Iryss
Wealth Care Specialist for Chronically Ill Patients

The percentage of Americans that are enrolled in highdeductible health plans has doubled over the past ten years, leading to a fundamental shift in healthcare payment responsibility. However, the rising popularity of high-deductible health plans has dramatically increased the outof- pocket expenses of chronically ill patients who have to pay an average of $6,000 in medical bills a year. Consequently, these high medical debts often lead to personal bankruptcies.

To lower medical debts, individuals must manage their finances effectively to meet current and future obligations.

Aiming to ensure equitable access to a future without financial fear, Iryss helps chronically ill patients improve their ability to be responsible healthcare consumers. It aims to meaningfully reduce unpaid medical bills through a data-driven approach.

“Medical debts account for nearly two-thirds of all personal bankruptcies. Our market research also reveals that about 92 percent of individuals with chronic illnesses are under constant stress regarding their financial future. This financial stress results in about $2,700 in lost productivity per year for businesses,” says Jeff McCormack, cofounder and CEO, Iryss. “Our personal finance platform helps people proactively plan and pay for current and future outof- pocket medical costs, thus lowering the financial stress associated with diagnosis.”

This SaaS platform analyzes an individual’s medical bills and financial data to plot a path for them to plan and pay for medical costs appropriately. It is a two-pronged solution geared toward the vagaries of the U.S. healthcare system.

Iryss is developing disease-specific financial models for evaluating illnesses and projecting costs to help users formulate a plan for the future financial consequences of their diagnosis and make responsible decisions about savings. It leverages advances in data curation and machine learning to efficiently create predictive models for future out-of-pocket costs.

The second module is designed to provide users with payment intelligence. It allows individuals to review various strategies to efficiently pay their medical bills. They can identify available financial assistance resources to lower their bills and determine the best path forward for paying the remaining balance.

With a complete picture of an individual’s capacity to pay, Iryss provides recommendations on the most cost-effective means. Thorough review of available options has helped Iryss save users around 10 to 30 percent on their medical bills.

Indeed, the consumer-focused approach of Iryss enables individuals to proactively plan for their future medical costs and intelligently pay for the cost they’re currently incurring. Its highly qualified experts provide guidance in simple, easy language to ensure users have a clear understanding of each aspect of their plan.

Acting as their advocates for eliminating financial stress, we continually guide users throughout their journey to ensure they efficiently pay for bills from savings or income sources and financial assistance programs that meet their best interests for short- and long-term needs

“Acting as their advocates for eliminating financial stress, we continually guide users throughout their journey to ensure they efficiently pay for bills from savings or income sources and financial assistance programs that meet their best interests for short- and long-term needs,” says McCormack.

Essentially, Iryss drives value to the entire ecosystem, from employers, caregivers, and patients to healthcare systems and hospitals. Ensuring patients’ ability to pay their medical bills through better financial decisions indirectly facilitates payment to the hospital. In addition, when employees are not stressed about their financial obligations, they can concentrate on work and ensure productivity.

Leveraging the power of advanced data analytics to improve financial outcomes post-diagnosis, Iryss continues to analyze user’s medical bills and financial accounts to ensure that their financial future is secure.