Company: PatientPay (private)

Headquarters:  Durham, NC

Year Founded: 2008

1. What problem was PatientPay founded to solve?

Medical groups today have an expensive billing process that delivers sub-optimal results. For example, verticals such as Radiology collect less than 20% of what they bill out to patients. By using the PatientPay platform, medical groups will typically see a 50% to 100% improvement on their patient collection rates.  In addition to collecting more revenue, patient dollars will also be captured faster, which significantly improves cashflow. Medical groups will also save money by reducing paper statement costs by up to 50%. PatientPay has developed a proprietary matching algorithm that allows us to maintain a true master patient index. This means that even if a patient has a bill from a different medical group which is using PatientPay (even if they are not affiliated) patients will get all of their bills in one place.  This allows the patient to use the PatientPay Digital Wallet to pay their bills. All of this technology allows most payments to be captured via a mobile device. Currently 70% of all payments on PatientPay’s platform are done via the mobile phone.

2. How do you describe PatientPay’s right to win in your market?

We feel that results should be the driver for winning in healthcare. While that may seem obvious, it isn't in our space. Too many solutions focus on methodically sending bills to patients, even in a modern way, without driving any real results. Our focus has always been payments…more payments. If you’re able to drive more self-service payments, then you’re definitely providing a better patient financial experience that is operationally efficient. With the proper solution, the results are dynamic for all constituents…patients, providers and the RCM companies working on behalf of those groups.

3. What are your key goals and definition of success in the next 12 months?

PatientPay's goals are to continue to deliver higher collection rates for each of our clients while driving operational efficiencies for both front and back-office staff.  Our collection rates climb every year no matter the specialty we serve based on our team evaluating how consumer science along with technology will make our patient experience better. Internally, our mission is to continue our solid growth by automating typically manual processes in healthcare so our value extends beyond the provider space into other aspects of healthcare.