"PatientPay has reduced our time to collect from months to days." - WHC's Janine Jones
Durham, NC and Philadelphia (PRWEB) January 07, 2016
PatientPay, the leading provider of healthcare payment solutions, today disclosed that since Women’s Health Care Group of PA(WHC) started using its paperless billing solution, it has shortened the time to receive payments from patients to less than nine days, on average. In the process, it has cut its billing expenses by 30 percent.
Prior to implementing the PatientPay solution, WHC had to tolerate a payment cycle that often ran months and without resolution. WHC’s Janine Jones explains that with PatientPay’s solution, once a patient’s insurance is adjudicated, the patient receives an email the next day and makes a payment days later based on WHG results. “If the patient received a paper statement, it would not have even printed until days after that. PatientPay has reduced our time to collect from months to days.”
Research into this area by the Medical Group Management Association found that on average three paper monthly statements are issued before any payment is received by medical practices.
“The expansion of High Deductible Health Plans is having a serious impact on large medical groups’ ability to manage their account receivables,” said Tom Furr, PatientPay’s CEO. “Before these plans became the norm, groups like WHC could count on insurance companies providing 90 percent of their revenue. The new plans have altered that to 50 percent, with the remaining financial obligation being the patient’s responsibility.”
“We have seen first-hand that if healthcare consumers don’t understand their bills, they won’t pay them. Delayed payments to medical groups have a severe effect on their cash flow and by extension, their ability to operate successfully,” Furr said.
PatientPay’s e-bill solution gives healthcare groups a billing process that’s good for their patients and helps get them paid faster, speeding up cash flow. PatientPay solutions offer 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 charges with a patient’s Explanation of Benefits (EOB) and all out-of-pocket payments made prior to billing by the patient either during the visit or afterwards.
As a direct result of implementing PatientPay, WHC attained a 30 percent cost-savings by eliminating a number of expenses, including paper, printing and postage. In addition, time the business staff spent on billing was reduced as PatientPay automates several steps that were previously done manually and prone to error.
WHC, based in Oaks, Pennsylvania, is comprised of 25 divisions, with 45 locations throughout Montgomery, Chester, and Delaware Counties.
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.
# # #
PatientPay and the PatientPay logo are registered trademarks or service marks of PatientPay. Other marks belong to their respective owners.