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PatientPay, a payments provider for the health-care industry, has partnered with health-care processor Higher Standards Inc. to make its end-to-end billing and payment-acceptance billing solution available to Higher Standards clients.
The partnership grew out of Higher Standards’ need for a technology partner that could provide billing and payment technology to increase patient collections and reduce the volume of paper statements mailed out, a PatientPay spokesperson says by email. About 35% of Higher Standards’ customers are in health care.
PatientPay’s platform will enable Higher Standards’ clients to provide streamlined billing that the parties expect will increase payment rates by at least 25%, improve operational efficiency through digitization and automated payment-plan processes, and reduce days-sales outstanding and balance write-offs. About 70% of consumers who pay a bill through the PatientPay platform do so with a mobile device, the company says.
Improved collections is a growing need for health-care providers as collection rates on outstanding patient bills slumped to 47.8% in 2023 and 2022, from 54.8% in 2021, according to a study by Kodiak Solutions, which tracked collections rates across more than 1,850 hospitals and 250,000 physicians.
Higher Standards supports 4,500 processing merchant accounts and $2.2 billion in annualized volume.
In related news, Vyne Dental, a dental-claims processor and revenue-management platform provider, has added dental billing to its platform.
The billing module automates the billing process by reducing manual input of data, which in turn minimizes data-entry errors. In addition, dental practices will have access to tools that allow them to track the status of insurance claims and follow-up on outstanding payments and claims to speed reimbursement.
The Vyne Trellis platform also includes an integrated payment solution, as well as a reporting module that provides detailed financial reporting and analytics. Dental practices can also communicate directly with insurance companies through the Vyne Trellis platform.
Vyne Dental serves 84,000 dental offices, more than 800 hospitals and health systems, and 800 plans and payers across the United States.
