JUPITER, Fla., April 12, 2017 (GLOBE NEWSWIRE) -- tevixMD (www.tevixmd.com), the leading provider of comprehensive, real-time healthcare payment and patient identification solutions, today introduced tevixPAY™, the company’s new patented healthcare payments offering. The breakthrough platform was designed from the ground up to solve one of America’s most pressing economic issues — skyrocketing healthcare co-pays and deductibles leading to uncollectable receivables for healthcare providers.
In tandem with rapidly increasing health insurance premiums, deductibles are exploding for most Americans — oftentimes doubling year-over-year. This phenomenon is a double-edged sword since many consumers can’t afford to pay high unexpected medical bills needed to cover their deductibles, which means many healthcare providers simply don’t get paid.
tevixPAY is a hassle-free service that works in conjunction with the tevixPAS™ Patient Admit System. Together, the solution collects accurate, real-time information for each patient including identity validation, benefits status, insurance plan data, and up-to-the-minute co-pay and deductible status. Now, instead of waiting weeks for insurance carriers to determine a patient’s financial obligation for a given medical procedure, tevixPAS does the math in seconds during patient check-in. Armed with this real-time information, providers can accurately request upfront payment from patients at time-of-service to ensure payment.
Key Benefits
For Healthcare Providers
- Provider decides how much they want to collect and cost-of-service, by knowing real-time co-pay and deductible status
- Receive cash within 24 hours
- Reduce pay resistance
- Ability to track patient payments via the tevixPAY dashboard
- No software or hardware
- No installation or IT involvement
- No capital expenditure
For Patients
- Patient is presented with options to pay bill immediately, or spread payments over 10 months at no interest
- Affordable and automatic payment plan
- Eliminates the hassle of personally negotiating payment plans with providers
- 10-month, interest-free financing
The new tevixPAY service is a simple yet powerful solution for instances where the patient is not able to meet their financial obligation at appointment check-in. Using only a credit card, patients can receive interest-free financing for 10 months in just minutes, and providers are paid in-full within 24 hours for services rendered. Now, with tevixPAY, consumers have on-demand access to interest-free financing and healthcare providers across the country get paid in hours instead of weeks, months, or never.
“In years past, insurers paid the vast majority of healthcare costs and patients paid a small portion. Today that equation is flipped and patients pay the majority of expenses for much of the plan year,” said William Todd Andros, Chief Operating Officer and founder of tevixMD. “In this new paradigm, patients are oftentimes surprised a few weeks after a procedure by an invoice they can’t afford, and providers may never get paid for their services. We are delighted to announce tevixPAY as a valuable and much-needed solution to some of the healthcare industry’s most pressing issues for both consumers and providers.”
One of tevixMD’s laboratory customers, South Bend Medical Foundation, will formally present and discuss the tevixMD solutions at the 22nd Annual Executive War College on May 2-3 in New Orleans. To schedule a meeting or demo with Andros during or after the conference, please contact Tiffany Christoffers at (561) 312-5788 or tiffanyc@tevixMD.com. For more information on Executive War College, please visit http://www.executivewarcollege.com/.
About tevixMD:
Founded in 2015, tevixMD is on a mission to dramatically improve the financial landscape for healthcare providers and ensure healthcare provider’s get paid. tevixMD empowers providers with tevixPAS, a powerful yet easy-to-use cloud-based platform that quickly validates each patient’s health insurance deductible status and accurately calculates each patient’s out-of-pocket expenses prior to service. tevixPAS is being used by healthcare providers throughout the U.S. and Canada including laboratories, MRI providers, urgent care clinics, hospitals, ambulances, emergency responders, and more. To learn more, please visit www.tevixmd.com.
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