Patientco,
a next-generation patient payment technology company, has launched
Digital-First Billing, which enables Health Systems to engage with
patients via email or text first without mailing a paper statement while
providing tailored, affordable payment options.
Digital-First Billing improves the patient financial experience by
addressing patients’ increased expectations for digital communications
and their concerns around affordability. A 2019
survey by Patientco revealed that more than 60 percent of patients
prefer digital communication over mailed paper statements. Meanwhile,
over half of providers surveyed still rely on paper statements.
With Digital-First Billing, patients are engaged through the digital
channels they prefer and once their identity is verified, patients can
easily view and pay their bill using the device of their choice. If the
patient does not engage with their eBill, Patientco’s SmartSuppress™
technology will automatically send a mailed paper statement.
Patients can also access self-service affordable payment options through
Digital-First Billing. In an analysis of millions of billing
interactions, Patientco determined that as balances rise above $400,
many patients stop paying in full and start making partial payments.
With Digital-First Billing, patients can immediately view tailored,
affordable payment options that fit their budget, including:
- Discounts for prompt payment;
- Interest-free payment plans; and
- Low monthly cost financing options.
By delivering a better experience and ensuring patients can afford their
healthcare expenses, Digital-First Billing drives more patient payments
for Health Systems. The solution promotes increased self-service
payments and streamlines payment plan enrollment, reducing the
administrative burden on Health System staff. Patient A/R days are also
decreased. Patients receive eBills six days faster than a mailed
statement and as a result, Health Systems get paid on average 69 percent
faster from eBills versus paper bills. Additionally, Digital-First
Billing enables Health Systems to offer the modern payment experience
that today’s consumers expect. By giving patients a more personalized,
convenient and flexible financial experience, Health Systems capture
more payments today while creating loyal patients, driving more visits
long-term.
“The launch of Digital-First Billing demonstrates new progress toward
creating a patient financial experience that is aligned with what
today’s consumers expect,” said Sean Joyce, chief technology officer at
Patientco. “The healthcare industry is tasked with serving a new
generation that grew up in a connected world, seeking out web and mobile
choices first. Digital-First Billing is key for health systems to
attract and retain those patients.”
About Patientco:
Patientco is a payment technology company founded specifically to
re-think the patient payment experience in healthcare. By combining
intuitive consumer payment tools and world-class payment infrastructure
backed by data-led design, we create a superior billing experience and
deliver more payments to Health Systems. Patientco is making healthcare
better one payment at a time. To learn more, email learnmore@patientco.com,
visit www.patientco.com
or connect on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190416005075/en/