The Nilson Report, a leading publication covering payment systems worldwide, recently published an article on Sphere’s integration with VisitPay.
Click to read the full article.
Below is an excerpt.
Text to Pay in Healthcare
In 2000, the out-of-pocket expense for medical services received by workers with employer-provided health insurance ranged from 2.5% to 5% of the yearly total. In 2020, individuals with employer-provided or private insurance will be responsible for 20% to 35% of the cost of the healthcare they receive. For providers of healthcare, particularly hospitals connected to physician groups and a full range of related service providers, this means that 20% to 35% of their total revenue must be collected directly from the consumer.
Managing payments for large integrated healthcare providers is the business of VisitPay, formed 10 years ago by former Capital One credit card executives. Its software-as-a-service (SaaS)-based VisitPay platform is provided on a white-label basis at the website of the healthcare provider. It combines charges from hospitals and physician groups to present a single invoice to the patient, minus any payments covered by insurance companies.
This is a guest post from the team at VisitPay.
See how Sphere and VisitPay enable health systems to meet consumer expectations through Text to Pay.
In this Q&A, Vincent Martino, Chief Product Officer & Co-Founder of VisitPay, talks about the impact of the partnership on the patient financial experience.
Why is it important to offer financial support to patients via their mobile devices?
Vincent Martino: Offering mobile-enabled tools to manage and self-service healthcare billing obligations has become a baseline capability for any financial engagement strategy. Demand for a text to pay solution is clear through our continual extensive consumer research. In fact, about 50% of our VisitPay platform logins today are from a mobile device with some of our clients seeing that number approach 60%.
Many variables determine how patients manage bills and the best way to engage with these patients. Because patient preferences vary so broadly, health systems need to consistently provide patient-tailored and accurate financial information across multiple channels of communication. A one-size-fits-all billing strategy lacks the flexibility and personalization required to meet people where they are in their lives.
Now that many people – and not just younger generations – manage their lives through their mobile devices, more consumers expect to be able to manage their healthcare needs anywhere, anytime, and on their own terms. Most industries, including healthcare, are investing considerable resources to reach and engage with consumers through mobile devices.
Why is Sphere the right partner for VisitPay and how can this partnership benefit health systems and their patients?
Martino: We view Sphere as a market leader in payments technology, security and compliance. We’ve been working with Sphere for over six years to process payments securely on behalf of our health system clients. Together, we have launched a mobile payments solution called Text to Pay, which allows health systems to securely accept patient payments through text messages while integrating seamlessly with existing EMR platforms, like Epic. This solution gives patients an additional, convenient way to pay their healthcare bills.
What kind of health system can VisitPay and Sphere best serve?
Martino: Both VisitPay and Sphere are adept at serving large, multi-facility health systems. At VisitPay, we serve some of the largest health systems in the nation including Intermountain Healthcare, Texas Health Resources, Henry Ford, and Inova. These healthcare organizations typically already have a patient payment approach in place and are looking to open up new channels to collect payment easily and in a way that’s convenient for the patient. Another important aspect for our clients is that our platform is tightly integrated into their existing EMR providing ease for staff and a unified experience for patients.
How does it work and what are the key capabilities of Text to Pay?
Martino: The patient begins by opting into Text to Pay and storing a secure payment method. VisitPay monitors all billing activity and sends an automated notification via SMS when there is a new balance to pay. The system provides a great deal of flexibility in that patients can actually pay one or more balances at a time. For example, they can pay full or partial balances, create payments over time and set a payment threshold.
The system also has intelligence built in and uses automated text bot responses based on what the patient is trying to do. This gives the patient on-demand information should questions emerge while making payments. These text bots also share important information that a patient might require during the process, reducing the need to contact the health system call center.
All messaging to the patient, as well as text frequency, is customizable by the health system and configurable by the user.
How does Text to Pay help health system operations?
Martino: When patients are given self service tools, inbound calls to the health system drop significantly. Calls to make payments over the phone become less frequent, and fewer questions arise about how much patients owe since patient’s have insight and clarity around their bills.
