Copay Technologies has introduced a new smartphone app called Your Copay, which promises to provide much-needed transparency and clarity on healthcare expenses for patients in the New York market. The app promises to solve an age-old problem in the health care system—often, patients have no idea what they are paying for medical care until after they get treated. This clandestine problem can cause surprise bills, financial hardships and reduced capacity to compare quality services based on price.
The platform is designed to empower consumers to make informed choices prior to scheduling an appointment. It enables patients to compare the cost of procedures, determine their own out-of-pocket expense after insurance discounts, look up in-network physicians by specialty, and view verified patient ratings. By consolidating these factors into a single platform, Your Copay closes the loop between consumers and the healthcare system, promoting transparency and affordability.
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“Making health care more affordable starts with transparency and trust,” noted Dr. John Lees, CEO and founder of Copay Technologies. “Your Copay enables patients to receive the information they require in order to make the same informed decisions with their health care dollars that they do in every other consumer transaction. There is no reason health care should not be cost-sensitive to the patient.”
Beyond seeing prices and comparing companies, users can remain anonymous adding their own billing data, which contributes to a crowdsourced pricing database for other consumers to use in the future. The function is intended to continually refine and enhance the app’s usefulness and accuracy. With almost half of U.S. adults not being able to pay for an unexpected $1,000 medical bill, the resource fills a financial void for consumers.
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The initial launch in New York is just the beginning. Copay Technologies has announced plans to expand the app into ten additional U.S. cities over the next year. The company believes Your Copay will ultimately serve as a national platform for patients looking for better transparency, affordability, and control in their healthcare decisions.
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