We’re able to help our practice reduce accounts receivable and better manage our success for the long term; something that is particularly important for us as the shift to high deductible health plans becomes more common.
Atlanta and Durham, NC (PRWEB) December 15, 2015
PatientPay has found doctors need patients to pay their medical bills promptly, more than ever before. The leading provider of healthcare payment solutions points to the rise of high deductible health plans (HDHPs) as a major reason.
Before HDHPs, doctors could expect 90 plus percent of revenue from insurers in a predictable two week span of time. Now that’s shifted to 50 percent, meaning half of the bill is the patient’s obligation.
Kids First Pediatrics Group LLC, with offices in the Atlanta suburb of Stockbridge, has found PatientPay’s solution an efficient way to deal with that challenge. “We’re able to help our practice reduce accounts receivable and better manage our success for the long term; something that is particularly important for us as the shift to high deductible health plans becomes more common,” said Anika Potts, Kids First Pediatrics’ practice manager.
Even though 73 percent of consumers prefer getting their bills online, according to Deloitte, a management consulting firm, most medical groups continue to send paper bills that are expensive to produce and often a cause for confusion for the patients who get them, resulting in significant payment delays.
Using paper means as many as three monthly statements need to be issued before any payment is made, reports the MGMA, a organization of medical office professionals. The basis for payment delays is the bill itself as studies show patients don’t pay bills they can’t understand or don’t match insurance companies’ Explanation of Benefits (EOB).
“PatientPay gives healthcare groups a billing process that’s good for their patients and helps get them paid faster, which helps to speed up cash flow,” said Tom Furr, PatientPay’s CEO. “Our healthcare payment solutions give medical groups a way to better control business expenses and give patients bills they can understand in a secure, compliant environment. PatientPay is the only paperless bill pay service that matches a provider’s charges with a patient’s EOB including all payments made by the patient either during the visit or afterwards.”
By switching to PatientPay, Kids First Pediatric patients can pay their bills via computer, tablet or mobile phone. The practice also cut the cost to produce a paper bill by 69 percent. The process begins when Kids First Pediatrics sends an email, instead of a paper statement, to a patient alerting them that there’s a bill due. The bill is accessed online and, in most cases, paid immediately. PatientPay reports more than 7 out of 10 people using its service pay the bill after they see it. Practices using PatientPay are getting paid in less than 14 days, more than 10 times faster than with a traditional paper bill.
About PatientPay e-billing
To view a video that explains the benefits of Patient Pays e-billing service click here: How PatientPay Works
.PatientPay creates patient payment solutions that help patients, practices and hospitals and revenue cycle management services better control expenses in today’s healthcare environment.
Its solutions yield greater operational and financial efficiency for healthcare providers while giving patients a simple way to manage their healthcare-related financial obligations. The billing, payment and reporting services are HIPAA and PCI Level 1 compliant and eliminate time-intensive, error-prone, manual back-end efforts to process and reconcile paper bills or manage a traditional online portal.
PatientPay was founded in 2008 to bring to healthcare consumers the same type of payment solutions they use in retail and e-commerce environments. In 2012 PatientPay was granted three patents (U.S. Patent Nos. 8,155,983, 8,204,764 and 8,214,233) for its innovative process that underpins its solutions, which can be integrated with any healthcare management software.
The company is headquartered in Durham, North Carolina. For more information, please visit http://www.patientpay.com or call (888) 730-9374.
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PatientPay and the PatientPay logo are registered trademarks or service marks of PatientPay. Other marks belong to their respective owners.