An additional way Text to Pay supports health system operations is by having all payments automatically post back to the core billing system. This alleviates any need for manual intervention typically required for payment posting by revenue cycle staff. We also have created advanced proprietary logic to ensure no credit balances are created like many manual and automated payment methods do today.
What are the financial benefits for the health system offering Text to Pay?
Martino: One of the biggest advantages of Text to Pay for a health system is getting paid faster. Text to Pay is based on automated alerts to patients, who naturally pay faster because notifications come directly to their phone, the device through which they manage their everyday lives. They schedule appointments, plan their social lives, order products and services, and manage their money through their phones. We know that patients are very responsive to texts and through the Text to Pay solution they will be alerted once their balance becomes known. With patients paying faster we anticipate days AR to go down.
How hard is it for a health system to implement Text to Pay?
Martino: We’ve designed this to be very easy to implement. It’s meant to be fully complementary to existing tools so it can be plugged into any existing payment portal, including MyChart. It doesn’t disturb or disrupt any payment solution already in place today. Additionally, deployments are easy. Some basic data is needed from the health system before automated notifications to patients can begin, and in turn we send data back to the health system for posting and reconciliation purposes . This can all be done in real time if the health system has those capabilities.
How can Text to Pay positively affect the patient’s financial experience?
Martino: There are patients who want a fast, flexible experience and are comfortable paying from their phones. Text to Pay meets these patients where they are and in how they want to pay. We know that when patients are given options on how to pay, net promoter scores increase which in turn generates loyalty between patient and health system.
How does Text to Pay fit into and complement the broader VisitPay solution?
Martino: Text to Pay is one component of a much larger patient financial experience platform that incorporates machine learning, advanced analytics and the ability to capture data across ambulatory and acute-care billing systems. Through all our products, health systems can surface granular insights into patient preferences and expectations. This gives them the ability to present the right offer at the right time to each unique patient, while adhering to the health system’s policies. This ultimately drives higher patient satisfaction along with higher payments.
See Text to Pay in Action
To learn more about Text to Pay, click here to set up some time with a Solutions Consultant. If you are going to be at HIMSS, stop by booth #2488 to see it in action.
Solution enables health systems to meet consumer expectations for mobile payments while complementing EMR functionality.
Nashville, TN, February 27, 2020—Sphere, Powered By TrustCommerce, a leading provider of end-to-end integrated payments and security software, today announced a new collaboration with VisitPay, the leader in patient financial engagement. Together, they have launched a mobile payments solution called Text to Pay, which offers healthcare providers the ability to securely offer and accept patient payments through text messages. This innovative solution complements existing payment channels already in place to give patients an additional, convenient way to pay their healthcare bills.
Offering mobile-enabled tools for patients to manage and self-service their medical expenses is essential for healthcare providers. With the rise of high-deductible health plans and co-pays, patients today are responsible for a greater percentage of their healthcare bills. Further, consumers’ perceptions of their healthcare experience are heavily influenced by the level of transparency and convenience provided by the billing experience. People manage their lives through their mobile devices and healthcare is no different. Consumers expect to manage their healthcare needs anywhere, anytime.
Consumers are already demonstrating their preference for mobile channels. Up to 60 percent of VisitPay platform logins are now made through a mobile device, and rapid adoption of this new Text to Pay solution is expected. “Our patients are looking for mobile payment solutions,” commented Mike Weed, senior vice president of financial operations at INTEGRIS Health. “It is important that healthcare financial leaders meet consumer expectations for a contemporary financial experience.”
To meet this demand, Text to Pay combines Sphere’s leading secure payments platform with VisitPay’s patient-centric expertise in a first of a kind solution to enable health systems to take payments over SMS without exposing any sensitive card or patient information, and utilizing a card token already collected from the patient. Without needing to download another app, consumers can pay single visits or multiple visits at a time, using credit, debit, or ACH. Payments are posted automatically to the corresponding visit in the billing system, ensuring convenience and efficiency for the provider revenue cycle team.
“Through our partnership with Sphere we can help health systems offer convenient and secure payment channels to their patients,” said Kent Ivanoff, chief executive officer of VisitPay. “Mobile access to the VisitPay platform already exceeds traditional desktop usage in some regions of the US. Text to Pay is an important solution for health systems looking to meet consumers where they are, without disrupting the core EMR environment.”
