What You Should Know:
– PatientPay, the leading patient billing and payments partner for acute, ambulatory and specialty care, today announced a partnership with Azalea Health, a leading provider of fully integrated cloud-based healthcare IT solutions and services.
– As part of the partnership, PatientPay will leverage Azalea Health’s API Infrastructure to provide ambulatory providers and community hospitals with the ability to manage patient billing and payments on a single platform—promoting faster revenue capture and profitability.
Enhancing Rural Healthcare Financial Stability with Streamlined Billing Solutions
Rural healthcare organizations often face severe financial challenges, operating with narrow margins that sometimes lead to closures. According to the National Rural Health Association, over 170 rural hospitals have shut down or discontinued inpatient services since 2010. Nearly 450 more are at risk, with 50% operating with negative margins. In this environment, the ability to capture patient payments quickly is critical to organizational survival.
PatientPay offers a unique approach to address this issue, utilizing easy-to-understand statements and digital billing strategies to accelerate payment collection. Across its client base, PatientPay has demonstrated significant success:
– Payments are collected in an average of less than 14 days, compared to the industry standard of 45 to 60 days.
– Nearly 49% of electronic billing messages are converted into payments once patients log in, significantly surpassing the 2% average in the consumer industry.
– Payment capture rates for certain providers have tripled.
In collaboration with Azalea’s API Marketplace, healthcare organizations can access pre-approved third-party applications, including PatientPay’s platform, which integrates seamlessly with the Azalea system. This integration enables users to streamline their billing processes with minimal setup, leveraging the “SMART on FHIR” API for faster implementation and reduced interface configuration time. By incorporating PatientPay into their systems, organizations benefit from:
– A simplified billing experience for patients.
– Faster self-pay payments and increased bill conversion rates for providers.
– Reduced days in accounts receivable and fewer balance write-offs.
– Lower collection costs due to the elimination of inefficient paper-based processes.
Incorporating these advanced billing solutions can significantly improve financial performance and ensure the long-term viability of rural healthcare organizations.
“We’re thrilled to partner with Azalea Health,” says Tom Furr, CEO of PatientPay. “It’s no secret that Azalea Health is the top partner to help community and rural providers address unique challenges in today’s turbulent market. Our new partnership will assist their clients to move the needle on the overall financial health so they can continue delivering vital care to their communities.”
