RALEIGH-DURHAM, N.C., March 31, 2020 /PRNewswire-PRWeb/ -- PatientPay, the leading patient payments partner for acute, ambulatory, and specialty care, today announced it secured $6.15 million in growth financing. The investment will be used to significantly expand its ability to serve the needs of Revenue Cycle Management (RCM) companies as well as further enhance its omni-channel patient payments platform.
The round was led by Mosaik Partners and an existing investor, with participation from other current and new investors. This financing supports PatientPay's industry-leading end-to-end patient engagement and payment solution that captures more payments while making the patient billing experience an integrated part of patient care.
"This new financing will enable PatientPay to bring more innovation and efficiencies in healthcare with electronic strategies for patient payments that serve to drive more payments, lower the cost of care while providing a positive patient experience during the billing process," said Tom Furr, PatientPay's CEO.
"PatientPay has been partnering successfully with several of the largest healthcare RCM operations in the country who use our omni-channel strategies to target mobile patient payments via text and email as the initial touch points for healthcare bills. Time and again, we've seen when patients understand their financial responsibilities – and feel more in control of their healthcare payment experience – it is a win-win-win equation for them, the RCM and the healthcare provider," Furr said.
According to a recent report from KeyBank, "The U.S. healthcare industry has been notoriously slow to embrace new payment systems and processes, largely due to the complexity that arises from regulatory and privacy requirements. Only 17% of consumers receive a medical bill electronically, despite over 70% preferring electronic statements." In stark contrast, PatientPay's electronic medical billing has yielded the following success metrics:
- 53% of patient statements are paid in the first 28 days.
- 60% of electronic bills are paid online.
- 63% of payments are made via customized payment plans.
PatientPay's patents and software leverage existing central billing office infrastructure and systems to bill and reconcile patient payments using existing insurance claims data that ultimately simplifies the entire billing process for the patient. This unique architecture enables PatientPay to match patient bills to their insurance's explanation of benefits (EOB) allowing patients to trust their bill. PatientPay's flexible payment plan options help patients better manage certain bills that might be difficult to pay in full due to the continual rise of patient financial responsibility. PatientPay RCM clients use integrated analytics to provide smarter collection strategies to better understand how patients navigate and pay their bills.
PatientPay's platform gives RCM operations visibility into their complete patient payment strategy by utilizing their current eligibility and estimation solution as well as integrating it into their early out call centers. PatientPay has as much as doubled patient payment collections compared to RCM's prior collection capabilities.
To learn more about how PatientPay drives end-to-end patient payments and, ultimately, value for both patients and providers, visit http://www.patientpay.com.
About PatientPay
PatientPay partners with RCM companies to capture more patient payments faster at every step of the healthcare journey. As patient financial responsibility grows, acute care providers, physician groups and specialty services such as labs, therapy, radiology and anesthesiology rely on PatientPay to get paid more and faster. Ultimately PatientPay aims to extend the patient experience with enhanced overall patient satisfaction by matching bills with EOBs, flexible payment options, and custom communications. Learn more about how PatientPay drives end-to-end patient payments and, ultimately, value for both patients and providers at http://www.patientpay.com.
SOURCE PatientPay, Inc.
Share this article