PatientPay, a leading patient payments partner for acute, ambulatory, and specialty care, has announced a strategic partnership with iRCM, a medical billing company. This collaboration aims to accelerate revenue capture and enhance profitability for provider groups across New York and the tri-state area. Through this partnership, providers utilizing iRCM for billing services will gain access to PatientPay’s mobile pay solutions for self-pay payments and the recently launched PatientPay Accelerate tool for payer-collected patient payments.
iRCM specializes in optimizing revenue, improving risk management, and ensuring accurate provider enrollment and credentialing for medical groups. With comprehensive services and revenue cycle management expertise spanning over 40 specialties, iRCM addresses the unique billing needs of diverse fields including mental health, cardiology, and podiatry.
Ahmad Masoud, founder and managing director of iRCM, stated, “By partnering with iRCM, providers can focus on delivering exceptional patient care while we manage the complexities of billing and credentialing. Offering PatientPay’s range of patient payment solutions aligns with our goal of delivering thoughtful solutions tailored to the nuances of specialty fields through our shared expertise in healthcare payments.”
The collaboration addresses a critical industry challenge: a recent analysis by Kodiak Solutions indicated that commercially insured patients are facing higher out-of-pocket costs for their care, yet a smaller portion of their financial responsibility is being collected. This trend highlights the need for healthcare providers to adopt new strategies for patient financial communication and engagement.
By integrating PatientPay’s platform, healthcare facilities leveraging iRCM services will gain capabilities designed to streamline the patient billing experience, with 70% of PatientPay users typically paying via mobile phone. The partnership is expected to increase mobile payment rates by a minimum of 25%, reduce the need for paper statements, and accelerate payment collection by enabling direct deposit of payer-collected payments into provider accounts. Furthermore, the solution aims to simplify reconciliation by accurately matching payer-collected payments to the correct patients, thereby reducing errors and manual work, and to shrink the accounts receivable (A/R) window by minimizing delays in payment posting, thus expediting the revenue cycle.
Tom Furr, CEO of PatientPay, commented, “Whether providers require assistance in boosting self-pay collections or reconciling payments made through an insurance portal, PatientPay aims to facilitate faster and more efficient payment collection. Our partnership with iRCM positions us to collaboratively streamline financial processes for their provider and specialty groups. We anticipate working with Ahmad and his team to bring our solutions to the New York and tri-state area, enhancing cash flow and maximizing profitability.”
PatientPay partners with specialty care medical groups and facilities to manage patient payments throughout the patient journey. As patient financial responsibility increases, community hospitals and specialty services like long-term care, physical therapy, radiology, and anesthesiology utilize PatientPay for efficient and complete payments. The company focuses on improving the patient experience through digital wallets, matching bills with Explanation of Benefits (EOBs), offering flexible payment options, and providing custom communications.
iRCM Inc. is a medical billing company based in the USA, providing customized services, R&D resources, and platform-independent experts for comprehensive revenue cycle management. The company’s expertise spans medical billing, practice management, audit review, and healthcare consultancy, delivering services that aim to optimize collections, ensure compliance, and reduce administrative costs across various practices.
