers advanced analytics to determine who will pay, when, and the best methods and frequency for contact. This includes structuring payment plans and identifying charity qualifications.
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Vantage Health AI
Vantage Health
Company Info
Founded: 2018
Headcount: 11-50
Customers
Customers Served: Ambulatory Practice, Hospital / Health System
Product Overview
Security and Compliance Certifications: HIPAA, PCI DSS
Vantage Health offers solutions to enhance the patient financial experience, with features like consolidated bills from all encounters and departments, personalized messages and timing, and modeling to determine likelihood of patient payment versus collections.
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