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Parasail launches product aimed at increasing collections by up to 400% — 4 insights

Parasail Health launched Parasail ProPatient, a tool designed to increase hospital patient collections by up to 400 percent, while also reducing administrative costs and patient accounts receivable days.

Here's what you should know:

1. The new tool provides patients with 0 percent interest financing for any out-of-pocket medical costs. The costs can be spread over years to make payments affordable to the patients.

2. If a hospital or large practice accepts ProPatient plans, they receive the funds immediately, while the patient pays Parasail.

3. Parasail will service the plans for the repayment period, while patients retain a 0 percent interest rate.

4. Parasail Plans are backed by private equity. To date, the plans have been tested at two hospitals and specialty practices. Parasail is in the process of rolling out its plans to other hospitals.

Parasail CEO Adam Tibbs said in a release, "It's clear that none of the payment solutions available to patients were working. Most people fully intend to pay what they owe, but when they get a bill for thousands of dollars, with no realistic payment option that can fit their budget, they’re basically forced to default on their bills.”

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