MediXall Group, Inc. Launches New Flexible Patient Financing Solution
(Fort Lauderdale, FL, May 30, 2018) -- 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.
