Can you believe it’s about to be 2020? It feels like just yesterday that we were all (anxiously) anticipating Y2K! In the words of The Rolling Stones, “Time Waits for No One.” Since being founded in 2009, Patientco has made the most of our time working in the healthcare space. To celebrate the upcoming new year and a decade in business, let’s pay homage to our products that have helped modernize patient payment services. Consider these some of Patientco’s greatest hits!
A Decade of Patient Payment Services
When you think of patient payment services, the first thing that comes to mind is probably a billing and payment portal. Our PatientWallet is that and so much more. By setting up a PatientWallet account, patients can track, manage and pay their healthcare expenses on whichever device they prefer. It also gives patients a way to store their payment method, enroll in payment plans and even ask questions to their provider’s billing staff.
Today’s patient payment services must address a common concern among patients: affordability. Average annual deductibles have doubled in the last decade, according to Kaiser Family Foundation. This means many patients cannot afford their treatment. Patientco began offering payment plans to address this problem. Payment plans empower patients to break up higher account balances into automatic monthly installments, which helps patients afford their care. Our data shows that most patients want to pay, but as balances exceed $400, they need more flexible payment options. To ensure higher payment rates, make sure your health system offers payment options that meet your patients’ unique financial needs.
Some patients may want to pay their medical bill in a few monthly installments on a payment plan, but for patients with larger bill balances, longer-term financing options may be the best option. Patientco has integrated multiple financing options from best-in-class lending partners into its patient payment services. As a result, health systems can select the payment options best suited to their patients’ needs and their organization’s business objectives. This ensures there is a flexible, friendly option for every patient.
We can’t talk about Patientco’s greatest hits without highlighting Digital-First Billing! Digital-First Billing allows health systems to engage with patients via email or text first without mailing a paper statement. Just think of all the trees saved! Plus, patients can access self-service affordable payment options immediately from their digital bill. Not only is this a better experience for patients, there’s also value for health systems. Since Digital-First Bills are delivered six days faster than mailed statements, health systems decrease days to pay by a week.
Integrations in the Epic App Orchard
For our encore, we’ll highlight two solutions that became available in the Epic App Orchard earlier this year. The first is Patientco Patient Payments, which supports self-service payments via MyChart. The second is the Patientco Encrypted Device Integration, which allows health system team members to collect payments without leaving the Epic workflow. Patient payment services should work in sync with your health system’s HIS. This supports better patient financial care, whether that’s through a self-service portal like MyChart or with assistance from a health system team member.
Overall, I’d say the past decade was a success for Patientco! You can bet that we’ll continue modernizing patient payment services, so expect more hits from us in the future. *Mic drop.*