“As the payments ecosystem continues to expand and extend to new frontiers, security has to be first and foremost,” said Anthony Lucatuorto, chief revenue officer of Sphere. “We have deep experience working within EHRs like Epic and are excited to offer this complementary solution that will help our clients by integrating with their existing platform in a secure and compliant way.”
Sphere and VisitPay serve many of the most recognized large, integrated health systems composed of acute facilities, ambulatory service, and every physician specialty. VisitPay’s clients represent a total of $60 billion in annual net patient revenue.
Visit booth #2488 to see the Text to Pay demo during HIMSS Global Health Conference & Exhibition, March 9-13, 2020 in Orlando.
Sphere, powered by TrustCommerce, is a software and financial technology company providing integrated solutions that reduce friction and facilitate better and more secure commercial interactions with customers in specialized verticals markets, primarily healthcare, non-profit, transportation and education. Sphere’s integrated payments technology and security software enable its clients to process payments in a way that is highly secure and compliant, integrated with their core business software, omnichannel, and processor-neutral. Sphere’s partner-centric focused payments solutions serve small, midsize and enterprise level businesses and software companies in the U.S., Canada, and Australia. Follow us on Twitter and LinkedIn. For news and thought leadership, visit the Sphere Blog.
Founded in 2010, VisitPay is the leader in patient financial engagement. The company’s cloud-based platform is used by the nation’s largest and most innovative health systems to deliver transparency, choice and control to patients managing healthcare payments and transactions. Through VisitPay, patients can access a comprehensive accounting of their financial obligations, as well as critical health plan and healthcare information, via a health system-branded portal. VisitPay’s proprietary analytics tailor consistent and fully compliant financing options that meet the unique needs of patients and their families, creating a simplified billing experience that drives both higher payment rates and improved patient satisfaction scores. VisitPay’s investors include Norwest Venture Partners, Flare Capital Partners and Ascension Ventures. For more information about VisitPay, visit www.visitpay.com. Follow us on Twitter and LinkedIn. Visit our Company Blog to access case studies, thought leadership and news.
This is a guest post from our non-profit partner Qgiv.
Hospitals and other healthcare organizations work day and night to ensure they offer the best service and medical experience for everyone involved. Because health organizations are often busy with a never-ending flow of patients and high-intensity tasks, they often don’t have time to really think about their own needs.
That is why healthcare fundraising is crucial for health organizations. Running a medical-based organization takes an incredible amount of resources. You need a great fundraising program in order to support your foundation’s philanthropic goals, serving your community and staff.
Sphere is proud to partner with Qgiv and is working toward making fundraising accessible and meaningful for health organizations. With Qgiv’s comprehensive fundraising platform, healthcare fundraisers can oversee the entire donation process, engage with past patients and active supporters, and boost their overall fundraising revenue.
Ensure your health organization has all the resources it needs! Here are some ways you can use Qgiv to supplement your healthcare team’s fundraising efforts; you can:
- Securely process online donations.
- Engage donors with peer-to-peer fundraising.
- Invite top supporters to a hospital fundraising gala.
- Motivate giving with text fundraising.
- Easily oversee capital campaigns.
Read on to learn about how you can take advantage of Qgiv’s software and increase fundraising for your health organization. Let’s get started!
Securely process online donations.
These days, offering online donations is more of a necessity than a nice bonus. According to PewResearch, 90% of Americans are active Internet users—your potential donors are active on the Internet! Additionally, the last thing on your patrons’ minds is making a stop at the donation office to drop off a check while they’re in your hospital. An online donation might be the only way they’d make a gift.
With fundraising software like Qgiv, processing online donations and gifts have never been easier. You can customize the online donation form to a specific campaign and even brand it to your health organization with your unique colors and your logo.
With these other features, your online donation form will encourage donors to complete that donation:
- Easy-to-use form builder. You don’t have to be a coder to create the perfect donation form for your healthcare organization. The form builder makes it easy to customize your donation form so you always get critical donor information without wasting your donor’s time with unnecessary fields.
