PatientPay partners with payment processing solution Higher Standards
Higher Standards will use PatientPay to allow its clients to collect more patient payments
The current traditional methods for sending healthcare bills tied to complex portals don’t leverage the latest user science and technology that allows patients to easily review and pay their bills.
PatientPay, a patient payments partner for acute, ambulatory, and specialty care, is on a mission to help medical groups and community hospitals improve their revenue capture by creating frictionless payment experiences for their patients.
On Tuesday, the company announced a new partnership with Higher Standards, a payment processing solution for all types of businesses and organizations, including including traditional retailers, online retailers, restaurants, business-to-business companies, churches and other non-profit organizations, as well as medical groups and community hospitals, to help process patient payments.
The idea is to harness the expertise of both organizations in order to provide an end-to-end payment acceptance solution for healthcare organizations and a more seamless billing experience for patients.
"Higher Standards needed a technology partner who offers a comprehensive solution to help their clients increase patient collections and reduce the number of paper statements that are sent out. Both organizations believe healthcare needs more solutions that leverage science and intelligence to drive better results without complicating the experience for the patient," Tom Furr, CEO of PatientPay, told VatorNews.
"By partnering with Higher Standards, we can now offer our innovative technology to help their clients collect more patient payments which is very important based on the challenging economic environment in healthcare."
PatientPay’s billing and payment platform enables medical groups and community hospitals to collect more patient payments while reducing the costs to do so, such as fewer paper statements and less staff time spent managing patient billing and payments.
The company works with medical groups and community hospitals who are interested in providing a better patient experience which increases the number of payments.
"Although there are many factors influencing an organization’s overall financial health, they still have control over how they approach patient financial engagement. When you consider that it takes the average specialty group 45 to 60 days to collect approximately 20% of patient financial responsibility, the ability to speed up payment is critical," explained Furr.
"We understand the challenges of each provider type we serve and use digital transformation to help these providers tackle their unique pain points and strengthen their financial viability in a market with very thin margins."
Across its clients, PatientPay averages less than 14 days to get paid versus industry average of 45 to 60 days, while increasing collections by 50% to 100%. It also converts 43.8% of electronic billing messages into payments once patients log in, compared to consumer industry average of 2%, and it increases payment capture rates by 2 to 3 times over traditional methods. It also reduces paper statements by 50%.
Currently, Higher Standards supports 4,500 processing merchant accounts and $2.2 billion in annualized processed volume of which 35% of these accounts are in healthcare.
The partnership with Higher Standards is really about giving its clients better financial outcomes, Furr explained, while also using the PatientPay platform to enable a seamless integration into the medical group and community hospital billing system.
"At PatientPay, our background is solely healthcare. We’ll be working with Higher Standards to help deliver solutions more tailored to the nuances of healthcare payment. PatientPay’s billing and payment platform allows the Higher Standard clients to increase their patient payments by 50 to 100%."
(Image source: patientpay.com)
