Balance sheet lender LendingPoint and health insurance technology provider ezVerify have collaborated on a new service they hope will make medical expenses more manageable. The service, ezCarePoint, will help patients predict out-of-pocket expenses and apply for flexible payment plans and loans to cover the cost of medical procedures.
The two companies cited a Commonwealth Fund report which found more than 30 million Americans do not obtain necessary medical attention due to fears over cost. The blend of the two companies’ technologies will help patients confirm their level of coverage and payment responsibilities before any procedure takes place, thereby avoiding any unpleasant financial surprises. Should the patient not have the money on hand to cover the procedure, they can apply for a loan and payment plan on the ezCarePoint platform. A decision comes in seconds and should it be an approval LendingPoint will pay the loan proceeds to the practitioner within one business day.
“Informed patients are happier patients,” said Dr. Gerald Glass, co-founder and chairman of Automated HealthCare Solutions, ezVerify’s parent company. “In the current environment, it’s very difficult for patients to know what they’re required to pay. And for hospitals and practitioners, this leads to administrative headaches, frustrating calls, and unpaid bills. ezVerify takes the guesswork out of medical costs, and working with LendingPoint, we can now make it easier to pay for much-needed medical procedures.”
Learn more about LendingPoint in this Bankless Times feature story.
ezVerify’s insurance verification platform combines data bases of insurance providers, hospitals and medical providers to standardize response types and contracted rates from payors and service types from practitioners. This helps predict patient responsibility while reducing administrative costs related to insurance verification and unpaid bills.
ezCarePoint will be available online and on iOS and Android devices before being offered by select healthcare providers by 3Q17.