Do you want to win $10,000? All you have to do is prove that paper bills are better than a paper-free alternative. If that sounds difficult, you're starting to get the idea behind the new contest from PatientPay. In the "$10,000 Healthcare Billing Challenge," Tom Furr, the CEO of the company, said he will give $10,000 to any physicians group, hospital or revenue cycle management company that can demonstrate how paper billing is a fast and inexpensive method compared to his paperless service.
The real goals of the contest
Furr's goal is not to reward a provider with cash, but to highlight the efficiency of paperless billing, specifically in the services offered by PatientPay Paperless. In a news release, Furr explained that confusion plagues the cycle, making it harder for providers to collect payments and recover debts. Because of this ongoing issue, many health systems look to simplify billing processes, and Furr said that can be easily achieved if billing goes completely paperless.
The contest is meant to highlight PatientPay Paperless, a service that's said to be a quicker and less expensive method, as many health systems look to make billing simpler and more efficient. Confusion often obstructs a provider's ability to collect from patients. PatientPay stresses that efficient patient billing leads to better debt recovery, and that can be achieved if the process goes completely paperless.
Why providers should switch to paperless
According to the news release, 98 percent of health care providers currently use paper bills, which the company described as "costing them money and delaying cash flow."
"Patients have made it clear in numerous market studies that they'd prefer to get their bills electronically, and providers should heed their call," Furr said.
To be eligible to win, participants are required to use PatientPay Paperless for 60 days. They also must submit verified evidence of paper billing performance, which will be compared to the per-statement cost and average payment cycle of paperless billing. PatientPay claims it can save a provider up to $4 per statement and promises that those who use the service typically get payments within 14 days, compared to the average 120 day payment cycle of paper bills.
While PatientPay has certainly made an impression with this contest, which is open until March 31, it isn't the only company or organization making the case for efficient, paperless billing. In fact, the Healthcare Financial Management Association began providing education on streamlined billing and payments in 2000. Other companies have also made an effort to integrate paperless services into health care industry revenue cycle management.
This type of solution is just one part of a multi-faceted and efficient revenue cycle management plan. To learn more about how you can improve yours, contact Professional Medical Services today.