PatientPay Announces ‘The $10,000 Healthcare Billing Challenge’

Healthcare Providers Win if Their Paper Billing Methods Are Less Expensive and Faster than PatientPay Paperless
 

Durham, NC (February 16, 2016) -- Tom Furr, CEO of PatientPay™, the leader in healthcare payment solutions is putting his money where his mouth is. He is putting $10,000 on the line to prove PatientPay Paperless℠ is less expensive  to process a medical bill and generates payment faster than any paper-based billing method used by any physicians’ group, hospital or revenue cycle management company (RCM) anywhere in the fifty United States.

“Since 98 percent of healthcare providers send out paper bills, the aim of ‘The $10,000 Healthcare Billing Challenge’ is to help those professionals realize that maintaining the status quo is costing them money and delaying cash flow,” Furr said. “Further,  patients have made it clear in numerous market studies that they’d prefer to get their bills electronically and providers should heed their call.”

Providers can enter The Challenge from today until 12:00 AM Eastern Time, March 31, 2016 by clicking here to get started.

To win the $10,000 an entrant needs to use PatientPay Paperless for 60 days after which time per statement cost and average payment cycle achieved will be compared against submitted verified evidence of paper billing performance. Any licensed healthcare provider, from a large group or a multi-location hospital system as well as revenue cycle management firms providing billing services to those types of organizations are eligible to participate.

PatientPay Paperless has shown to save a provider up to $4.00 per statement, a cost reduction that can quickly add up, enhancing profit margins measurably. In addition, providers using the solution receive payments in less than 14 days, on average. That is a marked difference from the payment cycle typically seen with paper bills of 120 days.

“The rise of high deductible health plans , even the emergence of defined benefits plans, have increased account receivables significantly and negatively impacted cash flow for healthcare providers of all sizes and types while diminishing efficiencies RCMs may have achieved.”

“Making billing more cost-effective and collections quicker are necessities in healthcare. If ‘The $10,000 Healthcare Billing Challenge’ raises awareness of this problem and the way to easily solve it, then both providers and patients will benefit.”