Electronic billing company Paymentus has launched a partnership with Altera Digital Health.
The new agreement adds Paymentus’ electronic bill presentment and payments platform to Altera’s suite of healthcare IT solutions, the company said Thursday (Sept. 26).
“Healthcare billing is a historic pain point for patients and healthcare providers alike,” Dushyant Sharma, founder and CEO of Paymentus, said in a news release.
“Working with Altera, we will offer the modern, convenient Paymentus customer billing experience to healthcare providers and patients as a component of their healthcare IT platforms, driving higher patient satisfaction and more efficient, secure back-office operations.”
At a time when healthcare bills remain the largest source of personal debt in the country, and many health providers are struggling with large patient balances, Paymentus and Altera say their collaboration lets providers deliver faster patient billing information and get paid faster.
“Healthcare providers worldwide use Altera’s solutions to deliver coordinated and comprehensive care to their communities,” said Jay Adams, group leader at Altera. “Providers want to offer the simple and flexible payment experience that patients have come to expect in every area of their busy lives as a component of care.”
The companies’ words are backed up by recent research from PYMNTS Intelligence, showing that the healthcare sector remains weighed down by outdated payment processes that jeopardize its financial stability.
“Despite the promise of digital solutions to enhance efficiency and patient experiences, the industry has been slow to adopt these innovations,” PYMNTS wrote earlier this week in reference to the PYMNTS Intelligence/American Express report, “Pains and Gains: Conquering Healthcare’s Payment Woes.”
That report spotlights the inefficiencies in healthcare payments and shows how digital transformation could deliver some relief.
According to the report, more than half of payment leaders in the health sector are worried about delays in processing payments and claims, which they view as operational risks. And while 80% believe streamlining these processes is crucial, only 53% have automated their workflows, indicating a reliance on manual methods that result in errors and lost revenue.
“Consider 84% of organizations report financial losses due to outdated accounts receivable processes, and 85% recognize the urgent need to improve payment experiences, emphasizing the demand for a comprehensive overhaul,” PYMNTS wrote.
Depending on traditional paper statements can worsen collection delays. Nearly 70% of providers still use paper for patient communications, an “antiquated practice” that “not only hampers timely collections, but also prevents healthcare providers from tapping into the efficiency gains offered by digital payment solutions,” the report said.
