The RexPay team is excited to announce that November 14 marked the launch of the RexPay app, an all in one solution to help patients to understand, manage, and pay their medical bills. By working alongside healthcare providers to streamline and digitize the billing process, RexPay is the rescue app that patients and their doctors have been waiting for!
In 2016 Rachel Mertensmeyer, CEO and Co-founder of RexPay, experienced both a serious injury and the overwhelm of dealing with medical bills. After seeking a solution to aid her in navigating the system and failing to find a helpful tool, she conducted market research to determine whether this was a universal problem for Americans. After 200 patient interviews and in-depth market research, Rachel and the team uncovered that 80% of patients feel confused about their medical bills (Waystar 2018), and 36% of patients find it difficult to organize and track their medical bills and payments (Becker Hospital Review 2017). Rachel also found that healthcare costs ($3.3T in 2017) and out-of-pocket patient costs ($330BN in 2017) rise year over year, and she saw the need for a personal finance tool that puts patients first and addresses the pain points that they experience (CMS, 2019).
In order to tackle this problem, Rachel quickly gathered a group of passionate investors, programmers, specialists and advisors to develop what today is the powerhouse RexPay team, now based in Phoenix, Arizona.
Together, the team built the RexPay app, which is a solution to the issues plaguing patients. Duplicate bills and billing errors are a costly annoyance, and paper bills are hard to keep track of, especially in our digital world. The RexPay app allows patients to pay all medical bills in one place, track deductibles and out of pocket maximums, and keep bills organized by adding tags, notes, and reminders. These features increase patient visibility to their insurance information and help them stay on top of payments in order to avoid collections. The app also includes a chatbot maintained by the team’s billing specialists. In it, Rex comes to the rescue by answering questions about payments, savings accounts, and insurance.
RexPay receives guidance and expertise from advisory board members such as Mick Murray, former CFO of Blue Shield California, Randy Lipps, founder and CEO of Omnicell, Stephanie DiMarco, founder and former CEO of Advent Software, and Al Castino, former CFO at Autodesk and Peoplesoft. The team has also received recognition as a powerful game-changer in the digital startup world. RexPay has been a finalist in the Venture Madness Competition, the Arizona Innovation Challenge, the MIINT Impact Investing Competition (represented by UCLA Business School), and the Colorado Capital Conference. The company was also accepted into the Launchpad Digital Health Accelerator program, the Center for Entrepreneurial Innovation incubator in Phoenix, and the Startup AZ Collective.
After raising $1.1MM in pre-seed funding, building a team of 19 passionate team members, and completing product development, RexPay is now live with early provider customers and the public. The team is ready to scale the product and excited to impact patients’ lives by providing a solution which is now ready to enable any patient in the U.S to understand, manage, and pay all their medical bills in one place.
The RexPay app is available for anyone to download in Google Play and the Apple App Store. The team invites you to join them as they rescue patients from medical bill mayhem. Follow their journey on social media, download the app, and reach out to them about ways to join the rescue mission on their website.
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Photo courtesy of: Cision
Originally Published On: Cision
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