For most patients, navigating the financial landscape of healthcare is daunting. The same is true for behavioral health needs pertaining to mental health or substance use disorders. Whatever the medical problem and treatment needs, there will be a cost. For most people, healthcare financial literacy is hard to come by, and obtaining financial solutions for patients is challenging.
FinPay, a recognized leader in patient engagement and financial management, is ranked No. 4 on the annual Philadelphia Business Journal’s Soaring 76 list of the region’s fastest-growing companies. This is the second consecutive year the company has been recognized on this prestigious list. To qualify for the Soaring 76 list, companies must be independently owned, headquartered in the Philadelphia area, and show significant revenue growth from 2019 to 2021. This year’s honorees were celebrated at a live event on September 22 at Rivers Casio Philadelphia. On September 23, the Philadelphia Business Journal published its final rankings revealing FinPay as No. 4 on this year’s list of fastest-growing companies in the region.
Inc. magazine revealed that FinPay, a recognized leader in patient engagement and financial management, is on its annual Inc. 5000 list for the 2nd year in a row, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a one-of-a-kind look at the most successful companies within the economy’s most dynamic segment—its independent businesses. The list measures growth between 2018 and 2021, during which FinPay experienced rapid growth of 265.5%. FinPay also ranks 134th in Health Services, 64th in the state of Pennsylvania and 61st in the city of Philadelphia!
When deciding to enter behavioral health treatment, most people will either seek a referral from a trusted person or do their own research and read reviews. In both cases, a first impression carries a lot of weight. Whether it is a first-hand account of successful treatment and compassionate care from a friend, or a litany of positive online reviews, it is almost certain to involve a financial component.
In navigating American healthcare, including behavioral healthcare, most Americans have a decidedly unpleasant experience. Financial considerations are almost always the root of the problem as there is a lack of practical, accessible payment solutions for patients. When a patient is surprised by unexpected medical bills, or the bills are more than a patient can afford, it creates a breakdown in the patient-provider relationship.
The American healthcare experience, including behavioral health, for the average patient, is generally complex, confusing, frustrating, and overall unpleasant experience. Is it any wonder that the relationships between patients and providers are so distant or that unpaid medical bills are now a major source of debt collection for American consumers? There is a solution for providers who wish to foster a healthy, productive relationship with their patients.
The American healthcare system has a reputation for being one of the best in the world. Unfortunately, it is also one of the most complicated for the average patient to navigate. Solutions for patients exist, but they are not easy to access, and fearful, frustrated patients too often realize the dangers of avoiding healthcare.
Too often, patients refrain from seeking necessary behavioral healthcare because of negative perceptions. They believe the cost and paperwork surrounding treatment are insurmountable obstacles. For many, the assumption is that any patient financial responsibility would be a lifelong debt they would never repay, or the bureaucracy of insurance companies and treatment centers would never end. For providers, they have every reason to make patient financial responsibility easy and affordable – it ensures they receive payment for their services, and it creates a relationship of trust and loyalty with the patient who will return for future treatment. Contact us today at info@finpay.com.