PatientPay Proves to be Cost-Effective, User-Friendly Solution for Greenwood Pediatrics
Denver (December 8, 2015) -- More than 70 percent of American healthcare consumers prefer to get their doctor bills online, according to a study by Deloitte, a management consultancy. PatientPay, the leading provider of healthcare payment solutions, asserts that despite the survey’s finding, the vast majority of healthcare providers continue to send paper bills to their patients.
A notable exception is Denver-area Greenwood Pediatrics, with offices in Centennial, Parker and Littleton. “Our patients’ families have been asking for paperless billing and payment solutions for years,” said Gery Lee, Greenwood’s office manager. “With PatientPay, we finally found a cost-effective, user-friendly way to deliver on that popular demand. PatientPay has shortened our collection cycle, reduced our printing costs and helped us keep up with the expectations of increasingly smartphone-reliant customers.”
By switching to PatientPay, Greenwood Pediatrics has been able to cut their cost to bill and collect from their patients by 47 percent. The savings are actually greater based on the time value of money because using the paper method means as many as three monthly statements need to be issued over 90 to 120 days before any payment is made, reports the MGMA, a organization of medical office professionals. The basis for payment delays can be found in the paper bills themselves as patients indicate they won’t pay bills that are unclear or don’t match the Explanation of Benefits (EOB) they receive from their insurance company.
The process begins when Greenwood Pediatrics sends an email, instead of a paper statement, to a patient alerting them that there’s a bill due. The online bill is accessed by computer, tablet or mobile device, and in most cases paid immediately. PatientPay reports more than 7 out of 10 people using its service pay the bill after they see it. In addition, more than 30 percent of all payments made on the PatientPay platform are currently done via mobile phones.
PatientPay’s solutions are built on a foundation of innovative technology covered by three U.S. patents. PatientPay exclusively matches charges with the insurance company's’ EOB ensuring that the charges a patient receives outlines all insurance payments but also any payments the patient has made to the practice either during their visit or afterwards.
“I founded PatientPay because doctors’ bills need to be as easy and convenient to pay as all other bills I pay via my mobile phone or laptop.We have committed substantial resources to understanding and implementing a simplified interface to provide the optimal experience for the user regardless of device type,” said Tom Furr, PatientPay’s CEO. “Our healthcare payment solutions give medical groups a way to better control business expenses and give their patients bills they can understand and pay in a secure, compliant environment. Practices like Greenwood Pediatrics are getting paid in less than 14 days, more than 10 times faster than with a traditional paper statement”
To support its assertion, PatientPay points to a survey conducted among American consumers by Deloitte, a management consultancy. The study found that more than 70 percent of respondents want to get their doctor bills online.
About PatientPay e-billing
To view a video that explains the benefits of PatientPay’s e-billing service click here:
PatientPay creates patient payment solutions that help patients, practices and hospitals and revenue cycle management services better control expenses in today’s healthcare environment.
Its solutions yield greater operational and financial efficiency for healthcare providers while giving 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 eliminate time-intensive, error-prone, manual back-end efforts to process and reconcile paper bills or manage a traditional online portal.
PatientPay was founded in 2008 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, North Carolina. For more information, please visit www.patientpay.com or call (888) 730-9374.