PatientPay Announces New Patent for ‘Instant Integration for Installment Payments’ for its Patient Payment Solution
Patented Technology Permits Integration for Payment Plans for Pre or Post Service
PatientPay, the leading end-to-end patient payment solution focused on the complex financial challenges facing specialty healthcare, announces the issuance of a patent to reduce the level of effort a medical group must perform to set up an integrated payment plan for both time-of-service and post visit patient statements.
At the core of “Instant Integration for Installment Payments” is US Patent No. 10,410,187, a business process that enables a quick, easy and reliable connection with any currently available medical group billing system. The process was developed and patented by PatientPay and is recognized as a significant advancement in the automation of healthcare practices in the United States. This patent is in addition to PatientPay’s three other patents 8,155,983, 8,204,764 and 8,214,233.
The Medical Group Management Association reports that the typical medical group sends, on average, 3.3 paper statements before payment is secured. PatientPay reduces the number of paper statements required to capture patient payments by providing electronic bills via text and email online. According to Cain Brothers, “Only 17 percent of consumers receive a medical bill electronically, despite over 70% preferring electronic statements.” This number is expected to grow with the ongoing increase in USPS postage rates.
“PatientPay’s patented integration capability is the latest example of our commitment to bring the healthcare transaction cost down by leveraging automation through the existing healthcare payment infrastructure,” said Tom Furr, PatientPay’s CEO. “With this technology we are eliminating the cost of manual back-end processing that’s required by other patient payment vendors.”
PatientPay is pleased to offer medical group billing vendors and revenue cycle management companies’ virtually instant access to our cost-effective service for their clients. PatientPay permits seamless patient payment data posting and offers a better payment experience for patients.