DURHAM, N.C. & TAMPA, Fla.--(BUSINESS WIRE)--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. PatientPay enables providers to reduce administrative costs, accelerate patient payments and increase revenue with a configurable payment platform. Patients enjoy a seamless, intuitive payment experience, making understanding their bill and managing liability easier throughout their healthcare journey.
A poll from MGMA found that 92% of medical group leaders reported higher operating expenses in 2024 compared to 2023. Yet on average, providers collected less than half of what patients owed for services rendered in 2022 and 2023. Optimizing patient billing operations and delivering affordable payment options are critical to increasing the speed and volume of patient payments in 2024 and beyond.
As part of the merger, PatientPay will create an even more comprehensive billing and payments platform, combining the strengths of both organizations to deliver unparalleled value in the market. The next iteration of this solution will build from a successful foundation to drive more payments across the continuum of the patient journey with:
- An embedded estimation and eligibility solution
- Simplified integration capabilities to more billing systems
- Expanded payment technology for virtual card straight-through processing
- Overall enhancement to the user experience for patients and practices alike
As a registered PayFac, PatientPay will be able to streamline and accelerate the onboarding process, providing healthcare practices greater control and flexibility over their payment solutions. Healthcare providers and revenue cycle management (RCM) companies using the system should expect best-in-class results which will increase collection rates, decrease the cost-to-collect by reducing paper usage and staff time and enrich the patient payment experience.
“Our shared ability to remove friction from the patient financial experience and collect payments quickly is why our clients continue to rely on us to protect and grow the financial health of their organization,” said Tom Furr, CEO of PatientPay.
“We’re thrilled to join forces with PatientPay to continue developing innovative technology that aligns the consumer experience with the financial goals and needs of healthcare organizations,” said Ryan Zemmin, CEO of ClearGage.
The partnership comes after a two-year period of explosive growth for PatientPay. From December 2021 to December 2023, the company increased the number of medical groups it supports with financial services and digital billing strategies by 527%. In that same period across clients, PatientPay:
- Increased digital wallets to 1.2M
- Increased click to pay rates from 38% to 44%
- Increased payments via mobile devices from 56% to 71%
- Increased collection rates by 50%-100%
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.”
Similarly, ClearGage achieved an impressive 473% growth in its referral partner business from 2021 to 2023, highlighting the company's rapid expansion and strong industry partnerships. In that same period across clients, ClearGage:
- Averaged a 40% reduction in bad debt
- Processed 198% more digital payments
- Increased held appointments by 10% through price transparency
- Reduced staff time by 50 hours a week with upfront estimates and eligibility
Practices leveraging ClearGage’s treatment estimate solution have experienced savings and efficiency across practice operations. Keleah Jefcoat of Colorado Spine Institute spoke of their results, “[ClearGage] Treatment estimates absolutely helped our practice. It saved our authorization and scheduling teams further work when patients choose not to proceed with the treatment due to the estimated liability. We also decreased the number of accounts that result at an outside collections agency because we are having a conversation with patients ahead of time and setting up payment arrangements.”
D.A. Davidson & Co. served as the exclusive financial advisor to ClearGage. To learn more about the merger and the future of digital payment strategies, visit www.patientpay.com or www.cleargage.com.
About PatientPay
PatientPay partners with specialty care medical groups and facilities to drive patient payments at each stage of the patient journey. As patient financial responsibility grows, community hospitals and specialty services such as long-term care, physical therapy, radiology and anesthesiology rely on PatientPay for quick and complete payments. Ultimately, PatientPay aims to enhance overall patient satisfaction by improving the patient experience through digital wallets, matching bills with EOBs, offering flexible payment options, and providing custom communications. To learn more about how PatientPay guarantees results for its clients, contact info@patientpay.com.
About ClearGage
ClearGage is a leading healthcare payment technology company dedicated to making patient responsibility more transparent and affordable for everyone. Founded in 2009 by a team of experts from healthcare, employee benefits, and payment processing industries, ClearGage was created to address the growing need for healthcare payment solutions with a consumer-driven experience.
The company has remained committed to aligning its solutions with the latest technologies and evolving patient expectations. By leveraging industry-leading technology and talent, ClearGage helps healthcare providers improve their financial health and patient outcomes.
