DURHAM, N.C.--(BUSINESS WIRE)--PatientPay, the leading patient billing and payments partner for acute, ambulatory and specialty care, today announced it has been awarded a contract from Provista, a leading provider of supply chain solutions known for its innovative and cost-effective solutions. Provista is a member of the Vizient family of companies that serves healthcare clients across non-acute, ambulatory care, long term care, physician office and home health organizations. Under the new agreement, Provista participants can leverage PatientPay’s digital billing and payment platform to accelerate patient payment and drive better financial outcomes.
A MGMA Stat poll found that 92% of medical group leaders report their operating expenses in 2024 have increased compared to 2023. Many factors contribute to an organization’s margin, but as patients are becoming increasingly responsible for larger portions of their bills, organizations are feeling the pressure to capture more patient payments as quickly as possible.
PatientPay uniquely leverages easy-to-understand statements and digital billing strategies to engage patients in paying their bills quickly. Across clients, PatientPay:
- Averages less than 14 days to get paid vs. the industry average of 45 to 60 days
- Converts 48.8% of electronic billing messages into payments once patients log in vs. the consumer industry average of 2%
- Increases payment capture rates by 3x for certain providers
“Our ability to vastly increase payments, accelerate the time to collect, and reduce paper statements by up to 50% is one of the reasons our partners trust and depend on us,” says Tom Furr, CEO of PatientPay. “Through this agreement, healthcare providers in the Provista network will have increased access to the platform that offers further control over their finances and the ability to win back much-needed revenue.”
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 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.
