Papaya was voted the healthcare start-up with the most innovative solution for bending the cost curve by healthcare leaders attending the Healthcare Financial Management Association’s (HFMA’s) Annual Conference in Orlando, which concluded on June 26. Papaya, based in Los Angeles, developed a mobile phone-based healthcare bill paying system. In the company’s first three years, its app has processed payments made to more than 50,000 merchants in healthcare and other sectors.
“Congratulations to Papaya. We wish them continued success in the marketplace,” said HFMA President and CEO, Joseph J. Fifer, FHFMA, CPA. “All the finalists in the Virtual Pitch Contest have developed innovative solutions and we were pleased to share them with the healthcare finance community.”
This is the second consecutive year that HFMA has held the Virtual Pitch Contest, sponsored by CareCredit, a Synchrony solution, in conjunction with its annual conference. CareCredit, which has received the Peer Reviewed by HFMA® designation, is a proven payment solution for patients’ rising-out of-pocket healthcare costs. The competition is designed to offer exposure to start-ups that show promise for reducing the rate of healthcare cost growth. The 2018 winner was Transitional Cardiac Care LLC, an education and monitoring service for patients who have been discharged with a diagnosis of congestive heart failure.
“As a member of the healthcare industry, we have a responsibility to help find solutions for ever-rising healthcare costs,” said Beto Casellas, EVP and CEO, CareCredit. “Sponsoring HFMA’s Virtual Pitch allows us to support innovators who share our belief in making healthcare more affordable and accessible to consumers.”
Healthcare leaders who attended HFMA’s Annual Conference in Orlando, June 23-26, had opportunities to experience pitches from all 10 finalists live from the Innovation Stage at the HFMA Annual Conference. Finalists also staffed booths in the Innovation Hub, where they answered additional questions about their product or service.
As the 2019 winner, with support from CareCredit, Papaya will be featured in an HFMA news item and an article published in hfm magazine, and on HFMA’s website. Representatives will also present a webinar to HFMA members.
Other finalists in the competition included Cara Cook Consulting, LLC, with a customized emergency room staffing tool; cliexa, Inc.’s tool for unleashing the power of patient-reported data; Digitize. AI, with an artificial intelligence-enabled system for improving the health insurance prior authorization process; Droice Labs, with a risk stratification system for use in population health management; Elevate 340B, with a performance-based system for improving drug purchasing processes; Lumme, Inc., with a personalized, app-based smoking cessation program; Next Health Choice, which automates coverage verification and pre-authorization; SimBioSys, with a software platform designed to enable precision medicine in oncology; and StoCastic E-LOS, a hospital electronic length of stay prediction tool.