DURHAM, N.C.--(BUSINESS WIRE)--PatientPay, the leading patient payments partner for acute, ambulatory, and specialty care, today announced three Texas-based community hospitals have selected PatientPay to revamp their digital payment and patient financial engagement strategy. Rankin County Hospital, Goodall-Witcher Healthcare and Faith Community Hospital will now have access to PatientPay’s behavioral-science based digital payment platform to improve patient financial experience while increasing payment efficiency and promoting faster revenue capture.
“Community hospitals cannot afford to leave the patient financial experience to chance. And now with the impact of recent cyberattacks continuing to disrupt vital cash flow, these providers need to ensure they’re doing everything they can to collect money for delivered services as frictionless as possible,” says Tom Furr, CEO of PatientPay. “Without this inflow of cash, many of these hospitals are at risk of closing permanently—and in some cases, a closure could turn their community into a care desert.”
The last couple of years have marked the worst financial years on record for many healthcare organizations, and community hospitals continue to face negative financial outlooks in 2024. Strengthening patient financial engagement with the help of digital payment solutions is key to protecting the financial viability of these hospitals. PatientPay uniquely bundles easy-to-understand digital statements with EOBs and a digital patient wallet to drive more patient payments, faster.
Across clients, PatientPay:
- Averages less than 14 days to get paid vs. industry average of 45 to 60 days
- Converts 43.8% of electronic billing messages into payments once patients log in vs. consumer industry average of 2%
- Increases payment capture rates by 2 to 3 times over traditional methods
- Captures 70% of payments via a mobile device
Furr continues: “The right digital solutions have the power to facilitate faster payment and also educate patients on what they owe and how to fulfill their financial obligations for care. At PatientPay, we’re proud to extend our results-based program to community hospitals and empower them with the tools they need to financially survive and thrive in a turbulent market.”
To learn more about PatientPay, visit www.patientpay.com
About PatientPay
PatientPay partners with specialty care medical groups and facilities to drive patient payments at every step of the visit. As patient financial responsibility grows, specialty services such as long-term care, physical therapy, radiology and anesthesiology rely on PatientPay to get paid fast and in full. Ultimately PatientPay aims to extend the patient experience with enhanced overall patient satisfaction through matching with EOBs, flexible payment options, and custom communications. To learn more about how PatientPay guarantees results for its clients, contact info@patientpay.com
