We’ve seen payment solutions mature in the e-commerce and brick and mortar space with companies such as Klarna, Affirm, or Paidy leading the way. Yet, digital payment solutions in the healthcare industry are still early and the checkout process remains unnecessarily frustrating for both offices and patients. We’re excited to announce that Jasper, an end-to-end healthcare payments platform that helps patients understand and pay for their care, has joined our flagship accelerator program. Jasper’s team is making the payment collections process at check-out easier and more efficient for the healthcare industry, starting with dental offices.
The Nuts & Bolts
Problem: Many Americans struggle to pay their medical bills every year, and dental expenses are no exception. A rise in deductible levels has made it increasingly difficult to afford routine care like dental treatment. Out-of-pocket spending for dental services, which amounted to $60 billion, increased nearly 6% in 2019, according to recent data from the Centers for Medicare and Medicaid Services.
When paying for care, patients often struggle to understand not only the cost of their care, but also the different payment options available. Many patients are referred to pamphlets and brochures when they ask about payment plans.
Solution: Jasper is an online healthcare payments service that simplifies processes for the patient, the provider, and the administrative staff. Patients receive an electronic bill directly to their phone from the office manager and can choose to pay via credit card, HSA, or a Jasper payment plan. If the patient opts for a payment plan, Jasper pays the dentist right away and collects from the patient.
Getting to Know Jasper
We met the Jasper team through our former colleague Neha Khera. The founders left their full-time jobs to start the company in early 2020. Imran Hasan worked in private equity at W.L. Ross, as an investment banker at Barclays, and was on the risk team at GE. Muriel Chen was the founder of edtech startup ClassCrew, worked in healthcare equity research at Credit Suisse, and in finance at Genentech. Their backgrounds in finance and healthcare made them expertly suited to lead Jasper.
At a time when the pandemic has exacerbated inequities in healthcare and worsened out-pocket costs, Jasper aims to help facilitate simple and streamlined access to care. Jasper is starting in the dental market because many health plans do not cover dental care. This lack of coverage and affordability leads to a high rate of uninsured patients who would benefit from a user-centric payment plan.
Future of Jasper
Jasper is building the next generation finance platform for private practices by working directly with leaders in the dental market to understand the financing needs of their customers. Currently, the startup is running a beta program with a group of hand-picked offices and looking to grow customers throughout 2021.
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You can learn more about Jasper at: https://www.jasperhelps.com.
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