Patientco Partners with Watsi to Pay it Forward at HFMA’s 2016 Annual National Institute

Patientco to donate $5 for every provider attendee badge scanned at booth #838 to fund life-changing healthcare around the world

ATLANTA–()–Patientco, the leading healthcare payments technology company that optimizes the payment experience for providers and patients alike, announced today that it is partnering with Watsi, a non-profit, web-based global crowdfunding platform to fund life-changing healthcare for patients in the developing world who could not otherwise afford care.

During the 2016 Annual National Institute of the Healthcare Financial Management Association in Las Vegas, NV, Patientco will pay it forward by donating $5 to Watsi for every attendee badge scanned at booth #838 to fund life-giving medical procedures for patients supported by the Watsi platform.

“At Patientco, we are set on creating positive change in healthcare for everyone. As a vital part of that goal, we actively give back to those who are unable to afford healthcare for themselves,” said Kurt Lovell, chief operating officer at Patientco. “When we found out about Watsi, it seemed like the perfect opportunity to extend our goal of creating positive change to patients around the world.”

Watsi enables anyone to directly fund life-changing healthcare for people around the world. To date, 18,562 donors have contributed $6.5 million to fund life-changing healthcare for 8,112 patients in 23 countries. 100 percent of donations to Watsi fund care, with any operating costs covered separately by support from private donors. Watsi works with in-country medical partners—carefully screened, on-the-ground organizations that provide reliable healthcare to underserved populations in low-income countries. Medical partners provide profiles of patients who meet Watsi criteria, which are then posted on the website, where donors can contribute as little as $5 to directly fund their care.

“We’re thrilled to help Patientco pay it forward for each attendee who visits their booth!” said Grace Garey, Watsi co-founder. “Watsi exists to connect people, so the fact that we can connect Patientco and their community directly with patients in need of healthcare is a really special opportunity for us. This will make an enormous difference for patients around the world.”

Visit Patientco at www.patientco.com/ani/ and at booth #838 at ANI16 to help pay it forward and fund life-changing healthcare for people around the world.

About Patientco

Patientco is the market-leading provider of cloud-based patient payment technology that empowers healthcare providers and revenue cycle vendors to streamline payment processing, reconciliation, and reporting for increased business office effectiveness. Patientco goes beyond basic payment processing to connect every patient payment event throughout multi-facility networks—delivering unrivaled visibility into and control over the patient payment process. The result is improved cash flow, reduced A/R days, cost-saving efficiencies and increased patient and provider satisfaction. For more information, visitwww.patientco.com.

About Watsi

Watsi, based in San Francisco, is a nonprofit startup that enables anyone to donate as little as $5 to directly fund life-changing healthcare for people around the world. 100% of donations to Watsi go to fund healthcare, and the organization is dedicated to radical transparency. Watsi is a registered U.S. 501(c)(3) non-profit organization. The organization is one of the fastest-growing non-profits in web history. The funds it collects go directly to the patients; operational costs are funded separately. For more information, visit www.watsi.org.

Contacts

Dodge Communications
Erin Russ, 770-576-2552
eruss@dodgecommunications.com

Grace Health System Selects Patientco for Patient Payment Platform

GHS High ResLUBBOCK, Texas–()–Patientco, the market-leading healthcare payment technology company that optimizes the payment experience for healthcare providers and their patients, has been selected by Grace Health System, a multi-campus healthcare facility in Texas, as the organization’s patient-focused payments solution. With Patientco, Grace Health System, comprised of a medical center including a Grace Clinic and Grace Medical Center, will provide its patients with a single solution to quickly and easily pay their medical bills across multiple locations.

Grace Health System has grown to support more than 65 multi-specialty physician and mid-level providers at its locations. The medical center, supported by its providers, performs more than 800 surgeries a month and in excess of 10,000 emergency room visits annually. With this growth, and as patient costs and financial responsibility continue to rise, Grace realized the need to prioritize a patient-friendly payment system to help patients understand and easily pay their medical bills.

