PatientPay’s Online Payment Solution Benefits Fairfax Ob-Gyn Associates and Patients
Fairfax, Va. and Durham, NC – (January 19, 2016) – PatientPay, the leader in healthcare payment solutions, has helped a D.C.-area medical practice break its costly dependence on paper bills with the implementation of its paperless billing service, the company today announced.
Fairfax Ob-Gyn Associates P.C., a women’s health practice, employs state of the art technology on the clinical side of its operation but needed a significant upgrade to its billing and back-end reconciliation process. Before PatientPay, the practice’s billing company printed statements, stuffed them into envelopes, added postage and sent them to patients by “snail mail.” Along with this activity, error-prone manual data entry was used to reconcile the payments when they were received, typically in the industry standard time frame of at least 120 days.
The four month time frame between sending a bill and receipt of payment was putting added stress on the practice in terms of cash flow as their account receivables grew dramatically. “Most people don’t think of a medical group as a business,” said Tom Furr, PatientPay’s CEO. “Make no mistake; it is a business that must find ways to provide exceptional service to its customers, or patients, while continuing to innovate and operate profitably.”
Despite America’s growing preference to get bills – including those from their doctors – online, the overwhelming majority of U.S. medical practices send paper bills. A recent survey among American healthcare consumers by Deloitte, the management consultancy, found more than 70 percent of respondents want their bills in electronic form.
“Our practice has had a positive overall experience with PatientPay,” said Megan Colon, Fairfax Ob-Gyn Associates’ billing manager. “We love PatientPay and look forward to a long relationship with the team.” Some of that love comes from the fact the PatientPay solutions produces their bills for 44 percent less than a paper bill and those bills are paid in 13 days using PatientPay Paperless, 90 percent faster than paper bills.
A just-issued research study conducted by Physicians Practice, a medical practice management magazine, found that 66 percent of practices surveyed will not give more than cost of living raises to its staff members, citing decreasing reimbursements from payers and patients as the single greatest reason. The possible impact on retaining quality personnel in a practice is clear.
“Medical practices must move now into the age of paperless billing or no longer be able to serve their patients as they want, maintain a top-notch staff or succeed as a business,” Furr said.
Fairfax Ob-Gyn Associates maintains offices in Fair Oaks, Gainesville and Woodbridge, Virginia.