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

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Together, Startups Will Give Patients Options to Pay off Outstanding
Balances

LAFAYETTE, La.–(BUSINESS WIRE)–CirraGroup,
the first crowdsourced medical debt settlement solution, today announced
a partnership with Parasail
Health
, a provider of fixed-rate loans that helps patients cover
out-of-pocket medical expenses with affordable monthly payments. 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.

Patient responsibility is now a significant revenue component of our
healthcare system. According to a 2015 Kaiser Family Foundation study,
over the past four years, revenues tied to patient payments have
increased by 380%, and similarly, since 2010, patient deductibles have
increased 312%.

Now, through CirraGroup, qualified patients can be immediately approved
for a fixed-rate loan through Parasail’s lending partner network. In
recent years, more people than ever before have chosen to purchase
lower-priced, high deductible health plans. The startling reality is
that oftentimes, these affordable insurance plans are not economically
viable to use. Although consumers are able to pay their premium, high
deductibles and co-pays can exceed the means of many. CirraGroup and
Parasail are developing compassionate solutions to help patients manage
healthcare expenses.

“Patient out-of-pocket expenses are growing and, in many cases, leaving
patients with medical debt without financial solutions,” said Adam
Tibbs, CEO of Parasail. “With CirraGroup’s platform, patients can see
outstanding balances from multiple providers in one place – and easily
apply for affordable payment solutions through Parasail to get their
outstanding bills under control.”

The facts are sobering: just earlier this year, 51% of patients owed
more than $1,000 to providers, yet according to a December 2015 Google
Consumer Survey, 62% of participants have less than $1,000 in their
savings accounts.

“Patients and providers alike are mutually seeking to understand a
patient’s financial responsibility,” said Mark Fontenot, CEO of
CirraGroup. “Coupling CirraGroup and Parasail solutions will give
patients unprecedented access to their outstanding balances and options
to manage out-of-pocket medical expenses.”

For more information, please visit www.cirragroup.com.

About U.S. Medical Debt

Today, medical debt is an all too common occurrence coinciding with the
popularity of high deductible insurance plans, which are causing many
patients to incur out-of-pocket liabilities. As healthcare costs are
increasingly shifted to patients, there is a corresponding decrease in a
patient’s propensity to pay for out-of-pocket payments, resulting in
increasing medical debt. The 2016 Kaiser Family Foundation – NY Times
survey found that 1 in 5 (20%) working-age Americans (18-64; 200
million) with insurance report having problems paying medical bills in
the past year. According to a December 2014 report from the Consumer
Financial Protection Bureau, 43 million Americans have delinquent
medical debt on their credit reports, which translates to about 1 in 5
credit reports. Medical bills account for 52% of all overdue debt that
shows up on credit reports.

About CirraGroup

CirraGroup’s mission is to connect providers and their patients to help
understand and resolve their medical debts using our innovative
solutions. Our proprietary platforms harness the power of crowdsourcing
to assist patients and providers with resolving financial obligations in
a secure, compliant, and dignified environment. CirraGroup’s cloud-based
suite of applications provides a convenient and cost-effective solution
to the growing medical debt problem. CirraGroup is backed by a strategic
investment from Lafayette General Health Innovation Fund.

About Parasail Health

Parasail Health helps doctors and patients focus on treatment instead of
payment by offering a suite of products that make medical bills
affordable for patients and get providers paid right away. With
affordable patient loans sourced from a select group of lending
providers, a simple and intuitive application process and the
soon-to-release free estimator for out-of-pocket costs, patients are
empowered to make the right decisions for their health. They can get
needed treatment immediately even if they have high deductibles.
Parasail provides doctors with secure and predictable revenues so they
can focus on healing by paying them right away with no risk if the
patient defaults on their debt. Parasail’s mission is to humanize the
health care system by putting the needs of doctors and patients first.
It’s time to focus on what matters. www.parasail.com

Contacts

Fusion Public Relations
Fehmida Bholat, 310-880-0750
Fehmida.bholat@fusionpr.com