“Improving the patient financial experience of our patients was one of our main strategic objectives in the past year to provide meaningful value to both patients and our health system,” said Rory McCrady, Revenue Cycle Director at Grace Health System. “Patientco’s solution is helping Grace provide better customer service to our patients, enabling us to treat them like valued consumers while making sure our revenue cycle stays healthy.”

Through Patientco’s comprehensive patient revenue cycle platform, Grace Health System will provide its patients with:

  • Convenient online access to pay bills, view account balances, and access statements and receipts;
  • Full-color, plain language billing statements; and
  • Multiple additional consumer-friendly payment options.

“We’re seeing more and more healthcare organizations recognizing the patient revenue cycle as an area they can look to address both patient satisfaction and their own long-term business success through improved technology,” said Bird Blitch, co-founder and chief executive officer at Patientco. “As we work with health systems like Grace, we’re committed to revolutionizing the patient financial experience with superior technology and equipping healthcare organizations to take control of their patient revenue cycle.”

Patientco Launches Payments Hub for Revenue Cycle Vendors

Patientco Payments Hub integrates with revenue cycle software to provide payment processing capabilities to RCM vendors and reduce PCI scope

ATLANTA–()–Patientco, the market-leading healthcare payment technology company that optimizes the payment experience for healthcare providers and their patients, announced today the launch of Patientco Payments Hub. The platform integrates with existing RCM vendor technology and enhances the payment processing and settlement value that vendors bring to their provider customers, offering them a competitive advantage in the market with comprehensive healthcare-specific patient payment processing.

While other industries like banking and retail utilize industry-specific payment platforms, healthcare still has not widely adopted such technology. As such, many providers leverage separate RCM and payment processing vendors, impacting customer retention, satisfaction and market share for RCM vendors. Patientco’s healthcare payment technology has helped over 500 hospitals and practices nationwide more effectively address patient payments, and Patientco Payments Hub will open this experience to the RCM vendor market.

“Payments in healthcare are more complex than other consumer industries because of the volume and varying types of patient data that accompany every transaction. It’s very difficult for many vendors to manage PCI compliance, HIPAA regulations, and interoperability with healthcare information systems if they do not specialize in payment technology,” said Joshua Silver, co-founder and vice president of product development at Patientco. “Patientco Payments Hub offers a solution to this, with the platform built specifically for RCM vendors looking to add payment technology to their solution without the burden of managing the complexities, security, and regulations that go along with payments.”

Patientco Payments Hub provides RCM vendors a competitive edge through their existing technology with the following key features:

  • Processing of all payment types, including cash, debit, credit and check with various payment methods including via phone, online or mobile;
  • Automated reconciliation with guaranteed accuracy;
  • Easy and fast implementation; and
  • Improved payment efficiency and optimization through streamlined workflows and payment experiences.
  • Reduced PCI scope
  • HIPAA compliance

“There are many revenue cycle solutions in the market today providing valuable functionality like estimation and eligibility. However, most require the provider to leave the application to process payments through a payment system that is not designed and optimized for the complexity of healthcare,” said Bird Blitch, co-founder and chief executive officer at Patientco. “With Patientco Payments Hub, we’re partnering with leading revenue cycle vendors to improve the payment process from start to finish, increasing value for both the RCM vendors and their clients.”

To learn more about Patientco Payments Hub, visit Patientco at HIMSS16 at the Georgia HIMSS booth #2065 and online at https://www.patientco.com/paymentshub/.

Meridian Health Selects Patientco for Patient Revenue Cycle Platform

Solution to enable health system to provide patient-friendly billing and payment access and optimized revenue cycle operations

NEPTUNE, N.J.–()–Patientco, a market-leading patient revenue cycle technology company, has been selected by Meridian Health, a leading not-for-profit health care organization in New Jersey, as the organization’s patient friendly billing and payment solution to enhance the financial experience for its patients and providers.

The Patientco solution allows:

  • Convenient patient access to their hospital financial obligations;
  • Plain language billing statements;
  • Tracking of current, outstanding and historical balances; and
  • Improved ability to make payments through clearer statements and patient-centric payment tools.

“It’s now expected that technology fosters ease of use, understandability and access to health care information, but we were looking for a solution that would provide those qualities directly to our patients for their account status,” said Marilyn Koczan, vice president of financial services at Meridian Health. “With statements that are easy to understand, intuitive alerts and convenient access, Patientco’s solution will help us provide our patients with a meaningful and efficient financial experience.”