- Recurring gift options. Donors often want to thank your health organization in a generous way, but can’t afford to do so all at once. Include a recurring gifts option so donors can space out their contributions in a way that’s convenient for them. Recurring donations have the added benefit of providing is consistent, predictable support for your health organization.
- Suggested giving amounts. This is a great way to inspire your donors to give a little more than they might have originally. Sometimes, a potential donor won’t know exactly how much to donate, get overwhelmed trying to make a choice, and end up closing the window without making a gift. Offer a few suggested giving amounts with associated impact statements to help them decide how much to give and show them what their money can achieve.
- GiftAssist. When someone makes an online donation, the nonprofit has to pay a processing fee. With Qgiv’s GiftAssist, donors can choose to offset that fee by adding a couple of dollars to their gift. This is a popular option! Right now, around 55% of donors make this additional gift if their favorite nonprofit gives them the opportunity.
- Secure payment processing. You can use Qgiv and Sphere payment solutions together for safe, secure payments. Qgiv was the first online fundraising software to become Level 1 PCI Compliant, so you know your donors’ financial information is in safe hands. Qgiv’s top-notch security is reinforced by their streamlined forms that can be branded to match your individual nonprofit.
Qgiv not only gives you the tools to create the online donation form that suits your efforts best, it also empowers your donors with multiple fundraising options and facilitates them in a safe and secure way.
Engage donors with peer-to-peer fundraising.
A great way for hospitals and other healthcare organizations to raise support is to run a peer-to-peer fundraising (P2P) campaign. A P2P campaign is especially great for healthcare organizations that engage volunteers; each volunteer likely has their own personal story about how they’re connected to your institution. Let your supporters express this to their own network of friends and family and fundraise on your health organization’s behalf!
Though you can technically conduct P2P campaigns without any outside tools, most nonprofit organizations will invest in a platform specifically for these efforts. With a fundraising solution like Qgiv, you also have access to their top peer-to-peer features. When you use their peer-to-peer platform, you can:
- Give each P2P volunteer their own branded online donation page. Customize these pages to fit your overall campaign, then let each volunteer add their own photos, testimonials, and stories about why your health organization and fundraiser is important to them. This way, their own friends and family instantly feel more connected to your cause because they share a personal link to your work.
- Encourage more fundraising with gamification elements. Qgiv gives you the tools to motivate your volunteer fundraisers, including a leaderboard showing top fundraisers, fundraising thermometers, fundraising badges, and more. When P2P volunteers see how close they are to being first in the leaderboard or see how much money is left until your end goal, they’re encouraged to stay active in the fundraising process.
- Each P2P volunteer can easily share their individual fundraising page on social media and can even schedule posts in advance. You can make sharing on social media even easier for your participants; Qgiv provides the option to built pre-written social post templates that can be tweaked and published by individual users.
- Monitor all fundraising activities from one central platform. Qgiv’s control panel allows you to oversee your fundraising participants, their teams, and your progress in real-time.
Empower your supporters by letting them fundraise for you. Just ask VISTE! VISTE, Volunteers in Service to the Elderly, is an organization that helps the elderly travel to doctor appointments, provides in-home meals and food, and more. With Qgiv’s tools, they were able to raise around $30,000 during their last peer-to-peer campaign.
Invite top supporters to a hospital fundraising gala.
Hospitals and other health organizations often host live fundraising galas in order to raise awareness for a cause, collect money for a project, announce an exciting change, or recognize their top donors.
But managing registration, planning the gala festivities, and ensuring each guest is properly engaged, can make event preparation a long and difficult process.
Take the stress out of planning and managing your hospital fundraising gala with Qgiv’s event management software. Consider how these top features can elevate your fundraising gala:
- A variety of registration options to meet the needs of all your supporters. Let people register in groups (like for a family) or as individuals! You can also create certain packages for guests registering as a table and even offer discounts and promo codes to top supporters.
- Social sharing options on your event form. Make it easy for potential guests to share your event with their friends and family.
- Easily-incorporated auction features with Qgiv’s auction tool. By including a silent auction element in your gala, you can auction off interesting items and let your guests bid in real-time (from their phones). Qgiv’s mobile app makes it easy to streamline the registration, check-in, and post-auction checkout process.
