PatientPay & Neolytix Partner to Boost Revenue & Collections

PatientPay, the leading patient payments partner for acute, ambulatory and specialty care, announced its partnership with Neolytix, a premier healthcare management services organization (MSO). The partnership combines Neolytix’s operational and revenue cycle management (RCM) expertise with PatientPay’s cutting-edge payment automation technology, empowering healthcare organizations to optimize revenue collection, reduce administrative burdens and enhance the patient financial experience.

“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,” said Ritu Bhatnagar, President and COO at Neolytix. “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.”

Also Read: Aquila Clouds names Angelo Pruscino as new CTO

A recent HFMA webinar revealed that the portion of self-pay patients jumped to 46% by the end of 2024. With the extra out-of-pocket financial strain on patients and subsequently healthcare providers, the partnership comes at a critical time. Together, PatientPay and Neolytix will deliver solutions to help healthcare organizations reduce billing and collection costs while promoting faster payment capture.

Through this collaboration, Neolytix clients gain access to PatientPay’s innovative digital payment platform, ensuring a seamless integration of payment solutions across the entire revenue cycle. PatientPay uniquely leverages easy-to-understand statements and digital billing strategies to engage patients in paying their bills quickly.

Across clients, PatientPay:

• Averages less than 14 days to get paid vs. the industry average of 45 to 60 days
• Converts 48.8% of electronic billing messages into payments once patients log in vs. the consumer industry average of 2%
• Increases payment capture rates by 3x for certain providers

“We’ve seen other PatientPay clients receive payments within minutes of incorporating our solution and payment strategies,” said Pete Heydt, President, at PatientPay. “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.”

Source: Businesswire