With multiple patient-friendly payment methods offered, including online, mobile, check, cash or over the phone, and clear statements with everyday language and summaries, patients can easily assess what they owe and quickly make payments in a manner that’s convenient for them.

“Consumerism, combined with increased patient financial responsibility is creating a unique shift where organizations must work with patients to help them better understand, manage and pay their bills,” said Bird Blitch, chief executive officer at Patientco. “We are looking forward to our partnership with Meridian and are committed to working with them to provide high-quality financial experiences for patients and promote long-term viability for the organization.”

About Meridian Health

A leading not-for-profit health care organization in New Jersey, comprising Jersey Shore University Medical Center and K. Hovnanian Children’s Hospital in Neptune, Ocean Medical Center in Brick, Riverview Medical Center in Red Bank, Southern Ocean Medical Center in Manahawkin, Bayshore Community Hospital in Holmdel, Raritan Bay Medical Center in Old Bridge, Raritan Bay Medical Center in Perth Amboy, and Meridian Partner Companies that include home health services, skilled nursing and rehabilitation centers, ambulatory care, ambulance services, fitness and wellness centers, and outpatient centers. In May, Meridian Health and Hackensack University Health Network signed a definitive agreement to merge. Meridian Health has consistently been rated among the top performing health systems in New Jersey for clinical quality, is one of the FORTUNE “100 Best Companies to Work For” for six consecutive years, and is the recipient of numerous state and national recognitions for patient care and nursing excellence. Meridian Health is a member of AllSpire Health Partners, an interstate consortium alongside six of the nation’s leading health systems, to focus on the sharing of best practices in clinical care and achieving efficiencies. With more than 100 convenient locations, over 2,300 beds, nearly 15,000 team members, and affiliations with more than 2,700 of the area’s finest physicians, Meridian Health is a leading health care provider in New Jersey, providing quality health services, facilities, and programs. For more information, please visit www.MeridianHealth.com.

About Patientco

Patientco is the market-leading provider of cloud-based patient revenue cycle technology that empowers providers to optimize payments and increase business office efficiency through consumer-centric technology. Patientco goes beyond basic payment capture to connect every patient payment event throughout multi-facility networks—delivering unrivaled visibility into and control over the patient revenue cycle. The result is improved cash flow, reduced A/R days, cost-saving efficiencies and increased patient and provider satisfaction. For more information, visit https://www.patientco.com/why-patientco.

Pamplona Capital Management Makes Strategic Investment in Patientco

Funding accelerates leading healthcare payment technology company’s growth and partnership agreement positions MedAssets/Precyse as the most complete end-to-end integrated revenue cycle, technology solution in the market

LONDON / NEW YORK – January 6, 2016 – Pamplona Capital Management is pleased to announce it has made a strategic financial investment in Patientco, a leading payment technology company built specifically for healthcare. With patient payments often constituting as much as one third of hospital revenues, more than 500 hospitals and physicians practices nationwide have already turned to Patientco to address this fastest growing piece of the healthcare revenue pie.

Pamplona’s financial commitment will support Patientco in its pursuit of key growth initiatives that will further establish the company as a market leader in patient payment technology, including:

  • Accelerated expansion of Patientco’s sales footprint nationally through the central and western United States.
  • Increased market leadership with Patientco Essentials, Patientco’s newest payments offering that allows healthcare providers to automatically manage, consolidate and reconcile every patient payment across all their point-of-service, patient access, business office and 3rd party locations.
  • Development of valuable functionality with the nation’s leading integrated healthcare systems and enhancement of interoperability with new and existing strategic healthcare IT partners.

Pamplona’s investment in Patientco also includes a commercial agreement to embed Patientco’s offerings into Pamplona’s MedAssets Revenue Cycle Management (RCM) and Precyse business, which were both acquired by Pamplona in 2015 and are being merged in 1Q16. The combination of services and technologies across patient access, health information management (HIM), central business office, patient payments and accounts receivable positions MedAssets RCM and Precyse as the most complete end-to-end integrated solution in the market.

