"...the aim of ‘The $10,000 Healthcare Billing Challenge’ is to help professionals realize that maintaining the status quo is costing them money and delaying cash flow" - Tom Furr, PatientPay's CEO
Drham, NC (PRWEB) February 16, 2016
Tom Furr, CEO of PatientPay™, the leader in healthcare payment solutions is putting his money where his mouth is. He is putting $10,000 on the line to prove PatientPay Paperless℠ is less expensive to process a medical bill and generates payment faster than any paper-based billing method used by any physicians’ group, hospital or revenue cycle management company (RCM) anywhere in the fifty United States.
“Since 98 percent of healthcare providers send out paper bills, the aim of ‘The $10,000 Healthcare Billing Challenge’ is to help those professionals realize that maintaining the status quo is costing them money and delaying cash flow,” Furr said. “Further, patients have made it clear in numerous market studies that they’d prefer to get their bills electronically and providers should heed their call.”
Providers can enter The Challenge from today until 12:00 AM Eastern Time, March 31, 2016 at The10KChallenge to get started.
To win the $10,000 an entrant needs to use PatientPay Paperless for 60 days after which time per statement cost and average payment cycle achieved will be compared against submitted verified evidence of paper billing performance. Any licensed healthcare, from an independent physician to large group practice or a multi-location hospital system as well as revenue cycle management firms providing billing services to those types of organizations are eligible to participate.
PatientPay Paperless has shown to save a provider up to $4.00 per statement, a cost reduction that can quickly add up, enhancing profit margins measurably. In addition, providers using the solution receive payments in less than 14 days, on average. That is a marked difference from the payment cycle typically seen with paper bills of 120 days.
“The rise of high deductible health plans , even the emergence of defined benefits plans, have increased account receivables significantly and negatively impacted cash flow for healthcare providers of all sizes and types while diminishing efficiencies RCMs may have achieved.”
“Making billing more cost-effective and collections quicker are necessities in healthcare. If ‘The $10,000 Healthcare Billing Challenge’ raises awareness of this problem and the way to easily solve it, then both providers and patients will benefit.”
About PatientPay Paperless
To view a video that explains the benefits of PatientPay Paperless click here:
How PatientPay Works
PatientPay creates patient payment solutions that help patients, practices and hospitals and revenue cycle management providers 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, PatientPay Paperless and the PatientPay logo are registered trademarks or service marks of PatientPay, Inc. Other marks belong to their respective owners.