PatientPay has gone on to team-up with Higher Standards in order to offer a new payment acceptance solution that’s customised for healthcare organizations.
This partnership will allow healthcare facilities using Higher Standards’ payment processing solution for various businesses and organizations to access PatientPay’s platform, which caters to acute, ambulatory, and specialty care, as stated in a press release on Tuesday, June 18, 2024.
Bill Ernst, president of Higher Standards, expressed that the partnership with PatientPay and their expertise in healthcare payments would help deliver solutions more tailored to the nuances of healthcare.
Higher Standards happens to manage 4,500 processing merchant accounts, 35% of them being healthcare-related.
PatientPay’s platform supports specialty care medical groups and facilities in improving patient payments. It offers explanations of benefits- EOBs, flexible payment options, and personalized communications.
By using this platform, healthcare facilities can streamline their billing process, increase payment rates, automate payment plans, and reduce collection costs.
Tom Furr, CEO of PatientPay, noted that their ability to accelerate payment collection and reduce paper statements by up to 50% is a key reason their partners rely on them. He expressed pride in partnering with Higher Standards to streamline the payment process and significantly boost patient payments.
Research by PYMNTS Intelligence has revealed several challenges consumers face when paying for healthcare services or products. Twenty-one percent of consumers found the payment process difficult, 18% were confused by medical bills, and 16% said insurance covered less than expected, according to the report- The Digital Platform Promise: How Patients Want to Streamline Healthcare Payments, a collaboration between PYMNTS Intelligence and Lynx.
In August 2023, PatientPay announced a partnership with PointClickCare’s electronic health record- EHR platform to enhance the payment process, offering a faster and more seamless experience for patients and healthcare providers. This integration allows long-term and post-acute care- LTPAC facilities to manage payments more efficiently on a single platform.