“Patientco’s patient payment solution addresses a great need for healthcare providers across the country. Pamplona chose Patientco after a careful examination of several payment solutions and we believe the company is clearly differentiated from its competitors,” said Jeremy Gelber, M.D., Partner at Pamplona Capital Management. “Pamplona’s investment not only allows Patientco to reach a broader audience, it makes MedAssets/Precyse the first company to offer integrated services across both insurance and patient payments, further cementing its position as the most complete end-to-end integrated revenue cycle services and technology company in the market.”

The agreement paves the way for Patientco to embed its payment solution into MedAssets’ RCM services and Precyse’s HIM services, immediately extending Patientco’s reach to more than 3,000 health systems and 1,000 ambulatory care centers across the country. As a result, Patientco, which has experienced rapid growth and again doubled its annual total processing value (“TPV”) in 2015, expects to accelerate its goal of processing $10 billion in annual TPV by the end of 2018.

“Working with Pamplona reinforces our trajectory as the go-to partner for any healthcare provider or healthcare IT vendor that processes patient payments,” said Bird Blitch, co-founder and CEO of Patientco. “Historically, payment processing and healthcare haven’t worked well together, but we are changing that. With Pamplona’s support, we will continue in our mission to eliminate the payment burden so that providers can focus on delivering care and patients can experience a streamlined, clear payment process.”

Patientco has established itself as a leader in the patient payment space. The company combines revenue cycle technology and payment processing, allowing both to work together seamlessly. Patientco’s proprietary technology – created in-house by the industry’s leading software and technology developers – allows healthcare providers to process 100% of all payment types, providing one platform to manage every type of patient transaction across multi-facility networks. Patientco’s solution addresses the leading pain point for healthcare providers as they manage increasingly complex revenue cycles.

Pamplona’s investment in Patientco is the second financing round for Patientco since its founding in 2009, following a 2012 investment from BlueCross BlueShield Venture Partners LLC (“BCBSVP “) and Chicago-based Sandbox Industries.

“Healthcare payments continue to be a massive opportunity to create positive change for patients, providers, and payers alike,” said Tom Hawes, M.D., Chairman of the Board for Patientco and a Managing Director of Sandbox Industries representing BlueCross BlueShield Venture Partners. “We are thrilled to see this funding for Patientco, a company on a mission to be that positive change.”

Patientco will remain an independently operated company, led by Bird Blitch and guided by a passionate, experienced team determined to help make healthcare better.

To learn more about Patientco, click here.

 

ABOUT PAMPLONA CAPITAL MANAGEMENT:

Pamplona Capital Management is a London and New York based specialist investment manager established in 2005 that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments. Pamplona Capital Management, LLP manages over USD 10 billion in assets across a number of funds for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. Pamplona is currently managing its fourth private equity fund, Pamplona Capital Partners IV LP, which was raised in 2014. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations. Please see Pamplonafunds.com for further information.

 

ABOUT PATIENTCO:

Patientco is the market-leading provider of cloud-based patient payment technology that empowers healthcare providers to optimize and increase patient revenue cycle efficiency. Patientco goes beyond basic payment processing to connect every patient payment event throughout multi-facility healthcare networks—delivering unrivaled visibility into and control over the patient revenue cycle. The result is improved cash flow, reduced A/R days, cost-saving efficiencies and increased patient and provider satisfaction. For more information, visit www.patientco.com/why-patientco.

 

ABOUT BLUECROSS BLUESHIELD VENTURE PARTNERS:

BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, please visit www.bcbsvp.com.

 

Patientco Announces Move to New Office Space to Support Rapid Growth

Company’s move adds capacity for future strategic team growth fueled by increased product adoption and strong sales trajectory.

Atlanta, GA. (July 22, 2015) – Patientco, the award-winning healthcare payment technology company that optimizes the payment experience for patients and their providers, announced today it has moved to a new office space to accommodate its rapid growth and future expansion plans. The open concept space, located at 3333 Piedmont Road in the Terminus office complex in Buckhead, provides capacity to grow the sales, marketing, customer experience, and development teams as well as additional new teams needed to continue the successful trajectory of the company.

