If you’ve been paying attention to the healthcare news recently, you probably know that things don’t look good.
The global pandemic has combined with inflation to drive up the price of healthcare. Investopedia reports that U.S. healthcare spending during 2020 was nearly $4.1 trillion, or $12,500 per person. By 2028, these costs are expected to climb to $6.2 trillion, roughly $18,000 per person.
While we can all agree that healthcare shouldn’t be only for the wealthy, few of us know what to do about it. And as the price of healthcare continues to rise for both patients and providers, it has become the mission of one of CSTMR’s clients to help everyone get affordable access to quality medical care.
AccessOne makes affordable healthcare a reality for all. With an innovative, mobile-first payment platform, they are making healthcare more accessible for patients while also helping providers improve their revenue cycle management.
We’re excited to share AccessOne’s story with you, and tell you all about what they’re doing to completely change the patient payments experience.
Let’s dive in!
An Advocate for Both Patients and Providers
How incredible would it be if you found an amazing doctor, knew exactly what you had to pay, and had options for paying?
This is exactly the patient payments experience AccessOne wants everyone to have. They believe a healthy balance between patient payments (the financial lifeline of most healthcare providers) and affordable healthcare is not only possible, but that healthcare financial literacy is a core tenant of effective patient care. It’s a true shift in the healthcare industry: extending care from appointment to payment.
Especially today, AccessOne’s mission proves extremely valuable.
Record inflation is forcing consumers to stretch their resources further than ever before, with income going towards basic necessities like housing, food, and fuel, while healthcare bills fall by the wayside. In fact, a recent AccessOne survey revealed that more than half of respondents put off medical care altogether to avoid an additional bill.
If patients are unable to pay, the debt then passes to healthcare providers, who are also facing rising costs and extreme labor shortages.
“Our purpose here is to solve payment problems for patients and providers, so that families can live their healthiest lives through more affordable and accessible care,” says Mark Spinner, CEO of AccessOne.
In an age of increasing polarization, AccessOne is rare in that it is an advocate for both providers and patients—helping the former manage their revenue cycles, and assisting the latter as they navigate the complex world of patient payments.
Mark Spinner: Leading the Charge
AccessOne’s CEO, Mark Spinner, lies at the intersection of healthcare, finance, and technology. His unique background involves a combination of entrepreneurial, executive, and finance experience in private and public capital markets.
Since taking the helm in March 2016, AccessOne has become the national leader in technology-enabled healthcare payments solutions. He is responsible for developing the strategy and framework to scale AccessOne nationally, which led them to be named the 2020 KLAS Category Leader in Patient Financial Services.
Mark’s passion and motivation comes from a desire to close the financial gap for consumers in the healthcare affordability crisis.
To hear Mark speak of his experience and AccesOne’s mission in his own words, check out his recent interview with Slice of Healthcare.
Removing Payments Pain Points
Most patients want to meet their financial obligations, but historically, existing systems have made it difficult. Often, we still have to dig through a pile of papers to find our medical bill, or worse, find an actual checkbook like it’s 1999 to pay it.
Paper statements, a lack of transparency with respect to charges, and few options for extended payment plans—paying a medical bill can be a logistical nightmare.
For providers, the rise in popularity of high deductible health plans means healthcare systems are carrying a staggering amount of debt, with 46% of revenue cycle teams behind on their revenue goals. Couple this with an overworked, overwhelmed, and understaffed facility, and it’s a recipe for disaster.
Consumers are not only confused about how much of their care they will be responsible for, but 40% are only somewhat satisfied or not at all satisfied with affordable options for payment—and one out of three say communication regarding available payment plans for their bill could be improved.
AccessOne MobilePay Changes Everything
Enter AccessOne. They have worked tirelessly to define the most common payments pain points, and developed a single solution to solve them all.
With their new MobilePay platform, patients can pay their bill from wherever they want, whenever they want. And, better yet, there’s NO login, NO app to download, and NO password.
It works like this:
- After a medical visit, a text message informs a patient that a payment is due.
- The patient taps the link in the text message.
- The patient can pay in full and immediately receive confirmation, or opt into an extended payment plan that they can manage directly from their mobile device. No phone call or human contact required.
Crazy simple, huh?
The results are, as you would expect, pretty incredible for both patients and providers:
- Making a payment is so effortless that 37% of users who make a payment do so within 24 hours.
- One healthcare system had a 20% reduction in call center volume after partnering with AccessOne.
- Within seven days of receiving the first MobilePay notification, 81% of patients make a payment.
With AccessOne, both patients and providers win.
How CSTMR Helped Redefine the AccessOne Identity
With the help of CSTMR, AccessOne’s brand successfully pivoted from being a more traditional patient payments provider to a fintech healthcare payments solution.
Together, we developed a new brand, complete with web and digital strategies to support long-term sustainable growth. We executed a strategy to nurture and move high-value decision makers through the funnel, from lead, to prospect, to customer.
AccessOne wanted to stand out from the crowd, with a focus on how they make the lives of patients better by allowing them to pay anytime, from anywhere. The rebranding reflected the commitment of AccessOne to a modern patient payment experience with a fun, friendly, and relatable approach.
As their new website just launched in the third quarter of 2022, there is so much more to come from our partnership. We can’t wait to see what happens next.
Brand Level-Ups Are What We Do
AccessOne is a great example of the companies we love to work with here at CSTMR: innovative and daring with the goal of making a positive impact on the world through fintech.
Does this sound like your organization? If so, we’d love to talk with you about how we can help you further develop your brand.
Compelling stories are what drive us. Let’s work together to share yours.
