Flywire Reports Record Growth for Digital Healthcare Payments Platform

Flywire powers more than 50 leading U.S. hospitals and health systems.
Processes 14$ B in patient transactions, representing more than ⅓ of U.S. households.
Appoints Jo Natauri, global head of healthcare investing at Goldman Sachs Merchant Banking Division, to Board of Directors.

Flywire, a high-growth software and payments company, today announced record growth for its healthcare business. Ongoing enhancements to its digital engagement and payments platform, including new capabilities that make it easier for providers to personalize the patient payment experience, led to a record number of new client wins and strategic partnerships. To date, more than 50 leading U.S. health systems and hospitals use Flywire to make paying for healthcare digital, simple and affordable for their patients.

“The need for a highly personalized digital payments experience has never been more important than in the COVID-19 era, as health systems and hospitals rush to accommodate patients’ demands for more affordable healthcare and greater price transparency,” said John Talaga, head of healthcare, Flywire. “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.”

“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’s key growth milestones this year include:

  • Expanded client roster: Flywire adds 16 health systems and hospitals to its growing roster, and also expands its footprint across new locations with 8 existing clients. Some of the leading health systems that use Flywire to power the patient financial experience include Edward Elmhurst, Common Spirit and Banner Health Systems.
  • Signed strategic partnerships: Partnerships with some of the leading technology and healthcare providers create innovative approaches to delivering patient engagement and payments at scale. Flywire’s partnership with Ivy.ai offers health systems a chatbot to answer patients’ COVID-19 questions and concerns in real-time. Strategic partnerships with software providers AccuReg and PMMC enable health systems to deploy a patient engagement strategy for price transparency by providing accurate patient estimates.
  • Enhanced platform capabilities: Ongoing product innovation bolster Flywire’s platform, including new Single Sign-On and telehealth payments for Epic users. Available on the Epic App Orchard, SSO enables patients to seamlessly access Flywire Services through MyChart and significantly improves the financial experience. Additionally, new pre-service payment plans give patients personalized payment options from a cost estimate before a visit. Flywire’s new personalization tools help bridge the affordability gap, providing real insights into what patients can afford.

Flywire is also announcing the appointment of healthcare industry veteran Jo Natauri, Managing Director and Global Head, Healthcare Investing within the Merchant Banking Division (MBD) of Goldman Sachs, to its Board of Directors. This appointment follows Flywire’s Series E funding round, led by Goldman Sachs, which was announced concurrent with Flywire's acquisition of Simplee. Natauri’s industry expertise and strategic vision will contribute to Flywire’s record growth.

“Flywire is transforming the healthcare payments experience, making medical bills more affordable and driving better engagement between patient and provider,” said Jo Natauri. “In a time when the industry is in critical need for innovative solutions to solve the affordability crisis in healthcare, Flywire is leading the market with its patient financial engagement platform. I’m looking forward to working with the entire team at Flywire to continue to build on its impressive growth.”

Resources

  • To learn more about how Flywire is improving patient engagement visit http://health.flywire.com/
  • Watch our on-demand webinar with Flywire customers Edward-Elmhurst Health, Dayton Children’s Hospital, and Penn Highlands Healthcare to learn how they’re preparing their revenue cycle strategies for 2021. View now.

About Flywire

Flywire is a high-growth vertical payments company trusted by organizations around the world to deliver on their customers’ most important moments. Unlike other companies, Flywire is proven to solve vertical-specific payment and receivables problems for organizations that deliver high-value services. Whether in education, healthcare, travel or technology, Flywire has vertical-specific insight and technology that allows organizations to optimize the payment experience for their customers while eliminating operational challenges. To date, Flywire has processed over $16 billion in total payments volume for over 2,000 clients around the world. The company is headquartered in Boston, USA and has offices around the world. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.

Media Contacts

Sarah King
Sarah.King@Flywire.com

Prosek Partners (US)
pro-flywire@prosek.com