PatientPay and Higher Standards have joined forces to introduce a specialized payment acceptance solution tailored for healthcare organizations.
According to a press release issued on Tuesday (June 18), this collaboration allows healthcare facilities utilizing Higher Standards’ comprehensive payment processing solution across various sectors to integrate PatientPay’s platform. PatientPay’s platform specifically targets acute, ambulatory, and specialty care settings, enhancing payment management capabilities.
Bill Ernst, President of Higher Standards, highlighted the strategic benefits of partnering with PatientPay, emphasizing their expertise in healthcare payment solutions. The collaboration aims to cater more effectively to the specific needs and complexities of the healthcare industry.
Higher Standards currently supports 4,500 merchant accounts for payment processing, with a significant portion—35%—operating within healthcare, as stated in the release.
PatientPay’s platform facilitates patient payment processes for specialty care medical groups and facilities. It includes features such as explanations of benefits (EOBs), flexible payment options, and personalized communications to enhance patient billing experiences.
The platform is designed to streamline billing procedures, improve payment collection rates, automate payment plans, and reduce overall collection costs for healthcare providers.
Tom Furr, CEO of PatientPay, expressed pride in the partnership with Higher Standards, highlighting their shared goal of optimizing the payment process to significantly increase patient payments. Furr underscored PatientPay’s capability to expedite payment collection times and reduce reliance on paper statements by as much as 50%.
The PYMNTS Intelligence report, “The Digital Platform Promise: How Patients Want to Streamline Healthcare Payments,” identifies several pain points consumers face when paying for healthcare services. It reveals that 21% find the payment process itself challenging, 18% struggle with confusing medical bills that hinder efficient payment, and 16% are surprised by insurance coverage that falls short of expectations.
In a previous collaboration announced in August 2023, PatientPay integrated with PointClickCare’s electronic health record (EHR) platform. This integration aimed to streamline the payment experience for patients and healthcare providers alike, offering faster and more seamless payment solutions.
Through this integration, PatientPay’s platform provides long-term and post-acute care (LTPAC) facilities with a unified system to manage payments efficiently, thereby enhancing overall payment efficiency in these specialized healthcare settings.
