Boston, MA – June 9, 2022 – Flywire Corporation (Nasdaq: FLYW) (Flywire), a global payments enablement and software company, today revealed the return on investment (ROI) of Flywire for hospitals and health systems would be 269% over three years, according to a new Forrester Total Economic Impact™ (TEI) study that Flywire commissioned from Forrester Consulting.
"Some of the leading hospitals and health systems in the U.S. are powered by Flywire's responsive billing and payments platform,”said John Talaga, EVP and GM of Healthcare, Flywire. “They use Flywire to predict a patient’s capacity to pay, engage patients via an omni-channel approach with personalized paths to payment, and to make it easier for patients to settle their balances on terms they can afford."
Talaga continued: "This independent study validates the strong ROI that we drive for our clients, and confirms that Flywire can deliver measurable results for hospitals and health systems. Our clients benefit from the ability to create digital and self-service financial experiences, to maximize collections, reduce administrative costs, and to provide financial peace for patients."
Additional benefits that hospitals and health systems can achieve through Flywire as cited in the report include:
- Increase revenue collections by 29%: Using Flywire, organizations are able to better engage patients digitally throughout their entire healthcare payment experience, meaningfully increasing revenue.
- Reduce staff involvement in patient billing by 30%: Flywire enables staff to re-focus energy onto higher-value tasks by driving greater levels of self-service and support into the payment process, improving productivity and lowering costs.
- Reduce cost of paper statements by 20%: Flywire drives digital and mobile engagement with the self-pay- after-insurance patient population.
- Improve customer satisfaction: Patients reported a better experience engaging with healthcare systems after the implementation of Flywire.
- Standardize billing across networks: Investment in Flywire helps standardize the billing process so patients can easily understand the cost of care.
- Consolidate AR systems across networks: Having multiple account receivable (AR) systems within the same organization was very costly to both the patient and the healthcare provider. Flywire helps reduce or consolidate all AR systems into one.
- Improve staff experience: Call center and other point of service staff also saw improvement in their experience servicing patients. Flywire made it easier to see the full financial situation of the patient, which helped with answering questions and developing patient-centric strategies to pay for and receive care.
The Forrester data was compiled based on decision-maker interviews, financial analysis and other due diligence, and outlines a positive economic impact of Flywire for hospitals and health systems. To accurately measure ROI for typical Flywire clients, Forrester created a composite organization to represent the aggregate findings of the six decision-maker interviews.
This composite organization has an annual net patient revenue of approximately $1.2 billion, processes more than 82,000 patient accounts per year through Flywire, and averages $276 million in Billing After Insurance (BAI). According to the report, The Total Economic Impact™ of Flywire for clients of this scale can achieve 269% ROI over three years and see payback in less than 6 months.
Trusted by more than 80 leading hospitals and health systems in the United States, Flywire’s digital payment and engagement solutions for healthcare transform the patient's financial experience, providing a personalized, digital-first payment journey that is rooted in affordability. For patients, features like payment plans on pre-service estimates - all simple and accessible online - provides a rich and engaging experience and a personalized path to payment. For providers, Flywire helps improve self service payments, increases collections, improves patient satisfaction and more.
Download the complete report here
Resources
- Achieve 269% ROI with Flywire’s Digital Healthcare Payment and Engagement Solution: learn more
- To learn more about how Flywire transforms the patient financial experience, visit Flywire.com/health
- Hear how Flywire transformed the patient financial experience for Banner Health: Watch the video
About Flywire
Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.
Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.
Flywire supports more than 2,700 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s future operating results and financial position, Flywire’s business strategy and plans, market growth and trends, and Flywire’s objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire's forward-looking statements. New risks emerge from time to time. It is not possible for Flywire to predict all risks, nor can Flywire assess the impact of all factors on Flywire’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Flywire may make. Further information on these and additional risks are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2021, which is on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, expected to be filed with the SEC in the second quarter of 2022. Any forward-looking statements made by Flywire in this news release are based on information available to Flywire on the date hereof. Flywire assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
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