“I founded PatientPay because doctors’ bills need to be as easy and convenient to pay as cable or electricity bills and be available online which is the way most other bills are paid today ,” said Tom Furr, PatientPay’s CEO.
Dallas, Texas (PRWEB) December 02, 2015
A survey conducted by PatientPay, the leader in healthcare payment solutions, found changes in healthcare have forced doctors across America to closely examine the business side of their practices. In particular, the expansion of high deductible health plans (HDHPs) have changed who doctors look to for their money.
Before HDHPs, doctors could reasonably expect more than 90 percent of their revenue from insurers to be paid within two weeks. Now that’s shifted to 50 percent which means half of their revenue is now coming from the patient.
Medical groups that have reduced account receivables and billing costs have turned to a paperless payment solution from PatientPay. One such group is Pediatric Associates of Dallas, with offices in the Dallas MetroPlex. “We normally pay $2,400 per month on statements. After using PatientPay for the first time our bill was $1,700. Wonderful news,” said Maria Guerra, the practice’s business office manager.
Over the past year, Pediatric Associates of Dallas’ cost to produce a paper bill has been cut by 59 percent, or up to $4.00 per payment collected with PatientPay. Savings are actually greater because using the paper method meant three monthly statements would need to be issued before any payment was made, reports the MGMA, a organization of medical office professionals.
Now Pediatric Associates of Dallas provides bills online that are clear and with the PatientPay exclusive feature that matches charges with Explanation of Benefits (EOB).
“I founded PatientPay because doctors’ bills need to be as easy and convenient to pay as cable or electricity bills and be available online which is the way most other bills are paid today ,” 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. Pediatric Associates of Dallas is just one of the many groups across the U.S. that are seeing the value in PatientPay, not only for them but for their patients too.”
The process begins when Pediatric Associates of Dallas sends an email, instead of a paper statement, to a patient alerting them that there’s a bill due. The online bill is accessed 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. This results in practices getting paid on average in under 14 days, more than 10 times faster than with a traditional paper statement.
About PatientPay e-billing
To view a video that explains the benefits of PatientPay’s 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 patientpay.com 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.