Patientco sees unprecedented growth in 2020, expects momentum to continue in 2021
Patientco, a next-generation patient payment technology company, achieved more than 50% year-over-year revenue growth in 2020. The company was also recognized for its industry-leading financial engagement platform by three of the most prominent organizations in the healthcare technology industry, including KLAS, Healthcare Tech Outlook and Healthcare Financial Management Association (HFMA).
In 2020, Patientco experienced record year-over-year net revenue growth of more than 50% and expanded its client base with the largest health systems in the U.S. Nationally-renowned health systems, including HealthPartners, BJC HealthCare, SCP Health, Orlando Health and more partnered with Patientco to create a more compassionate, intuitive billing and payment experience for their patients. Patientco also expanded relationships with existing health system clients, such as Baptist Memorial Health Care and Piedmont Healthcare. With Piedmont, Patientco will now support payment processing for physician practices in Piedmont’s Community Connect Program. In the last year, Patientco has signed more than 20 new contracts with health systems throughout the country. Today, more than 3,000 healthcare locations use Patientco to provide their patients with better financial care.
In response to COVID-19, Patientco also rolled out five exciting features to help clients adapt to the pandemic, with several new features on the roadmap for 2021. Some of the features deployed this year include the ability to hold bills with the COVID-19 CPT code, which ensures no COVID-19 patients are billed for treatment, and Patientco® Text-to-Pay, a secure, contactless way for patients to pay using their smartphone. Through these new features along with the company’s existing product suite, Patientco disbursed nearly 25% more dollars in patient payments in 2020 compared to 2019.
Despite the strain of the COVID-19 pandemic on the healthcare system, Patientco kept all client implementation timelines on track without a single delayed implementation. At the beginning of 2020, 90% of Patientco’s team operated from the company’s Atlanta office and quickly shifted to a fully-remote environment. Patientco’s track record of maintaining on-time implementations demonstrates the company’s unwavering focus on its clients and their patients, no matter what challenges may arise. Once implemented, health systems see meaningful results and their patients quickly adopt the modern payment tools available to them. In 2020 alone, Patientco saw more than a 40% increase in patient adoption of its Patientco® PatientWallet, the company’s mobile-friendly payment and communication portal.
In addition to its financial growth, Patientco was recognized by three acclaimed organizations in the healthcare technology space. Most recently, KLAS rated Patientco as one of the top performers for patient financial engagement platforms in its Patient Financial Experience 2020 report (KLAS Patient Financial Experience 2020 report, page 5). To assess different patient financial engagement vendors for the report, KLAS conducted interviews over the last 12 months with current health system clients for each vendor. Patientco’s high score speaks to the strong relationships the company has built with its clients. In the report, KLAS describes Patientco as highly engaged in making sure clients succeed and leads with its consistent client experience (KLAS Patient Financial Experience 2020 report, page 5).
Healthcare Tech Outlook also named Patientco as the Company of the Year for Patient Engagement Solution Providers based on nominations from industry peers. At the start of 2020, Patientco achieved HFMA’s Peer Review designation. HFMA’s Peer Review program provides healthcare financial managers an objective, third-party evaluation of business solutions used in the healthcare space. As part of the Peer Review evaluation, Patientco’s clients were surveyed and 100% reported they would recommend Patientco’s products to their colleagues.
“Last year was challenging, especially for those in the healthcare industry, but I’m proud of all that Patientco accomplished in 2020, hand in hand with our clients. We believe creating a positive financial experience for patients supports a more steady stream of revenue for healthcare providers, which is crucial as the industry navigates the financial uncertainties brought on by COVID-19,” said Bird Blitch, Chief Executive Officer and co-founder of Patientco. “When I co-founded Patientco, I had a vision for a better patient financial experience so thank you to the Patientco team members and all of our clients who have helped us achieve that vision. You all have been key to our success and continued growth over the years.”