PatientPay is the leading end-to-end patient payment solution focused on the complex financial challenges facing specialty healthcare. PatientPay partners with specialty care medical groups and revenue cycle management (RCM) companies to capture patient payments during every step of care.
Consumers are becoming the largest buyer of healthcare in the United States, so specialty services such as labs, radiology and anesthesiology rely on PatientPay to get paid more, faster and drive down the cost to collect. PatientPay drives a dramatic increase in patient payments through statements that align with patient Explanation of Benefits (EOB), flexible payment options, custom communications and a natural workflow for the billing staff.
Its solutions yield greater patient payment collections than traditional methods while driving down the cost to capture these payments. In addition, PatientPay gives 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 reduce call volumes as well as time-intensive, error-prone, manual back-end efforts to process and reconcile traditional patient paper billing methods used today.
Medical groups who use PatientPay can realize a collection success rate that’s up to two times higher than the industry standard, expect up 50 percent savings per payment over traditional billing methods, and get paid on average in 14 days.
PatientPay was founded 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, NC.
Where We Are
Thomas Furr, Chief Executive Officer/Founder, was most recently the Chief Strategy Officer and Board member at Smart Online, Inc. a publicly traded Software-as-a-Service (SaaS) company that provides small business applications via a private label distribution channel strategy through Fortune 1000 companies. Prior to this position, Tom was its Chief Operating Officer. Tom sold his first company, Kinetics, Inc., which was one of the first Internet commerce providers for the small business industry, to Smart Online in 1995. Before founding Kinetics, Furr managed both national and international sales channels for leading software companies.
David Bond, Strategic Advisor to the CEO, was most recently President/COO of A4 Health Systems, a healthcare company that developed a practice management and an integrated Electronic Health Record system. A4 Health Systems was sold to Allscripts (NASDAQ: MDRX) in March 2006. He was named President of the HealthMatics division for Allscripts and remained in that position until March 2008. Previously he held executive positions with Medic Computer Systems, a publicly traded company that developed a practice management system that was sold to Misys, PLC.
Vikram Natarajan, Chief Technology Officer, was most recently CTO of Medfusion, Inc. While at Medfusion, Vikram spearheaded the development of consumer facing clinical and revenue cycle applications. He has over a decade of experience leading teams in building healthcare interoperability, web and mobile solutions. Prior to Medfusion, Vikram worked in Telehealth, clinical research and in other early stage Health IT companies.
Paul Boemer, Executive Vice President, has built business units, divisions and whole companies that delivered meaningful benefits to their customers and measurable results to their stakeholders. He has more than three decades of experience in the healthcare accounting and payments industry. He was with FIS, a global leader in financial services technology and outsourced services, rising to the position of Senior Vice President, Healthcare and Government Solutions, and has been a consultant to a number of organizations in electronic processing and payments.