US-based patient payment company PatientPay has begun a partnership with Neolytix, a company providing healthcare management services.
The two companies will integrate PatientPay’s automated payment technology with Neolytix’s expertise in operational and revenue cycle management (RCM).
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Through this, they aim to enhance revenue collection, minimise administrative tasks, and improve the financial experience for patients.
Neolytix president and chief operating officer Ritu Bhatnagar said: “Patient payment responsibility ranges from 25% to 35% of the revenue for most practices we work with.
“This percentage has been trending up in recent years due to high deductible plans gaining popularity and more costs shifting to patients.
“By integrating PatientPay’s innovative payment solutions into our service offerings, we’re providing our clients with a best-in-class approach to managing patient payments, reducing revenue leakage and enhancing overall financial performance further strengthening the Neolytix revenue transformation experience.”
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By GlobalDataPatientPay and Neolytix plan to provide solutions to help healthcare organisations reduce billing and collection costs while expediting payment capture.
Neolytix’s clients are expected to benefit from seamless access to PatientPay’s advanced digital payment platform, allowing payment solutions to be integrated smoothly across the entire revenue cycle.
PatientPay claims to enhance patient engagement through intuitive statements and effective digital billing strategies, with its turnarounds averaging less than 14 days compared to the industry standard of 45-60 days.
According to the company, its platform can turn 48.8% of electronic billing messages into payments once patients have logged in, against the consumer industry average of 2%.
PatientPay president Pete Heydt said: “We’ve seen other PatientPay clients receive payments within minutes of incorporating our solution and payment strategies.
“Neolytix complements our expertise with deep knowledge in revenue cycle optimisation.
“Together, we’re making it easier for organisations to streamline billing, collect payments faster and deliver a seamless financial experience for patients.”
