PatientPay Introduces Payment Acceleration Tool to Eliminate Delays in Payer-Collected Patient Payments

DURHAM, N.C.--(BUSINESS WIRE)--PatientPay, the leading patient payments partner for acute, ambulatory and specialty care, today announced the launch of PatientPay Accelerate. This innovative automated payment solution bridges the final step between payer-collected patient payments and cleared revenue—eliminating hours of manual entry, lengthy reconciliation and the need to directly pursue collecting patient payments.

This innovative automated payment solution bridges the final step between payer-collected patient payments and cleared revenue.

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“If you are a provider group or hospital working with PatientPay, we have the ability to quickly collect and reconcile all your patient payments—whether it’s from a patient’s mobile phone or via their payment on an insurance portal,” says Tom Furr, CEO of PatientPay. “When a patient pays their bill through an insurance portal, it typically takes a provider weeks to see that payment. With our new solution, these payments are funded immediately into a provider’s bank account and automatically reconciled in the practice management or health information system.”

As part of its initial rollout, PatientPay is integrating with numerous payers that scale across 1,000,000 participating providers to help facilitate more seamless payment processing, reduce A/R days and improve cashflow. PatientPay will help providers:

• Bypass having to send paper statements to collect patient payments and get paid faster by delivering patient payments made to insurance companies directly into a provider’s account
• Lighten reconciliation by ensuring payments are accurately matched to the right patients—reducing errors and manual corrections
• Shrink the A/R window by eliminating days in payment posting to keep the revenue cycle moving more quickly

“As a provider group, it is frustrating to navigate the challenges of receiving patient payments, especially when they are made in an insurance portal. We’ve essentially already been paid—but we haven’t seen the money. And getting that money often requires a lot of manual administrative work from our busy team,” said Matt Mettry VP of Revenue Cycle at Alpine Physician Partners, an early adopter of PatientPay Accelerate. “PatientPay Accelerate streamlines this entire process helping us to reduce cost by up to $4,783 per 1,000 payments which are processed while also keeping our practice’s cash flow up by reducing collections by 43 days which is critical in this economic climate.”

For more information about how your organization can utilize PatientPay Accelerate, visit www.patientpay.com/optum

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.