PatientPay Increases Year-Over-Year Sales Growth by 93%

DURHAM, N.C.--(BUSINESS WIRE)--PatientPay, the leading patient payments partner for acute, ambulatory and specialty care, today announced the company added nearly 800 additional customers in 2024. PatientPay currently supports 1,849 specialty medical groups and community hospitals with proven financial services and impactful digital billing strategies.

The announcement comes off the heels of another year of organic growth plus inorganic growth with the merger of ClearGage. As part of the transaction, PatientPay has been able to create an even more comprehensive billing and payments platform and drive more payments across the continuum of the patient journey. Healthcare providers, revenue cycle management (RCM) and insurance payment companies partner with PatientPay for best-in-class strategies and solutions to increase collection rates, automate the processing and reconciliation for all card payments, decrease the cost-to-collect and process payments by reducing the use of paper and staff time, and enrich the patient payment experience.

Additionally, from December 2023 to December 2024, PatientPay:

• Increased its revenue by 93%
• Grew digital wallets on its network to over 1.2 million
• Increased the percentage of client revenue coming from digital payments vs. paper statements from 75% to 90%
• Increased users who pay via a mobile device from 71% to 73%
• Implemented the ability to include an insurance explanation-of-benefits (EOB) with their patient bills

Heading into 2025, some industry forecasts suggest a more financially stable year for bigger, resource-backed hospitals and health systems, but many smaller, regional hospitals across the country are still closing departments or ending services altogether. For community hospitals, financial pressure is likely to continue into 2025—intensifying the need to quickly capture higher volumes of patient payments. PatientPay uniquely leverages easy-to-understand statements and digital billing strategies to engage patients in paying their bills quickly.

“PatientPay’s ability to cut through the confusion of healthcare billing is why our clients trust us to automate all of their patient payments whether directly from their patients or from insurance payment companies who collect patient payments on behalf of their medical groups. By streamlining collections with digital strategies, medical groups are able to take greater control over their card payments by automating the processing and reconciliation of these payments,” says Tom Furr, CEO of PatientPay. “We’re looking forward to another year of growth and expanding our services and reach to continue offering industry-leading service while strengthening the patient financial experience.”

To learn more about PatientPay, visit www.patientpay.com.

About PatientPay

PatientPay partners with specialty care medical groups and facilities to drive patient payments at each stage of the patient journey. As patient financial responsibility grows, community hospitals and specialty services such as long-term care, physical therapy, radiology and anesthesiology rely on PatientPay for quick and complete payments. Ultimately, PatientPay aims to enhance overall patient satisfaction by improving the patient experience through digital wallets, matching bills with EOBs, offering flexible payment options, and providing custom communications. To learn more about how PatientPay guarantees results for its clients, contact info@patientpay.com.