What it is advisable to know:

– PatientPay, the main affected person billing and funds accomplice for acute, outpatient and specialty care, and ClearGage, a number one supplier of healthcare estimating and fee options, in the present day introduced the completion of their merger to ship the main digital billing and funds platform for medical teams, specialty practices and neighborhood hospitals as PatientPay.

– This collaboration goals to set a brand new commonplace in fee expertise and affected person comfort by connecting sufferers and healthcare suppliers by way of a sophisticated digital infrastructure.

Enhancing Healthcare Fee Options: PatientPay's Affect on Billing Effectivity and Income Assortment

PatientPay presents healthcare suppliers a configurable funds platform designed to scale back administrative prices, speed up affected person funds, and improve income. By offering sufferers with a seamless, intuitive fee expertise, the platform simplifies billing and legal responsibility administration all through the care journey.

Latest information highlights the significance of optimizing affected person billing operations. In line with an MGMA ballot, 92% of medical group leaders reported larger working bills in 2024 in comparison with 2023, however suppliers collected lower than half of what sufferers owed for companies rendered in 2022 and 2023. In mild of those challenges, bettering billing effectivity and providing inexpensive fee choices have change into important to rising the velocity and quantity of affected person funds in 2024 and past.

Strategic merger and platform enlargement

As a part of its continued development, PatientPay is increasing its billing and funds platform by way of a strategic merger. This subsequent iteration builds on a profitable basis, delivering an much more complete resolution designed to drive extra funds throughout your complete affected person journey. Key enhancements embody:

– Constructed-in estimation and suitability options

– Simplified integration with extra billing methods

– Complete fee expertise for digital card straight-through processing

– Improved person expertise for each sufferers and practices

Streamlined onboarding and improved assortment charges

As a registered PayFac (Fee Facilitator), PatientPay will streamline and speed up the onboarding course of, giving healthcare practices higher management and suppleness over their fee options. Suppliers and Income Cycle Administration (RCM) firms that use the system can count on best-in-class outcomes, together with larger assortment charges, decrease assortment prices by way of minimal paper and employees time, and an enriched affected person fee expertise.

Spectacular development and efficiency indicators

The merger follows a interval of explosive development for PatientPay. Between December 2021 and December 2023, the corporate expanded its help for medical teams by 527%, enhancing their monetary companies and digital billing methods. Throughout this time, PatientPay additionally achieved vital milestones throughout its buyer base:

– Variety of digital wallets rises to 1.2 million

– Improved Click on-to-Pay charges from 38% to 44%

– Improve in cell fee utilization from 56% to 71%

– Elevated assortment percentages by 50% to 100%

These achievements underscore PatientPay’s dedication to delivering unmatched worth in healthcare funds by bettering each operational effectivity and monetary outcomes for healthcare suppliers.

PatientPay has helped many specialty teams enhance their monetary place. Janet Carbary, CFO of Built-in Rehab Group, explains: “We’ve basically doubled our every day collections through the use of PatientPay. And our money collections have remained at that stage since we went dwell with it in late 2022. We’re nonetheless seeing sufferers paying earlier and with fewer questions. It’s actually improved our money collections.”