PatientPay, a leader in patient payment solutions, has announced a strategic partnership with Neolytix, a healthcare management services organization (MSO), to enhance revenue cycle management for healthcare providers.
This collaboration integrates PatientPay’s advanced payment automation technology with Neolytix’s expertise in operational and revenue cycle management. The goal is to optimize revenue collection, reduce administrative burdens, and improve the patient financial experience.
The partnership comes at a critical time, as a recent HFMA webinar indicated that self-pay patients accounted for 46% of healthcare payments by the end of 2024, reflecting a significant shift in financial responsibility to patients.
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Ritu Bhatnagar, President and COO at Neolytix, emphasized the importance of this initiative: “Patient payment responsibility ranges from 25% to 35% of the revenue for most practices we work with. This percentage has been trending up in recent years due to high deductible plans gaining popularity and more costs shifting to patients. By integrating PatientPay’s innovative payment solutions into our service offerings, we’re providing our clients with a best-in-class approach to managing patient payments, reducing revenue leakage and enhancing overall financial performance further strengthening the Neolytix revenue transformation experience.”
PatientPay‘s platform offers several advantages:
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An average payment receipt time of less than 14 days, compared to the industry average of 45 to 60 days.
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A 48.8% conversion rate of electronic billing messages into payments once patients log in, significantly higher than the consumer industry average of 2%.
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A threefold increase in payment capture rates for certain providers.
Pete Heydt, President of PatientPay, highlighted the synergy between the two companies: “We’ve seen other PatientPay clients receive payments within minutes of incorporating our solution and payment strategies. Neolytix complements our expertise with deep knowledge in revenue cycle optimization. Together, we’re making it easier for organizations to streamline billing, collect payments faster and deliver a seamless financial experience for patients.”
