Modern Cost Effective Payment Solutions for Healthcare Payers and Plan Administrators
ATLANTA–(BUSINESS WIRE)–Medxoom, the Atlanta-based B2B Health Benefits Platform, announced today the release of a comprehensive Payments suite for Healthcare Payers and Plan Administrators.
Medxoom’s Payments platform closes the gap between Healthcare Plan Members and Providers. Medxoom licenses its brandable platform to Healthcare Plans and Benefit Administrators, offering a unified member engagement experience, tying all plan components and payments into a single unified experience.
“Healthcare Plan-to-Provider Payments have been a fragmented, asynchronous patchwork of processes that include eligibility determination, pre-authorization, claims adjudication, slow and costly remittances, and finally billing patients for net due amounts for decades,” says Jeff Toewe, Medxoom CEO. “Legacy healthcare payments processors are just getting around to ACH vs. paper checks now. Yet the fundamental disconnect between Plan, Member and Provider still persists. Medxoom closes this gap; we engage Healthcare Plan Members directly, in real-time, enabling them to discover Healthcare services, offering a clear picture of their price and payment options for these services.”
“Plans using Medxoom PricePoint and Medxoom SPC can offer Members the ability to discover prices and also a real-time, paid-in-full experience for common Healthcare services. We’ve eliminated the very fragmented and months-long processes of pre-authorization, claims adjudication, remittances, and patient responsibility collection. Sending real time paid in full Members to Providers also eliminates the need for Providers to chase Patients for net due balances, driving more favorable price offerings.”
“We’re pleased to be supporting the modernization of the Healthcare Payments experience. It’s a big market, and it’s long overdue. All constituents in the Healthcare ecosystem deserve more streamlined payments,” says Dean Hatton, Partner at Las Olas Venture Capital.
Medxoom’s platform helps Healthcare Plans and Benefit Administrators to offer a fully modern member experience with multiple features to help drive cost savings, including PricePoint cost discovery, integrated Telehealth, Concierge and Payments modules. Health Plans and TPAs can effectively respond to the “Amazon effect,” wherein Consumers demand usability, clarity and efficiency in their shopping experience, delighting Members with a best of breed mobile and web experience.
Medxoom is currently working with multiple Healthcare Plans and Benefits Administrators to launch at scale by EOY 2020.
“Combining price discovery and streamlining payments via frictionless methods is key to cost containment in the US Healthcare system. It’s the next logical step in powering a more transparent, efficient marketplace model and we are happy that our customers are embracing this enthusiastically,” says Shankha Basu, Medxoom COO and lead Data Scientist. “We’re driving measurable savings for all players in Healthcare.”
Medxoom powers Modern Healthcare Marketplaces. Medxoom licenses a comprehensive white label engagement and payments platform to healthcare plans and benefits administrators. Medxoom unifies the health benefits experience. We make it easy for Members to navigate their benefits to make better healthcare choices – saving time, money and hassles.
Medxoom is backed by leading venture funds Las Olas Venture Capital and TTV Capital.
About TTV Capital
TTV invests in fintech businesses that serve the widely varying needs of the financial services sector and the consumers of financial products. Our team of experienced technology and financial services professionals has extensive experience as venture capitalists and highly relevant industry operating expertise acquired across multiple economic cycles. We create value for entrepreneurs and investors by using our knowledge, experience, and relationships to help businesses grow and succeed.
About Las Olas Venture Capital
Las Olas VC is a B2B focused, early-stage investment firm backing the next generation of enterprise tech founders. Las Olas VC’s mission is to provide capital leveraging its extensive operating experience and network to help B2B founders win. Dean Hatton, Esteban Reyes, Paul Tanner and Mark Volchek are the Founding Partners of Las Olas VC.