“We are focused on strategically expanding our team at Patientco to support the rapid growth we are experiencing and project for the future,” remarked Kurt Lovell, chief operating officer for Patientco. “This new office space will help us attract and retain top talent from the Atlanta area and beyond.”

Patientco’s new space is over 26,000 square feet and provides a modern, comfortable work environment configured to promote productivity with amenities such as premium ergonomic office furniture for every team member, ample meeting rooms with state-of-the-art audio visual equipment, a fully stocked café, and a game room for team members to relax and have fun.

“It’s a very exciting time in the life and growth of Patientco. Our new office space is a great precursor to the incredible journey we have in front of us,” said Bird Blitch, chief executive officer for Patientco. “We are on a mission to change the way payments are processed in healthcare and create a better financial experience for patients and their providers.”

A pioneer in the healthcare payments space, Patientco was founded in 2009 by Georgia Tech alumni Bird Blitch and Joshua Sliver. Now with plans to add 75-100 new employees in the next 18 months to support its eight figure run rate, Patientco is poised to become a national leader in healthcare payment technology.

About Patientco:

Patientco is the award-winning provider of cloud-based patient payment technology that empowers healthcare providers to optimize payments and increase business office efficiency through consumer-centric technology. Patientco goes beyond basic payment capture to connect every patient payment event across multi-facility health systems—delivering unrivaled visibility into and control over the patient revenue cycle. The result is improved cash flow, reduced A/R days, cost-saving efficiencies and increased patient and provider satisfaction. For more information, visit https://www.patientco.com/.

Media Contact:

Josh Byrd | Director of Marketing
josh.byrd@patientco.com

Patientco Adds Over 2.4 Million New Patients to Patient Revenue Cycle Platform

ATLANTA–()–Patientco, the leading provider of cloud-based patient revenue cycle technology that empowers healthcare providers to optimize the patient payment process, announced today that during first quarter of 2015, more than 2.4 million new patients across multiple healthcare providers were added to its user base and will now have the ability to easily manage, track and pay their healthcare expenses. This record growth follows an exciting year of enhancing platform capabilities, expanding its client roster, forming strategic partnerships and recruiting new team members. This momentum demonstrates Patientco’s ongoing commitment to revolutionizing patient revenue cycle technology for hospitals focused on improving the patient financial experience.

“Healthcare organizations are learning how to factor patients into the traditional way they’ve operated from a revenue cycle perspective, which is not an easy task as most are dealing with shrinking margins, competing priorities and relying heavily on a new and powerful revenue source: patients,” said Bird Blitch, CEO of Patientco. “The Patientco team is dedicated to delivering modern, scalable and responsive technology to help our clients realize patient revenue success.”

Over the past year, Patientco has worked to redefine the patient revenue cycle, improving cash flow and patient satisfaction for providers across the U.S. This effort has contributed to major growth for the company, including:

  • Enhancements to their patient revenue cycle platform, including the new, mobile-ready PatientWallet℠, advanced reporting capabilities, system security improvements and a comprehensive point-of-service payment solution;
  • Expansion of their client roster, adding leading healthcare organizations including Cone Health, Highlands Regional Medical Center, Effingham Health System, Crisp Regional Hospital and more; and
  • Addition of nearly 20 full-time employees to ensure ongoing client support and continued innovation.

“Our team is extremely well positioned to secure yet another year of superb growth and perfect client retention,” said Kurt Lovell, COO of Patientco. “Our clients expect the best from us, always motivating us to consistently improve from both a technology platform and customer service perspective, and we are committed to working with them to beat patient debt.”

Anticipating to double its team to support a 3-5x projected growth in payments, Patientco is continuing to push the envelope of technology to ensure they provide a robust, high-performing solution with best-in-class revenue cycle functionality.

For additional information about Patientco’s patient revenue cycle platform, visit www.patientco.com.

About Patientco

Patientco is the leading provider of cloud-based patient revenue cycle technology that empowers providers to optimize payments and increase business office efficiency through consumer-centric technology. Patientco goes beyond basic payment capture to connect every patient payment event throughout multi-facility networks—delivering unrivaled visibility into and control over the patient revenue cycle. The result is improved cash flow, reduced A/R days, cost-saving efficiencies and increased patient and provider satisfaction. For more information, visit https://www.patientco.com/.

