FORT LAUDERDALE, FL, May 30, 2018 (GLOBE NEWSWIRE) -- MediXall Group Inc., (OTCQB: MDXL), a technology and innovation-driven organization structured to bring effective change to the U.S. Healthcare Industry, announced today the launch of MediXall Finance Group, a new flexible patient financing program to address traditional deductibles and high out-of-pocket expenses that patients face today, including those for services in elective markets, such as dentists, audiologists and surgeons in cosmetic, eye, orthopedic and other specialties.
Designed in partnership with Modern Asset Management, MediXall Finance works with healthcare providers to offer patients affordable, consumer-friendly financing solutions to all patients who struggle with their medical expenses. Beyond the benefit of supplying patients with a viable payment option for their healthcare needs, MediXall Finance also brings providers meaningful benefits. Providers will not have to expend valuable resources on billing, processing or collecting from patients utilizing the Company’s solution, and importantly, they will be able to focus on what matters most: growing their business while delivering high-quality, low-cost care. To assist patients across the credit spectrum, including patients with more challenging credit profiles, MediXall Finance purchases the accounts receivable of patients it deems most likely to repay, based on its proprietary risk-scoring algorithm, at a discount to their stated balance. MediXall Finance has capital committed to fund the launch of this new flexible patient financing program.
“Through our patient financing platform, we are extending our company’s mission to empower our network of providers with unprecedented cash flow flexibility and control, as well as bolstering their ability to offer patients greater options to manage their own healthcare. The existing patient finance solutions in the market are mostly focused on patients with prime credit scores, but MediXall Finance extends these offerings all the way across the credit spectrum from prime to subprime,” said Michael Swartz, President of MediXall.
With the ongoing shift in financial responsibility, many patients are left untreated or with an unplanned financial burden. According to a recent industry report, consumers’ out-of-pocket healthcare costs have risen from $250 per year in 1980 to $1,813 in the fourth-quarter of 2017. Compared to a year earlier average out-of-pocket healthcare costs increased 11% during 2017. Additionally, out-of-pocket spending is expected to reach $608 billion in 2019. Healthcare providers will then incur the cost of managing patient responsibility over time, which is complicated by legacy technologies built to service insurance payors as opposed to individual receivables. As a result, A/R and bad debt increase, while patient satisfaction scores plummet. Through MediXall’s consumer-friendly loan program, patients can secure payment options for their care or needed/elective treatment and healthcare providers improve the financial performance of their practice, while increasing patient satisfaction and loyalty.
“As patients bear more and more financial responsibility for their healthcare, success in managing self-pay portion of accounts is critical to a provider’s financial health, improving patient satisfaction, and maintaining compliance. We developed the MediXall Finance Solution to deliver on all three,” says Steve Hodgdon, Modern Asset Management’s founder. Mr. Hodgdon brings 38 years of credit experience with two decades of success helping hospitals and other healthcare providers improve their accounts receivable performance.
For more information, please visit www.medixallgroup.com or call (954) 908-3481.
About MediXall Group, Inc.
MediXall Group is a technology and innovation-driven organization purposefully designed and structured to bring effective change to the U.S. healthcare industry that is actively trading on the OTCQB under the symbol “MDXL.” The Company believes its revolutionary approach will help drive much-needed change that it envisions is needed in the current healthcare system. The mission of the MediXall Group is to revolutionize the medical industry by improving communication; providing better technology and support services; and enabling more efficient, cost-effective healthcare for the consumer. By approaching the healthcare ecosystem as a whole, MediXall creates, invests and incubates companies that embody its mission statement.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company’s current plans and expectations, as well as future results of operations and financial condition. Specifically, the Company’s ability to raise additional capital, execute its business plan and strategy, sustain or increase gross margins, achieve profitability and build shareholder value are forward looking statements. A more extensive listing of risks and factors that may affect the Company’s business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.