Priority Payment Systems is offering a new payments platform called Priority MedPay that the company says speeds up collections and reduces administrative costs for medical providers.
The platform reconciles patient payments on one coordinated system, integrating the practice’s management system, payment reconciliation and accounting, Priority Payment Systems said in a press release.
It also consolidates provider billing in one statement, automating posting of patient payments, the release said.
The system communicates with patients about billing and past-due amounts via email and text, and it audits payers by identifying procedure codes at the claim level that are not being paid at the contracted rate.
“We believe Priority MedPay, will provide significant improvements to providers’ cash flow and meaningful operating efficiencies,” John V. Priore, Priority Payment Systems president and CEO, said in the release. “Patients will simplify making payments, managing payment options and interpreting charges and make communicating about their bill much more convenient.”
The system won the praise of executives at Novus Healthcare, a Charlotte, N.C.-based provider of apps that help healthcare providers increase efficiency and productivity.
“With the increased pressure on healthcare providers to become more cost-efficient and to address the impact of increased patient deductibles and co-pays, these tools will become increasingly important,” Tom Hearn, Novarus managing partner, said of MedPay.
Priority Payment Systems designs payment systems for specialty retail, non-profits, property management and utilities.