CirraGroup Partners with Parasail Health to Ease Financial Burden of Medical Debt
LAFAYETTE, La.–(BUSINESS WIRE)–CirraGroup, the first crowdsourced medical debt settlement solution, today announced a partnership with Parasail Health , a provider of fixed-rate loans that helps patients cover out-of-pocket medical expenses with affordable monthly payments. The partnership will help extend the common goals of both companies to resolve and finance patient out-of-pocket expenses for medical care. CirraGroup presents patients with clear, real-time visibility into their outstanding balances and delivers a collaborative platform for patients and providers to resolve debt in a convenient and affordable fashion.
“Coupling CirraGroup and Parasail solutions will give patients unprecedented access to their outstanding balances and options to manage out-of-pocket medical expenses.”
Patient responsibility is now a significant revenue component of our healthcare system. According to a 2015 Kaiser Family Foundation study, over the past four years, revenues tied to patient payments have increased by 380%, and similarly, since 2010, patient deductibles have increased 312%.
Now, through CirraGroup, qualified patients can be immediately approved for a fixed-rate loan through Parasail’s lending partner network. In recent years, more people than ever before have chosen to purchase lower-priced, high deductible health plans. The startling reality is that oftentimes, these affordable insurance plans are not economically viable to use. Although consumers are able to pay their premium, high deductibles and co-pays can exceed the means of many. CirraGroup and Parasail are developing compassionate solutions to help patients manage healthcare expenses.
“Patient out-of-pocket expenses are growing and, in many cases, leaving patients with medical debt without financial solutions,” said Adam Tibbs, CEO of Parasail. “With CirraGroup’s platform, patients can see outstanding balances from multiple providers in one place – and easily apply for affordable payment solutions through Parasail to get their outstanding bills under control.”
The facts are sobering: just earlier this year, 51% of patients owed more than $1,000 to providers, yet according to a December 2015 Google Consumer Survey, 62% of participants have less than $1,000 in their savings accounts.
“Patients and providers alike are mutually seeking to understand a patient’s financial responsibility,” said Mark Fontenot, CEO of CirraGroup. “Coupling CirraGroup and Parasail solutions will give patients unprecedented access to their outstanding balances and options to manage out-of-pocket medical expenses.”
For more information, please visit www.cirragroup.com.
About U.S. Medical Debt
Today, medical debt is an all too common occurrence coinciding with the popularity of high deductible insurance plans, which are causing many patients to incur out-of-pocket liabilities. As healthcare costs are increasingly shifted to patients, there is a corresponding decrease in a patient’s propensity to pay for out-of-pocket payments, resulting in increasing medical debt. The 2016 Kaiser Family Foundation – NY Times survey found that 1 in 5 (20%) working-age Americans (18-64; 200 million) with insurance report having problems paying medical bills in the past year. According to a December 2014 report from the Consumer Financial Protection Bureau, 43 million Americans have delinquent medical debt on their credit reports, which translates to about 1 in 5 credit reports. Medical bills account for 52% of all overdue debt that shows up on credit reports.
CirraGroup’s mission is to connect providers and their patients to help understand and resolve their medical debts using our innovative solutions. Our proprietary platforms harness the power of crowdsourcing to assist patients and providers with resolving financial obligations in a secure, compliant, and dignified environment. CirraGroup’s cloud-based suite of applications provides a convenient and cost-effective solution to the growing medical debt problem. CirraGroup is backed by a strategic investment from Lafayette General Health Innovation Fund.
About Parasail Health
Parasail Health helps doctors and patients focus on treatment instead of payment by offering a suite of products that make medical bills affordable for patients and get providers paid right away. With affordable patient loans sourced from a select group of lending providers, a simple and intuitive application process and the soon-to-release free estimator for out-of-pocket costs, patients are empowered to make the right decisions for their health. They can get needed treatment immediately even if they have high deductibles. Parasail provides doctors with secure and predictable revenues so they can focus on healing by paying them right away with no risk if the patient defaults on their debt. Parasail’s mission is to humanize the health care system by putting the needs of doctors and patients first. It’s time to focus on what matters. www.parasail.com