Under the terms of the challenge, a provider must submit evidence of previous paper billing performance metrics and then use PatientPay’s paperless billing solution for 60 days. To win the $10,000, a provider must prove both medical billing expenses and patient payment periods increased using PatientPay’s solution compared to paper-based methods.
Licensed healthcare providers as well as revenue cycle management firms that provide billing services are eligible to participate.
“Since 98 percent of healthcare providers send out paper bills, the aim of the $10,000 Healthcare Billing Challenge is to help those professionals realize that maintaining the status quo is costing them money and delaying cash flow,” said Mr. Furr. “Further, patients have made it clear in numerous market studies that they’d prefer to get their bills electronically, and providers should heed their call.”
Participants can enter the challenge starting today until March 31 at 12:00 a.m. EST.
More articles on revenue cycle management:
Patients fronting cash for medical bills are getting big discounts: 7 things to know
In pay-for-performance, are hospitals unfairly penalized for patient hardships?
Financial pains of patient accounting systems felt most in the first three months: 7 findings
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