We’re excited to announce that we will move from a paper-based billing process to a paperless one from PatientPay, the leader in patient healthcare payment solutions.
“The decision to eliminate paper from the patient billing process for our clients nationally was driven by the desire to generate faster patient payments for them. The move to PatientPay Paperless℠ is essential to providing ease of payment and convenience for patients as well,” said Terrence Sims, Rev-Ignition’s president. “This simple, relevant, and accommodating use of technology is welcomed at a time when patient portions are on the rise across the nation.”
PatientPay Paperless consistently brings medical groups payments in less than 14 days on average, after a claim has been adjudicated. This is a stark contrast to the paper bill payment cycle which is typically 90 to 120 days.
The key reason payments are received so quickly using PatientPay Paperless is the bill the patient sees is clear and readily understood. PatientPay’s patented technology permits alignment of charges to an Explanation of Benefits, removing any confusion over what has been paid by whom and what is still owed. Nearly 80 percent of PatientPay bills are paid immediately once opened by the patient.
“Rev-Ignition is the latest in a growing number of RCM and healthcare organizations that realize how paper bills are negatively impacting their business. PatientPay’s unique approach gives these groups the ability to treat patient payments just like ones from insurance companies when it comes to payment reconciliation,” said Tom Furr, PatientPay’s CEO. “By deciding to eliminate the traditional paper statement from its billing process, Rev-Ignition is helping its clients get paid faster by presenting bills the way most consumers prefer, online.”
Some 70 percent of consumers who get their healthcare bills online will pay them, according to Deloitte, a management consulting firm. Further, Citibank research determined that when consumers’ bills match their EOB, they pay them 71% of the time.
Why PatientPay Paperless?
PatientPay creates patient payment solutions that help patients, practices, hospitals and revenue cycle management providers better control expenses in today’s healthcare environment.
Its solutions yield greater operational and financial efficiency for healthcare providers while giving patients a simple way to manage their healthcare-related financial obligations. The billing, payment and reporting services are HIPAA and PCI Level 1 compliant and eliminate time-intensive, error-prone, manual back-end efforts to process and reconcile paper bills or manage a traditional online portal.
PatientPay was founded in 2008 to bring to healthcare consumers the same type of payment solutions they use in retail and e-commerce environments. In 2012 PatientPay was granted three patents (U.S. Patent Nos. 8,155,983, 8,204,764 and 8,214,233) for its innovative process that underpins its solutions, which can be integrated with any healthcare management software.
PatientPay is headquartered in Durham, North Carolina. For more information, please visit www.patientpay.com or call (888) 730-9374.
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For more information about how Rev-Ignition can improve your RCM, explore our website, or call (844) 297-9944 to speak to one of our knowledgeable professionals today.