We sat down with John Adractas, Chief Growth Officer at Simplee to learn more about the company and its plans:
Q: John, could you provide our readers with a brief introduction to Simplee?
A: Everyone has at least one shared experience of being buried by a blizzard of confusing paper bills from a hospital or dreading seeing the price tag on a procedure after it has already been performed because there was no way to know sooner. But it’s not really how we want to engage in healthcare. If you look at different studies, over 75% of all consumers want to use online channels, and 2/3 are interested in mobile channels, but 87% of all patients receive medical bills via the mail. 90% of all consumers want to understand their bill before paying it, but 76% of all patients were confused by their bills. Even hospitals know it’s a problem – one executive at a large system said recently: “I have two advanced degrees, and I couldn’t even figure out our legacy [system].”
We are transforming how people pay for their healthcare by giving them the patient-centric experience they want. Our vision is to make paying for a hospital bill as easy as buying something on Amazon – fast, easy and transparent – by designing the process around their process and needs.
To do that, we’ve built a best in class platform that healthcare providers use to offer a modern, patient-friendly pre-, point-of- and post-service billing and payments experience. Called the Simplee Platform for Patient Financial Care, it engages patients on their financial responsibility in a highly personalized way, matching their needs to payment options beginning at pre-service. The goal is to empower patients to manage their own payments throughout.
Hospitals and patients love the new experience, and the result has been demonstrably happier patients and significantly more profitable hospitals.
Q: You’ve recently announced New Study Tracks Impact of Patient Financial Care to Patient Satisfaction and Hospital Profits; could you tell us something more?
A: We are excited about the results of this study. Forrester Consulting applied its Total Economic Impact methodology to gauge how systems that were using Simplee to improve their billing and payments experience were performing. Over a three year term, the study found that Simplee helped double patient satisfaction for hospitals, delivered investment payback within three months time, and produced a total risk and present-value adjusted benefit of $7.4 million for a 505% return on investment.
This was fueled by a 15% increase in net collections billed after insurance and a 21% reduction in overall costs that included a 50% reduction in call volumes. The quick payback time was enabled by a 2-6 month implementation window, low upfront costs, and near immediate patient adoption of online self service.
Q: Can you give us more insights into your platform?
A: We are very proud of our platform. Not only is it an award-winning technology, but it’s been proven to empower revenue cycle in service to both patients and their providers. We have incorporated a patient-centered design mentality, agile innovation structure, and machine learning on the industry’s first – and massive – network of patients and providers. Our technology and solution empowers patients to take ownership of the payment process, with an average of 30-50% of patients payments being managed through self service channels.
Today, Simplee manages billions in self-pay payments across ten of millions of patients representing thousands of physician clinics and hundreds of hospitals.
Q: What makes Simplee a good choice?
A: Simplee is already a preferred choice for the country’s leading health systems because of our proven technology, validated ROI, and our highly committed, responsive team approach. We deliver solutions for hundreds of hospitals and thousands of physician clinics that represent tens of millions of patients and manage billions of dollars in self-payments. And patients and revenue cycle professionals love it. The results speak for themselves: a 2x increase in patient satisfaction and loyalty scores, a 3x return on investment, and a payback within three months.
One executive commented on the role of financial care in patient satisfaction: “When a patient is satisfied with the financial aspect of their care, they’re twice as likely to pay their bill, they’re twice as likely to return for services, and they’re five times as likely to refer your organization to a friend as a place to get their healthcare services. ”
Q: What are your plans for next six months?
A: Simplee will continue to aggressively expand its footprint with other leading systems over the next six months. We are also preparing to introduce a new, first-of-its kind advanced credit based payment solution for providers later this year.