Since Women's Health Care Group in Oaks, Pa., began using PatientPay's paperless billing solution, the hospital has reduced the amount of time it takes to receive patient payments to less than nine days, on average.
On average, three paper monthly statements are issued to patients before any payment is received by medical practices, according to the Medical Group Management Association.
Durham, N.C.-based PatientPay provides healthcare companies with an e-billing solution that streamlines the claims issuing process through online payment portals.
Once a patient's insurance in adjudicated, the patient receives an email requesting payment the next day and often makes payment days later, WHC spokeswoman Janine Jones explained. "If the patient received a paper statement, it would not have even printed until days after that," Ms. Jones said. "PatientPay has reduce our time to collect from months to days."
WHC reported a 30 percent cost-savings by eliminating a number of expenses, such as paper, printing and postage.
"The expansion of high deductible health plans is having a serious impact on large medical groups' ability to manage their account receivables," said PatientPay's CEO Tom Furr. "Before these plans became the norm, groups like WHC could count on insurance companies providing 90 percent of their revenue. The new plans have altered that to 50 percent, with the remaining financial obligation being the patient's responsibility."
WHC is comprised of 25 separate divisions with 45 locations throughout Montgomery, Chester and Delaware counties in Pennsylvania.