Revenue Cycle Management Company Selects PatientPay
Durham, NC and Temecula, CA -- (June 1, 2016) -- Rev-Ignition, a leading revenue cycle management (RCM) company serving a broad network of healthcare providers, will move from a paper-based billing process to a paperless one from PatientPay the leader in patient healthcare payment solutions, the companies today announced.
“The decision to eliminate paper from the patient billing process for our clients nationally was driven by the desire to generate faster patient payments for them. The move to PatientPay Paperless℠ is essential to providing ease of payment and convenience for patients as well,” said Terrence Sims, Rev-Ignition’s president. “This simple, relevant, and accommodating use of technology is welcomed at a time when patient portions are on the rise across the nation.”
PatientPay Paperless consistently brings medical groups payments in less than 14 days on average, after a claim has been adjudicated. This is a stark contrast to the paper bill payment cycle which is typically 90 to 120 days.
The key reason payments are received so quickly using PatientPay Paperless is the bill the patient sees is clear and readily understood. PatientPay’s patented technology permits alignment of charges to an Explanation of Benefits, removing any confusion over what has been paid by whom and what is still owed. Nearly 80 percent of PatientPay bills are paid immediately once opened by the patient.
“Rev-Ignition is the latest in a growing number of RCM and healthcare organizations that realize how paper bills are negatively impacting their business. PatientPay’s unique approach gives these groups the ability to treat patient payments just like ones from insurance companies when it comes to payment reconciliation,” said Tom Furr, PatientPay’s CEO. “By deciding to eliminate the traditional paper statement from its billing process, Rev-Ignition is helping its clients get paid faster by presenting bills the way most consumers prefer, online.”
Some 70 percent of consumers who get their healthcare bills online will pay them, according to Deloitte, a management consulting firm. Further, Citibank research determined that when consumers’ bills match their EOB, they pay them 71% of the time.