What You Should Know:
– PatientPay, the leading patient billing and payments partner for acute, ambulatory and specialty care, and ClearGage, a leading provider of healthcare estimate and payment solutions, today announced the close of their merger to deliver the industry-leading digital billing and payment platform for medical groups, specialty practices and community hospitals as PatientPay.
– This collaboration aims to set a new standard in payment technology and patient convenience by connecting patients and providers through an advanced digital infrastructure.
Enhancing Healthcare Payment Solutions: PatientPay’s Impact on Billing Efficiency and Revenue Collection
PatientPay offers healthcare providers a configurable payment platform designed to reduce administrative costs, accelerate patient payments, and increase revenue. By providing patients with a seamless, intuitive payment experience, the platform simplifies billing and liability management throughout the healthcare journey.
Recent data underscores the importance of optimizing patient billing operations. According to a 2024 poll by MGMA, 92% of medical group leaders reported higher operating expenses compared to 2023, yet providers collected less than half of what patients owed for services rendered in 2022 and 2023. In light of these challenges, enhancing billing efficiency and offering affordable payment options have become essential to increasing the speed and volume of patient payments in 2024 and beyond.
Strategic Merger and Platform Expansion
As part of its ongoing growth, PatientPay is expanding its billing and payments platform through a strategic merger. This next iteration will build on a successful foundation, offering an even more comprehensive solution designed to drive more payments across the entire patient journey. Key enhancements include:
– Embedded Estimation and Eligibility Solutions
– Simplified Integration with More Billing Systems
– Expanded Payment Technology for Virtual Card Straight-Through Processing
– Enhanced User Experience for Both Patients and Practices
Streamlined Onboarding and Improved Collection Rates
As a registered PayFac (Payment Facilitator), PatientPay will streamline and accelerate the onboarding process, granting healthcare practices greater control and flexibility over their payment solutions. Providers and revenue cycle management (RCM) companies using the system can expect best-in-class results, including increased collection rates, reduced cost-to-collect through minimized paper usage and staff time, and an enriched patient payment experience.
Impressive Growth and Performance Metrics
The merger follows a period of explosive growth for PatientPay. Between December 2021 and December 2023, the company expanded its support for medical groups by 527%, enhancing their financial services and digital billing strategies. During this time, PatientPay also achieved significant milestones across its client base:
– Increased Digital Wallets to 1.2 Million
– Improved Click-to-Pay Rates from 38% to 44%
– Increased Mobile Payment Usage from 56% to 71%
– Boosted Collection Rates by 50% to 100%
These achievements highlight PatientPay’s commitment to delivering unparalleled value in the healthcare payment space, driving both operational efficiency and improved financial outcomes for healthcare providers.
PatientPay has helped many specialty groups improve their financial standing. Janet Carbary, CFO of Integrated Rehab Group explained, “We essentially doubled our daily collections by using PatientPay. And our cash collections have stayed at that level since we went live with them at the end of 2022. We are still seeing patients pay sooner and with fewer questions. It really has enhanced our cash collections.”
