“The $10,000 Healthcare Billing Challenge is a way to bring attention to the inefficiencies of how paper statements can impact the bottom line of CBOs that continue with antiquated billing methods.” --Tom Furr, PatientPay CEO
(PRWEB) April 26, 2016
In February PatientPay issued the Healthcare Billing Challenge to medical practices, hospitals and revenue cycle management (RCM) companies asking them to prove that their current process was faster and less expensive than PatientPay PaperlessSM. Those who could receive $10,000 and through today no one succeeded. With the Challenge set to expire, PatientPay announced today it has extended its competition to June 30, 2016.
The PatientPay Healthcare Billing Challenge is an offer of $10,000 to any certified, US-based Central Billing Office (CBO) or healthcare biller, that can show its paper-based billing process is less expensive to process a medical bill and generates payment faster than the company’s PatientPay Paperless℠ solution.
“The rise of High Deductible Health Plans has changed the patient’s financial obligation from 10 percent to as much as 50 percent. As a result, being able to issue bills in a cost-efficient manner and, more importantly, collect on payments quickly has become a business-critical matter,” said Tom Furr PatientPay’s CEO. “The $10,000 Healthcare Billing Challenge is a way to bring attention to the inefficiencies of how paper statements can impact the bottom line of CBOs that continue with antiquated billing methods.”
Providers can enter The Challenge from today until 12:00 AM Eastern Time, June 30, 2016 at PatientPay10KChallenge to get started.
To be eligible to win the $10,000, entrants must use PatientPay Paperless for 60 days after which time the per statement cost and average payment cycle achieved will be compared against submitted verified evidence of the CBO’s paper billing performance. Any CBO from a large group medical practice or a multi-location hospital system as well as revenue cycle management firms providing billing services to those types of organizations can 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, those 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.
About PatientPay Paperless
To view a video that explains the benefits of PatientPay Paperless click here:
How PatientPay Paperless Works
PatientPay creates patient payment solutions that help patients, practices, hospitals and revenue cycle management providers better control their 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.