Challenge to Demonstrate Advantage of Paperless Billing
Durham, NC (April 26, 2016) -- In February PatientPay issued the Healthcare Billing Challenge to medical practices, hospitals and revenue cycle management (RCM) companies asking them to prove that their current process was faster and less expensive than PatientPay PaperlessSM. Those who could receive $10,000 and through today no one succeeded. With the Challenge set to expire, PatientPay announced today it has extended its competition to June 30, 2016.
The PatientPay Healthcare Billing Challenge is an offer of $10,000 to any certified, US-based Central Billing Office (CBO) or healthcare biller, that can show its paper-based billing process is less expensive to process a medical bill and generates payment faster than the company’s PatientPay Paperless℠ solution.
“The rise of High Deductible Health Plans has changed the patient’s financial obligation from 10 percent to as much as 50 percent. As a result, being able to issue bills in a cost-efficient manner and, more importantly, collect on payments quickly has become a business-critical matter,” said Tom Furr PatientPay’s CEO. “The $10,000 Healthcare Billing Challenge is a way to bring attention to the inefficiencies of how paper statements can impact the bottom line of CBOs that continue with antiquated billing methods.”
Providers can enter The Challenge from today until 12:00 AM Eastern Time, June 30, 2016 at PatientPay10KChallenge to get started.
To be eligible to win the $10,000, entrants must use PatientPay Paperless for 60 days after which time the per statement cost and average payment cycle achieved will be compared against submitted verified evidence of the CBO’s paper billing performance. Any CBO from a large group medical practice or a multi-location hospital system as well as revenue cycle management firms providing billing services to those types of organizations can 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, those 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.