PatientPay, the leading patient billing and payments partner for acute, ambulatory and specialty care, and ClearGage, a leading provider of healthcare estimate and payment solutions, announced the close of their merger to deliver the industry-leading digital billing and payment platform for medical groups, specialty practices and community hospitals as PatientPay.
This collaboration aims to set a new standard in payment technology and patient convenience by connecting patients and providers through an advanced digital infrastructure. PatientPay enables providers to reduce administrative costs, accelerate patient payments and increase revenue with a configurable payment platform. Patients enjoy a seamless, intuitive payment experience, making understanding their bill and managing liability easier throughout their healthcare journey.
A poll from MGMA found that 92% of medical group leaders reported higher operating expenses in 2024 compared to 2023. Yet on average, providers collected less than half of what patients owed for services rendered in 2022 and 2023. Optimizing patient billing operations and delivering affordable payment options are critical to increasing the speed and volume of patient payments in 2024 and beyond.
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As part of the merger, PatientPay will create an even more comprehensive billing and payments platform, combining the strengths of both organizations to deliver unparalleled value in the market. The next iteration of this solution will build from a successful foundation to drive more payments across the continuum of the patient journey with:
- An embedded estimation and eligibility solution
- Simplified integration capabilities to more billing systems
- Expanded payment technology for virtual card straight-through processing
- Overall enhancement to the user experience for patients and practices alike
As a registered PayFac, PatientPay will be able to streamline and accelerate the onboarding process, providing healthcare practices greater control and flexibility over their payment solutions. Healthcare providers and revenue cycle management (RCM) companies using the system should expect best-in-class results which will increase collection rates, decrease the cost-to-collect by reducing paper usage and staff time and enrich the patient payment experience.
“Our shared ability to remove friction from the patient financial experience and collect payments quickly is why our clients continue to rely on us to protect and grow the financial health of their organization,” said Tom Furr, CEO of PatientPay.
“We’re thrilled to join forces with PatientPay to continue developing innovative technology that aligns the consumer experience with the financial goals and needs of healthcare organizations,” said Ryan Zemmin, CEO of ClearGage.
The partnership comes after a two-year period of explosive growth for PatientPay. From December 2021 to December 2023, the company increased the number of medical groups it supports with financial services and digital billing strategies by 527%. In that same period across clients, PatientPay:
- Increased digital wallets to 1.2M
- Increased click to pay rates from 38% to 44%
- Increased payments via mobile devices from 56% to 71%
- Increased collection rates by 50%-100%
PatientPay has helped many specialty groups improve their financial standing. Janet Carbary, CFO of Integrated Rehab Group, explained, “We essentially doubled our daily collections by using PatientPay. And our cash collections have stayed at that level since we went live with them at the end of 2022. We are still seeing patients pay sooner and with fewer questions. It really has enhanced our cash collections.”
SOURCE: Businesswire