PayRight, has been supplying fully-transparent patient responsibility estimates to healthcare entities and their patients for nearly a decade and has a comprehensive suite of software to aid in this critical task.
ALPHARETTA, Ga. July 08, 2019
On Monday, June 24th, the Trump Administration announced an executive order for the Department of Health and Human Services to develop requirements for hospitals and medical providers to disclose prices that reflect what insurers and patients pay for common items and services. The agency must also detail a proposal to require providers and insurers to give patients an estimate of their out-of-pocket costs before they receive treatment.
Compliance with requirements to expose pricing in healthcare may prove far more challenging than in other industries, as most services are paid for by a combination of an insurer and the patient – and fee schedules between the insurer and the provider vary by insurance company. Fee schedule variations are also impacted by the benefits available and used by patients throughout the year. All this information must be brought together at the actual time of service; meaning estimate of today’s cost might be different tomorrow.
A large part of the issue that will be addressed by this executive order stems from the reluctance of providers and others in the healthcare space to adopt programs that provide clear, actionable information to the patient community regarding their financial liability: though the data indicates that the patient experience is positively impacted by this transparency. In fact, many of the providers who participate with upfront patient education see noteworthy increases in patient satisfaction scores.
“PayRight, has been supplying patient responsibility estimates to healthcare entities for nearly a decade and has a comprehensive suite of software to aid in this critical task. The tools to provide these insights are cost effective, infinitely scalable and ready for immediate deployment,” commented Jim Bridges, President of PayRight.
PayRight also provides additional value beyond the requirement for price transparency. Along with patient responsibility estimates and fee disclosures, the PayRight platform can also supply financial assistance screening, a variety of payment plan options and a patient portal to manage accounts payable and make incremental payments. Equally important is the HIPAA compliant and PCI certified infrastructure, delivered in a private cloud, providing the utmost in security, privacy and data integrity to both healthcare providers and patients.
“Priority, as a payments technology company, has long held the opinion that approachable patient education and transparent pricing disclosures, combined with a wide range of safe and secure payment options, will create a fundamentally better patient experience. Our vision is to provide payment and payment adjacent services to the healthcare marketplace that both satisfy requirements and strengthen the patient/provider relationship,” said Tom Priore CEO and Executive Chairman of Priority Technology Holdings.
About Priority Technology Holdings, Inc.
Priority (NASDAQ: PRTH) is a leading provider of merchant acquiring and commercial payment solutions, offering unique product and service capabilities to its merchant network and distribution partners. Priority’s enterprise operates from a purpose-built business platform that includes tailored customer service offerings and bespoke technology development, allowing the Company to provide end-to-end solutions for payment and payment-adjacent opportunities. Additional information can be found at http://www.PRTH.com
About Priority PayRight Health Solutions, LLC
PayRight Health Solutions is the healthcare division of Priority Technology Holdings. PayRight fields a purpose-built platform designed to improve patient payment education and management of payments in health care. Through its software solutions, providers and operators can provide patient estimates, present and process payment options, send paper and electronic statements and provide online bill payment. Serving over 14,000 health care locations including hospitals, medical practices, dentists, home health and long-term care facilities, PayRight is an industry leader in transforming the healthcare payments business space.
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