February 25, 2018 1:19 AM ET

Consumer Finance

Company Overview of Parasail Health, Inc.

Company Overview

Parasail Health, Inc. offers payment plans and patient financing options. It offers healthcare loans to enable patients finance the cost of their deductibles and other out-of-pocket medical expenses. The company integrates with its partners which include billing companies and providers to provide an additional payments option to patients. It collaborates with providers and partners to bundle suites of bills invoiced to patients allowing them to view and dispute the bills, as needed – into a consolidated payment. The company was incorporated in 2013 and is based in Sausalito, California.

3000 Bridgeway

Sausalito, CA 94965

United States

Founded in 2013

Phone:

800-604-0370

Key Executives for Parasail Health, Inc.

Parasail Health, Inc. does not have any Key Executives recorded.

Parasail Health, Inc. Key Developments

Parasail Health Unveils New Financial Product That Will Increase Hospital Patient Collections

Parasail Health has unveiled a new financial product that will increase hospital patient collections by 2x to 4x while reducing administrative costs and patient AR days. The new product, called Parasail ProPatient, gives patients 0% interest financing for out of pocket medical costs with monthly payments spread out over years if needed to make payments affordable. Hospitals and large practice groups that offer ProPatient Plans receive payment immediately from Parasail without recourse. Parasail services the payment plans for the entire repayment period, and patient interest rates remain at 0% for the entire term. With health care costs rising faster than inflation, wage growth and GDP, consumers are paying more, in the form of high-deductible health plans. Now over 1/3 of employer-provided plans have high deductibles while 52% of Americans say they can't afford an unexpected expense of just $400. With no price transparency, confusing insurance plans and arcane billing practices, consumers are often unaware of their financial exposure. Medical costs have now become the number one concern of Americans and the leading cause of personal bankruptcy. All of which has led to ballooning bad debt for providers; hospitals collect only about 15% of what they bill patients. With patients now health care's third large payer, providers and patients need simple and fair payment solutions quickly. In a Parasail ProPatient Plan, each patient's monthly payment is based on that person's ability to pay, as determined by Parasail's proprietary financial models. Using Parasail, hospitals can rapidly increase payments for outstanding balances over $1000, which make up the majority of traditionally uncollectible debt. Parasail ProPatient Plans, which are funded directly by Parasail using private equity capital, are the first financial product aside from health insurance itself created from within the health care industry rather than imported from retail or banking. Parasail's proprietary data models create unique profiles for each patient that result in payment plans specifically tailored to what each patient can afford to pay monthly. It is the first product to model payment plans based on patient affordability rather than criteria set top-down by hospital administrators. ProPatient plans have been tested with two hospital groups and specialty practices and Parasail is beginning to roll the product out more broadly. Parasail is inviting other hospitals to test their own AR data in the Parasail model for free to see how offering ProPatient Plans would impact their collections rates.

CirraGroup Partners with Parasail Health to Ease Financial Burden of Medical Debt

CirraGroup announced a partnership with Parasail Health. 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. Now, through CirraGroup, qualified patients can be immediately approved for a fixed-rate loan through Parasail’s lending partner network. CirraGroup and Parasail are developing compassionate solutions to help patients manage healthcare expenses.

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