PatientPay and Higher Standards have entered into a collaborative agreement to provide a streamlined payment acceptance solution tailored for healthcare organizations. This partnership aims to address the complexities and inefficiencies often encountered in healthcare payments, benefiting both patients and healthcare providers.
PatientPay’s previous collaboration with PointClickCare enhanced payment processes within electronic health record (EHR) platforms, making transactions smoother for long-term and post-acute care facilities. This earlier integration was pivotal in setting the stage for the current partnership with Higher Standards, which expands these streamlined payment solutions to a broader healthcare audience.
Higher Standards has a significant presence in the healthcare sector, supporting 4,500 processing merchant accounts with 35% related to healthcare. The new partnership with PatientPay will allow these accounts to leverage PatientPay’s platform, designed for acute, ambulatory, and specialty care. This collaboration was announced in a press release on June 18.
Enhanced Payment Solutions
The integration of PatientPay’s platform with Higher Standards’ payment processing solution offers numerous benefits. It provides flexible payment options, explanations of benefits (EOBs), and custom communications, enhancing the billing experience for patients. These features are expected to increase payment rates and reduce collection costs for healthcare facilities.
Bill Ernst, president of Higher Standards, emphasized that PatientPay’s expertise in healthcare payments will help them deliver more effective solutions tailored to the specific needs of the healthcare sector. The partnership aims to address the various pain points that consumers face while making healthcare payments.
Streamlining the Payment Process
Tom Furr, CEO of PatientPay, stated that their platform could accelerate payment collections and reduce paper statements by up to 50%. These improvements contribute significantly to streamlining the payment process, making it easier for patients to manage their medical bills efficiently. The collaboration with Higher Standards is expected to vastly increase patient payment rates.
A PYMNTS Intelligence study revealed that 21% of consumers find the healthcare payment process challenging, and 18% are confused by medical bills. By integrating their solutions, PatientPay and Higher Standards aim to address these issues, making the payment process more straightforward and less cumbersome for patients.
Key Insights
– PatientPay’s platform reduces paper statements by up to 50%.
– Higher Standards supports 4,500 merchant accounts, with 35% in healthcare.
– The partnership aims to enhance payment rates and reduce collection costs.
The partnership between PatientPay and Higher Standards represents a significant step forward in addressing the inefficiencies and complexities of healthcare payments. By integrating PatientPay’s specialized platform with Higher Standards’ robust payment processing solutions, the collaboration aims to provide a more streamlined, efficient, and user-friendly experience for both healthcare providers and patients. This initiative is expected to result in higher payment rates, reduced collection costs, and improved patient satisfaction, addressing the pain points identified in recent studies. As the healthcare sector continues to evolve, such partnerships will be crucial in driving innovation and improving financial processes within the industry.
