“RCM Connect represents a better way for RCMs to effectively deal with the changing landscape of the business of healthcare.” --Tom Furr, CEO, PatientPay
Las Vegas (PRWEB) March 01, 2016
PatientPay™, the leader in paperless billing solutions for healthcare, today announced here PatientPay RCM Connect℠, a new way for revenue cycle management (RCM) companies to speed and simplify the processing and management of patient billing with a single solution.
“RCM Connect represents a better way for RCMs to effectively deal with the changing landscape of the business of healthcare,” said Tom Furr, PatientPay’s CEO. “It does not demand alterations to the billing infrastructure RCMs have in place. Instead, RCM Connect enhances those systems without any interruption to existing workflows or statement vendors, while easily adding our paperless billing capability that helps RCMs get paid faster and achieve better margins by eliminating those costs.”
RCMs provide billing services for hospitals and large medical practices, typically issuing millions of paper statements every month. Prior to the rise of High Deductible Health Plans (HDHPs), patient billing was not a major concern for RCMs or the providers they serve as insurance companies covered as much as 90 percent of the financial obligation. Now that has changed as patients are responsible for up to 50 percent of medical bills when covered by HDHPs.
The new PatientPay solution gives an RCM three keys to succeed in today’s challenging healthcare environment:
- PatientPay RCM Connect offers a unique, intuitive “single screen” from which all patient billing activities, from processing, management, analysis and reporting can be handled;
- PatientPay RCM Connect provides RCMs a quick and easy conversion to paperless billing as PatientPay Paperless is an integral part of the new solution; and,
- PatientPay Paperless℠ is the only solution that matches charges with the Explanation of Benefits, helping to raise favorable patient engagement by removing the confusion associated with traditional paper statements.
RCMs can adopt PatientPay RCM Connect without the need to change workflow or paper vendors, purchase hardware, manage new software or protocols, or incur any upfront expense.
“Most RCMs feel certain they’ve squeezed every penny of efficiency out of their current traditional patient billing solution,” Furr said. “However, since they’re still sending paper statements the time to collect payment is taking longer, expenses are growing and profit margins are being impacted negatively by doing so.”
PatientPay Paperless prepares statements at half the expense of paper bills and has shown to yield savings of up to $4.00 per payment collected.
Learn how RCM Connect works. Click here to view a brief video.
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, PatientPay RCM Connect and the PatientPay logo are registered trademarks or service marks of PatientPay, Inc. Other marks belong to their respective owners.