NEW HAVEN, Conn., Sept. 30, 2021 – Inbox Health, the industry’s only platform dedicated to solving the growing $2 trillion dollar healthcare challenge of patient billing, patient payments and patient support, has been named to the Inc. 5000 list of fastest-growing private companies in America. The honor comes only five months after receiving its Series A financing.
Inbox Health placed #517 overall on the Inc. 5000 list, #66 among software companies and #1 in New Haven, Conn. Through its primary customer base, medical billing companies, Inbox Health serves more than 2,000 healthcare practices and over 2 million patients. The platform has the ability to collect up to 20% more patient payments as much as 60% faster in the first 60 days. This benefit significantly increases cash flow for both billing companies and the practices they serve and also allows patients to pay their bills within a comfortable, easy-to-follow process.
“We’re honored and delighted to have been named to the Inc. 5000 list and see it as a recognition of an essential value in healthcare,” said Blake Walker, chief executive officer of Inbox Health. “While patient responsibility for healthcare bills used to be less than 10% and was often written off by healthcare practices, it’s now grown to a staggering 30% of revenues due to the preponderance of high-deductible health plans. Healthcare practice management platforms, however, haven’t kept up with this rapid shift. Most practice management systems still provide confusing patient statements, limited payment options and slow response, “boilerplate” collection procedures. At Inbox Health, we saw this problem and have dedicated state-of-the-art development to a highly focused and personalized patient collection platform. Our technology supports all of a billing company’s clients across all of its practice management systems. In fact, Inbox Health virtually automates the patient collections process, reducing the time billing companies spend on patient billing and payments while increasing collections significantly.”
The realities of healthcare financial responsibility are:
30% of healthcare bills are now the patient’s responsibility, up from 10% 10 years ago (1)
83% of physician practices with under five providers said that the slow payment of high-deductible plan patients is their number one collections challenge (2)
81% of practices have difficulty communicating patient payment responsibly (2)
It costs four times more to collect from a patient than from an insurance company (3)
Over 50% of patients said they were either sometimes or always confused by their medical bills (4)
80% of patients said they prefer online channels for payment of their medical bills and yet 86% receive paper statements (5)
73% of providers reported that it takes one month or longer to collect from patients (5)
About Inbox Health
Inbox Health directly addresses one of the fastest-growing problems in healthcare—the challenge of patient A/R. Built for medical billers, Inbox Health automates patient billing and patient payments and modernizes the patient support experience. Inbox Health improves patient engagement by providing clear medical bills immediately after service, choice of payment methods and communication channels, and fast, empathetic support through the phone and live chat. By improving the patient experience, billers see an increase in profitability, cash flow, and collection speeds. With Inbox Health, billing companies report a 60% increase in collection speeds in the first 60 days. Inbox Health provides billing companies an automated, streamlined platform that saves time, reduces paper statement costs, and results in fewer patient phone calls. Inbox Health currently serves over 2,000 healthcare practices and over 2 million patients. Headquartered in New Haven, Conn., Inbox Health was recently named to the Inc. 5000 list of fastest-growing private companies in America. More information can be found at www.inboxhealth.com.
(3) https://insurancenewsnet.com/oarticle/the-rise-of-self-pay-accounts-a-592260
(5) https://www.meddata.com/blog/2017/10/26/medical-billing-statistics/