![]() ![]() ![]() ![]() Like a sole proprietorship, an LLC has “pass-through taxation,” which means that the income and loss of the business is reported on the personal income tax form of the business owner.What is an LLC?Ī limited liability company, commonly abbreviated as LLC, is a business structure with both “pass-through” taxation and legal liability separate from its owner. You can generally deduct the cost of individual health insurance from your taxes as a self-employed LLC member, although this ultimately depends on several factors, including the tax classification of the LLC and for whom the deduction is being taken out.Ĭontinue reading to learn about how health insurance works for LLCs. You may be eligible to purchase small business health insurance or individual health insurance for yourself, depending upon how you set up your LLC and its tax structure. Fostering patient loyalty, by providing patients choice and convenience online, is key to driving all of a health system's revenue, not just the portion owed by patients," said Ivanoff.As a small business owner, you may be wondering whether you can get small business health insurance through your LLC. “Whether it fractures the patient relationship – or positively enhances it – is entirely a function of how consumer-oriented health systems become. "Billing is the last phase of a patient's experience with a health system. Patients will choose where to get care – based not just on the quality of the care itself but also on the financial management resources made available to them by healthcare providers," said Ivanoff. "With the rise of high deductible plans and the corresponding rise in patient financial responsibility, there will be unprecedented demand for a different billing experience – one that's on par with other consumer-driven markets. IVinci Health's CEO, former Capital One executive Kent Ivanoff, believes the market is primed for a solution that addresses the collection of patient balances and delivers a substantially more consumer-friendly online experience to healthcare billing. "iVinci provides effective solutions that help us work with our patients to manage their obligations because they simultaneously provide our patients with easy-to-use online tools for managing, paying and financing their healthcare bills.” "We find that patients are becoming increasingly challenged by health plans passing a higher percentage of each final bill onto them for payment," said Dr. The new round of funding included investors such as Intermountain Healthcare, Inova Health System, and St. To respond to the changing healthcare payments landscape, iVinci is attempting to make healthcare billing more consumer friendly, and it closed $5 million in new funding earlier this month to support those efforts. Worse, all too often, they turn a positive patient care experience into a negative one. Solutions like online bill pay and recourse finance are fragmented and incomplete. It is a sea change that has profound financial impacts for both patients and health systems.Ĭurrent revenue cycle management (RCM) systems were designed to track claims and optimize payments by third-party insurers. That percentage is predicted to increase as more costs are shifted to patients through higher deductibles. IVinci’s new patient billing and revenue management tool comes at a time when the proliferation of high-deductible health plans have increased patient obligations from less than 5 percent of health systems’ revenue to a whopping 20 percent in just a few short years. ![]() It tells patients exactly what they owe and when they owe it, then provides online management tools and financing options.” Increases in patient obligations means healthcare systems need to make billing more user accessible.Īccording to Venture Beat, iVinci Health is “launching a new patient portal, called the VisitPay Portal, which hospitals can use to simplify the selection, financing, and billing of health services for their patient customers. ![]()
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