A new partnership between two healthcare information technology companies will allow patients registering for medical appointments on wireless touchscreen devices to pay for them as well.
Phreesia, the New York-based developer of the PhreesiaPad, announced on Dec. 1 that it is partnering with Elavon, an Atlanta-based global payments provider, to allow PhreesiaPad users to not only enter registration information, but verify insurance and make payments.
“Teaming with Elavon makes great, strategic business sense. They are a respected national brand in payment processing services and have an enviable track record in healthcare, with tens of thousands of medical practice customers,” said Chaim Indig, Phreesia’s CEO and co-founder.
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“Phreesia helps provide our healthcare customers – doctors, practice managers, CFOs – with the value and convenience they are looking for,” added Tom Boyer, head of business development for Elavon, a subsidiary of U.S. Bancorp. “Over the past year, Elavon and Phreesia have been working together with hundreds of healthcare customers, and already these practices are experiencing a significant increase in collections.”
Indig and Boyer referenced a recent Medical Group Management Association study which determined that while one-quarter of all medical practice revenues come from patient payments, 30 percent of all patients don’t make any payments during the visit. Other studies have identified patient payments at the point of service as a critical component to improving a provider’s revenue cycle management operations.
Industry leaders say self-service check-ins, using either a kiosk or touchscreen device, enable patients to quickly and easily organize payments. The key lies in linking registration duties with payment processing software.
“Our alliance with Phreesia during the initial pilot has been a huge success,” said Mike Passilla, Elavon’s president and CEO. “Not only are our customers able to easily verify patient insurance at check-in, but they can now rely on accurate and timely collections at the point of care – a major and growing industry pain point.”