Healthcare payment solution company SwervePay has acquired StatPayMD, a cost transparency group, in order to provide information and price transparency tools to consumers, the companies said this week.
Monetary terms of the deal were not announced.
Formerly Symbiosis Health, StatPayMD was borne of Blueprint Health, a healthcare IT accelerator in New York. The company offers a tool that helps patients understand different payment options and allows patients to pay bills on the go. Its tools revolve around one-click text message payments without mobile apps or paper. The platform also simplifies some aspects of the revenue cycle process for providers and health systems.
[Also: Price transparency an important factor in cutting healthcare costs, study finds]
Citing research from management consulting group McKinsey, SwervePay said that most negative reviews for healthcare providers stem from surprises in one's medical bills, not bad patient care. Ninety-two percent of insured patients are both willing and able to pay their out-of-pocket medical expenses, but 15 cents of every dollar are lost on claims processing, payments, billing and revenue cycle management -- totaling a nearly $300 billion loss for the healthcare industry each year, according to the research.
As a solution, SwervePay suggested educating patients about their insurance plans and offering easier payment choices.
StatPayMD's analytics engine blends eligibility data culled from health plans with providers' negotiated contracts and claims history to offer patients personalized cost estimates.
SwervePay launched in 2010. In February, the company announced it completed a $10 million Series B funding round, led by Chicago-based Garland Capital Group.
Twitter: @JELagasse