Contact

Dodge Communications
Erin Russ, 770-576-2552
eruss@dodgecommunications.com

Patientco Sponsors 2015 HIMSS Revenue Cycle of the Future Sessions

ATLANTA–()–Patientco, the leading provider of cloud-based patient revenue cycle technology that empowers providers to optimize payments and maximize efficiency, announced today its sponsorship of the 2015 Healthcare Information and Management Systems Society (HIMSS) Revenue Cycle Improvement (RCI) Task Force sessions. The Task Force is aimed at initiating dialogue across healthcare leaders to create a vision for the next generation of revenue cycle management (RCM) to promote positive patient financial experiences.

“As patients become more financially responsible for their healthcare costs, the industry needs to re-energize and rethink how patients fit into the traditional revenue cycle equation,” said Bird Blitch, CEO of Patientco. “I am thrilled to team with the HIMSS RCI Task Force and am looking forward to collaborating with other industry leaders to develop a new RCM model to achieve these goals.”

The healthcare industry is shifting toward a more consumer-focused environment, causing the need to reengineer RCM in order to offer the necessary capabilities and operational efficiencies required to put the consumer at the center of care—both clinically and financially.

Through HIMSS, the RCI Task Force has taken on this initiative, bringing together various stakeholders, from providers, payers, financial institutions and vendors to consultants and government contributors, to conceptualize a pilot model for the next-generation of RCM focused on components such as:

  • Consumer engagement
  • Administrative cost containment
  • Interoperability

The RCI Task Force will be launching this new vision during the HIMSS15 Annual Conference in Chicago, Ill. Attendees can witness the unveiling of an infographic depicting the new pilot model on Monday, April 13 from 7-7:45am. Also occurring during the conference is a community feedback session, held Wednesday, April 15 from 8-9am, where the Task Force welcomes attendees to discuss their opinions and thoughts around the new model.

For additional information, visit https://www.himss.org/get-involved/committees/health-business-solutions. Join the conversation at #RethinkRCM.

About HIMSS RCI Taskforce

Since 2011 the Revenue Cycle Improvement Task Force has been on a quest to address the emerging dynamic of the patient experience as it relates to their financial satisfaction when they engage with the healthcare delivery system. The Task Force provides thought leadership intended to drive the development of the next generation of revenue cycle management tools and reflect the impact of this dynamic.

RCITF members include a cross-section of providers, payers, financial institutions, vendors, consultants, associations and governmental contributors to improve insight and foster industry wide collaboration with respect to the patient issues.

About Patientco

Patientco is the leading provider of cloud-based patient revenue cycle technology that empowers providers to optimize payments and increase business office efficiency through consumer-centric technology. Patientco goes beyond basic payment capture to connect every patient payment event throughout the continuum of care—delivering unrivaled visibility into and control over the patient revenue cycle. The result is improved cash flow, reduced A/R days, cost-saving efficiencies and increased patient and provider satisfaction. For more information, visit https://www.patientco.com/.

 

Contacts

For Patientco
Dodge Communications
Erin Russ, 770-576-2552
eruss@dodgecommunications.com

Patientco Provider GRMC Featured in Healthcare Finance News

Patientco provider Grinnell Regional Medical Center was featured in a recent Healthcare Finance News article called, “Provider Insight: How Compassionate Payment Collection Boosted Grinnell Regional.” Click here to read the full article and learn how GRMC revolutionized their patient payment process.

Beat Patient Debt, One Payment at a Time

By Patientco Marketing TeamBPD

Medical debt is currently the single biggest cause of personal bankruptcies in America.

Despite the improvements made by the Affordable Care Act, patient debt continues to rise at an unprecedented rate and every hospital has special cases where a patient has more medical bills than they could ever pay, from an unfortunate situation that is no fault of their own. They want to pay. They really, really do but they just can’t. So they faithfully pay what they can, when they can, making every effort to make good on their debt. I bet you can picture that patient in your mind right now.

We want to help that patient.  (more…)