DURHAM, N.C.--(BUSINESS WIRE)--PatientPay, the leading patient payments partner for acute, ambulatory, and specialty care, today announced a partnership with Higher Standards, a payment processing solution for all types of businesses and organizations. The partnership will harness both organizations unique expertise to provide an end-to-end payment acceptance solution for healthcare organizations and a more seamless billing experience for patients.
Higher Standards offers payment processing solutions for all types of businesses and organizations, including traditional retailers, online retailers, restaurants, the healthcare industry, business-to-business companies, and churches and other non-profit organizations. Its merchant services are designed to exceed expectations and integrate seamlessly with existing business systems. Today, Higher Standards supports 4,500 processing merchant accounts and $2.2 billion in annualized processed volume of which thirty-five percent of these accounts are in healthcare.
“At Higher Standards, we care about relationships—not just transactions. We combine the stability of a large processer with the heart and soul of a client focused business,” says Bill Ernest, President of Higher Standards. “We’re dedicated to providing the highest level of customer service to our merchants and affiliate partners. Our partnership with PatientPay, and their expertise in healthcare payments, will help us deliver solutions more tailored to the nuances of healthcare.”
Healthcare organizations are finding it harder to collect patient financial responsibility. An analysis of patient financial transactions from over 1,850 hospitals and 250,000 physicians showed a decline in patient collection rates—from 54.8% in 2021 to only 47.8% in 2022 and 2023. For healthcare organizations operating on thin margins, it’s critical to have a solid payment strategy in place. By partnering with PatientPay, healthcare facilities leveraging Higher Standards will now have access to PatientPay’s platform, further enabling:
- A streamlined billing experience for patients with 70% paying via a mobile phone
- Increased payment rates by a minimum of 25%
- Improved operational efficiency through digitization and automated payment plan processes
- Reduced days in A/R and decreased balance write-offs
- Lower collection costs stemming from the move away from inefficient, paper-based processes
“At PatientPay, many of our clients see patient payments get processed within the first few minutes after we turn on our platform. Our ability to accelerate the time to collect payments and reduce paper statements by up to 50% is one of the reasons our partners depend on us,” says Tom Furr, CEO of PatientPay. “We’re proud to partner with Higher Standards to provide their healthcare clients the ability to streamline the payments process to vastly increase patient payments.”
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
About Higher Standards
Since 2001, Higher Standards has offered payment processing solutions for all types of businesses and organizations, including traditional retailers, online retailers, restaurants, the healthcare industry, business-to-business companies, and churches and other non-profit organizations. This includes the processing of credit card, debit card, online, electronic check, and ACH payments, using traditional credit card terminals, POS systems, and virtual online gateways. To learn more about Higher Standards contact hsi@higherstandards.net.
