PatientPay, the leading patient payments partner for acute, ambulatory, and specialty care, today announced a 616% increase in revenue since December 2021. The announcement caps off a two-year period of explosive growth for PatientPay: From December 2021 to December 2023, the company also increased the number of medical groups it supports with financial services and digital billing strategies by 527% (from 206 to 1,087 locations).
In that same period, across clients, PatientPay:
- Increased payment collection volumes by 794%
- Increased cards on file by 763%
- Increased percentage of revenue coming from payments from 71% to 75%
- Increased click to pay from 38% to 44%
- Increased users who pay via mobile devices from 56% to 71%
2023 marked the worst financial year on record for many healthcare organizations. According to a recent survey from AMGA, median total revenue per physician has increased 9.1% compared to pre-pandemic performance, while median total expense per physician has increased 26.5% over the same period. Given rising expenses and workforce shortages, financial pressure is likely to continue into 2024 and beyond. This intensifies the need for medical groups to capture payments as fast as possible. PatientPay uniquely leverages easy-to-understand statements and digital billing strategies to engage patients in paying their bills quickly.
One client, Integrated Rehab Group (IRG)—a specialty group operating 40 physical and hand therapy locations—was able to quickly double daily cash payments after partnering with PatientPay in January 2023. Shannon O’Kelly, president and CEO of IRG Physical & Hand Therapy Services, notes, “Today, 60% of our patients who receive a text notification of their bill make a payment. This rate helps us overcome sluggish cash flows when deductibles reset. It has also positioned us to expand our footprint and introduce new services like rehabilitation for patients.”
PatientPay’s mobile pay platform sends a secure text message to patients as soon as their bill is ready to view. With one touch, patients can access their account directly, without the need to enter a username or remember a password. The platform integrates with IRG’s EMR and billing system to make account reconciliation easy and ensure account balances are updated in real time across systems.
Tom Furr, CEO of PatientPay, adds: “At PatientPay, our ability to ease administrative burdens and fast-track the time to collect payment is one of the reasons our client partners across the country trust us. Positioning specialty practices and groups with the tools they need to strengthen financial performance isn’t just essential to a group’s ability to invest in high-quality care and strong patient experiences. For many, it’s a matter of financial survival.”
To learn more about PatientPay, visit www.patientpay.com.
About PatientPay
PatientPay partners with specialty care medical groups and facilities to drive patient payments at every step of the visit. As patient financial responsibility grows, specialty services such as long-term care, physical therapy, radiology and anesthesiology rely on PatientPay to get paid fast and in full. Ultimately PatientPay aims to extend the patient experience with enhanced overall patient satisfaction through matching with EOBs, flexible payment options, and custom communications. To learn more about how PatientPay guarantees results for its clients, contact info@patientpay.com.
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