Just-issued Market Study Finds Service Offers 'Immediate' Benefits To Healthcare Providers & Consumers
Durham, NC (June 6, 2013) - A key finding in a just-issued study conducted by Aite Group, an independent research and advisory firm, highlights PatientPay, "is the only new billing entrant working through PMS vendors to build maximum workflow efficiency." As a result, its innovative approach brings "immediate benefits" to both providers and consumers of healthcare services.
"There are few industries in which consumers agree to spend their precious financial resources on a product or a service without first knowing its price. Yet, in U.S. healthcare, consumers are programmed to do just that," states Michael Trilli, an Aite senior analyst and author of the report, titled "Price Transparency in U.S. Healthcare: A New Market." However, changes in how much consumers pay for healthcare and the method they use to make payments prompted Trilli to investigate existing and emerging methods that provide price transparency to all involved in the healthcare service value chain.
A notable factor in this shift is the rise of high deductible healthcare plans (HDHP) which reduces the amount paid by insurers to healthcare providers and shifts more of the payment responsibility to consumers. Evidence suggests that the result is healthcare providers will have to contend with accounts receivables that can easily spiral out of control. The Aite report notes that the PatientPay service offers an "advanced healthcare provider benefit, reducing bad debt and billing-related costs."
PatientPay's patented solution "can be directly integrated into the medical revenue cycle through Practice Management Software (PMS) as part of the core system," notes the report. It is the only post-service solution that takes this approach to greater bill transparency and payment. This arrangement "sets [PatientPay] as the last payer to be paid in the PMS, which leads to creating an electronic patient bill based on the actual claim(s) submitted that details the health plan covered and the out-of-pocket amount."
"This Aite study should serve as a call to action by Practice Management Software vendors to provide its medical practices with the means to have the price and bill transparency they need and their patients will demand," said Tom Furr, PatientPay's CEO. "While we are pleased and proud to be a 'company to watch' in this new market, being identified as providing a service that gives real, immediate benefits to practices and patients via our PMS vendor partners is even more satisfying, particularly in the changing healthcare environment."
The research labels PatientPay as being a player in the post-service market segment that Aite expects to grow at a 67% CAGR between 2012 and 2016. Further, its PMS-centric approach holds "the potential to expand into the pre-service researching segment."
The study's methodology included interviews with top healthcare CEOs, CIOs and product and business development executives across banks, practice management software vendors, claims clearinghouse vendors, health plans, private-exchange operators, and early stage third-party vendors.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, securities & investments, and insurance, Aite Group's analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.
PatientPay is a patented, web-based service for physician groups and their patients to process and manage bills and balances. It handles the time-intensive, complicated and expensive process in minutes not days, at half the cost and with less risk than paper-based payments or traditional online portals.
PatientPay, based in Durham, North Carolina, reaches more than 20,000 healthcare providers through its current network of Practice Management Software partners. The online service can integrate with any Practice Management Software to offer a complete online solution that automates billing, collections and posting of patient payments. For more information, please visit www.patientpay.com or call 1-888-730-9374.