Healthcare Payment Leader Develops Product to Enable Practices to Estimate All Patient Payments from its Portal
Durham, NC (April 14, 2015) - PatientPay, a provider of innovative healthcare billing solutions, announced today the release of its comprehensive pricing tool that enables healthcare practices to better communicate with their patients the out-of-pocket obligations they will incur for their office visit.
PatientPay, which has accurate historical pricing information for the practices it serves, is now able to aggregate that important data across all third party payors and provide the practice, and their patients, a clear estimate of the cost of the patient’s visit along with their financial obligations.
"Practices are being swamped by patients who would like to know how much procedures are going to cost based on their increased out-of-pocket demands," explains Tom Furr, CEO of PatientPay. "Can you imagine going to a restaurant and not seeing prices on the menu and only when you ask for your check do you realize how much you owe for your meal? That’s pretty much the patient experience today, which makes it challenging for patients to prepare financially without any understanding of their responsibility. Practices also have to commit substantial resources to answer these questions which is taxing their personnel."
Patients using PatientPay pay their bill up to seventy two percent of the time once they review the easy-to-understand statements. This helps to reduce cost by up to $4.00 per statement driving a substantial Return On UsageSM for practices. PatientPay spends a significant amount of time with office managers and their staff to understand the most time consuming issues with patient pricing, billing and support and developed this pricing solution to help continue to drive down their cost.
PatientPay will be rolling this new product out to existing practices and it will be included in all future activations with new groups who use practice management software that is integrated into PatientPay.
PatientPay is a patented, web-based service for physician groups and their patients to process and manage pricing, bills and balances. PatientPay gives practices cutting-edge technology helping them be successful and strengthen their relationships with their patients. The service is embedded in practice and hospital software, creating greater customer satisfaction and easy integration.
PatientPay is based in Durham, North Carolina. Their patient payment service can integrate with any practice or hospital software to offer a complete payment solution that automates billing, collections and posting of patient payments. For more information, please visit www.patientpay.com or call (888) 730-9374.