PayGround, a healthcare fintech payments platform, recently announced the launch of its patient financing option that healthcare providers can offer to patients who need financial assistance to resolve their healthcare balances.
The PayGround app is designed to allow patients and their dependents to manage bills from all of their providers in one solution. PayGround removes the complexities and stressors of paying medical bills by helping patients understand their responsibility and providing multiple payment methods to fulfill that responsibility — all from their PayGround Digital Wallet.
The PayGround platform streamlines the collections process for healthcare organizations, which can collect onsite payments from their patients as well as send digital payment requests. Providers who use PayGround experience a 23% increase in collections within the first 90 days.
As high-deductible health plans for individuals and families become more prevalent, the burden of healthcare costs lies increasingly with the patient. Yet studies show that patients receiving a bill greater than $400 will struggle to pay in full, meaning a single major medical event could create a dire situation for the average American family. So, it’s no wonder that healthcare providers commonly say it takes more than 30 days to collect payment.
“PayGround is advocating for patients with our ‘Get healthy now, pay later!’ initiative,” says Adam Younger, Chief Revenue Officer at PayGround. “Patients have become one of the largest payers in healthcare, so it just makes sense for PayGround to assist by providing optionality for resolving their healthcare balances. PayGround is the only healthcare payments platform providing flexibility for a patient to pay in full or over time leveraging an end-to-end portfolio of patient assistance offerings that include pre-service, time-of-service and post-service workflows.”
“PayGround’s patient financing solution is designed to advocate for patients and help them customize a plan that they can support financially so they can focus on their well-being and be able to address payment later,” says PayGround CEO Drew Mercer.
“Empathy and trust are part of our core values, which require that we do what we say and seek to understand and support the human experience in all we do,” Mercer says. “Because healthcare often comes with great emotional stress, we want to do what we can to relieve some of the financial stress associated with paying a healthcare bill during that time when patients need us the most.”
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