A live fundraising event is a great way to bring together your supporters and donors and remind them of the good your healthcare organization has accomplished! Make sure you have all the necessary tools to plan this quickly and efficiently.
Motivate giving with text fundraising.
One of the best ways to increase fundraising for any nonprofit organization is to provide multiple giving channels for different groups of donors. A popular channel includes mobile solutions for giving. Another PewResearch study found that 96% of Americans own mobile phones. A vast majority of people have near-constant access to mobile phones and are highly likely to use a tool like mobile giving.
Qgiv has dedicated software to make text fundraising and mobile giving as easy as possible for nonprofit fundraisers and donors alike. Your healthcare organization can take advantage of different types of text fundraising that Qgiv supports:
- Text-to-Donate: This simple donation method involves donors initiating a gift via texting a campaign keyword to a designated shortcode. Donors enter the amount they want to give and are presented with a link to a mobile form to officially complete the gift.
- Outbound Text Messages: Outbound text messaging is a powerful way to make urgent requests, share information about upcoming events, remind donors to finish their mobile gift, or provide updates on a fundraising campaign. Qgiv’s outbound text messaging tool makes it easy to build and manage lists so you can reach the right donors at the right time.
- Bill-to-Carrier Text Donations. This traditional text giving style involves a donor sending a keyword to a text shortcode. Instead of finishing their transaction on a mobile donation form, the predetermined donation amount is billed to the donor’s cell phone bill. Later, their carrier transfers the donation to the charitable organization.
Text-based mobile fundraising is not only simple to set up but also gives your donors a chance to give wherever and whenever they want to.
Easily facilitate capital campaigns.
Hospitals and other health organizations often need to raise money for larger projects like building renovations or new medical tech. Those large campaigns usually require large-scale fundraising efforts that involve more than just a simple online donation page. This is where capital campaigns come in.
A capital campaign is a focused effort to raise a sizable amount of money within a certain timeframe. This type of campaign usually funds high-cost changes that will help your organization run more efficiently and continue to offer the highest quality services. It often takes years to reach a capital campaign’s fundraising goal.
Capital campaigns typically include multiple fundraising efforts, including events, online and offline fundraising, and text-fundraising channels. That is why a comprehensive solution like Qgiv might be the best choice for this kind of large-scale campaign. Your healthcare organization can integrate the software with your CRM and:
- Capture the necessary donor information. Using your online donation forms, event registration pages, and other giving methods, you can accurately record each donation with the appropriate details alongside it. You’ll gradually build a list of people who supported this capital campaign, which will leave you plenty of opportunities for future engagement. For instance, prioritize engagements with those who gave substantial gifts to see if they could be cultivated into becoming major gifts donors.
- Keep up communication with donors. As the campaign progresses, use the donor data in your CRM to continue donor engagements, including thank-you messaging, progress updates, and more. You can even send them matching gift information if you think their gift can be doubled by their employer.
- Vary your fundraising efforts. Get creative with your capital campaign! You can conduct peer-to-peer campaigns, start a mobile fundraiser, and even host an auction! No matter what you choose to do, all that data will be safely centralized in your CRM to review it whenever you want.
- Review campaign progress in real-time. Use Qgiv to create custom reports and track specific statistics so you can see how you’re doing as the campaign progresses. You can also use Qgiv’s FundHub tool to aggregate data from individual campaign events, donation forms, text keywords, and more. Getting a birds-eye view of all your fundraising activity will help you identify areas to improve and track which methods are performing best.
With Qgiv on your side, you’ll be able to successfully manage your entire capital campaign from one place and easily pinpoint areas for improvement or of success. Reach your fundraising goal and help your capital campaign objective come to fruition with this comprehensive solution.
The Sphere teams will be out and about at a variety of payments and industry events. Stop by and see us! Learn more about our end-to-end integrated payment solutions, security software, payments gateway and merchant acquiring products and services.
HFMA Symposium Region 10
January 12-15, 2020 | Las Vegas
WRUG Winter Conference
February 20-21, 2020 | San Diego
March 9-13, 2020 | Orlando
Parking Industry Exhibition
March 22-25, 2020 | San Diego
OCHIN Learning Forum
April 27-29, 2020 | Portland