Flywire Says It Processes $14 Billion In Healthcare Patient Transactions, About A Third Of US Households

December 10, 2020

Software and payments company Flywire has announced record growth for its healthcare business, according to a press release.

The business boasts news enhancements that make it simpler for providers to personalize the patient payment experience, which helped boost growth. Over 50 leading U.S. health systems now use Flywire to help make their payment systems digital, the release stated. The company has processed $14 billion in patient transactions, which accounts for more than one-third of U.S. households.

The company added 16 health systems and hospitals to its roster this year, according to the release, and signed onto strategic partnerships to help deliver better results for patient engagements and payments at scale. The company worked with to offer a chatbot to answer COVID-19 questions and with software providers AccuReg and PMMC to help with transparency via accurate payment estimates.

In addition, Flywire debuted new platform innovations, with single sign-on and telehealth payments for Epic users. Single sign-on is available through the Epic App Orchard and lets customers seamlessly access Flywire through MyChart, and there are also new pre-service payment plans giving users more personalized options and helping with affordability, the release stated.

John Talaga, head of Healthcare with Flywire, said the pandemic has made it paramount for a new, highly personalized digital payment experience as health systems and hospitals work to help accommodate new customer needs.

“Now, more than ever, providers must structure healthcare bills to match a consumer’s capacity to pay in their preferred method, or they risk revenue losses," he said. “The acceleration of digital paths to payment from both patient and provider is contributing to Flywire’s strong performance, and underscores our ongoing commitment to building the leading digital healthcare platform that makes paying for healthcare more transparent, accessible and affordable.”

Flywire added customizable payment options in June, and Talaga said at the time that the ability to set proper expectations for a customer's healthcare visit improved collectability. As providers didn't always have the info, Flywire's innovation was a boost for them.