PatientPay, a top provider of patient billing and payments for acute, ambulatory, and specialty care, and ClearGage, known for its healthcare estimate and payment solutions, have completed their merger. The combined entity will now operate as PatientPay, offering an advanced digital billing and payment platform for medical groups, specialty practices, and community hospitals.
The merger of PatientPay and ClearGage aims to set a new benchmark in payment technology and patient convenience by integrating their advanced digital infrastructures. This collaboration will streamline connections between patients and providers, reducing administrative costs and accelerating payments through PatientPay’s configurable platform. Patients will benefit from a seamless, intuitive billing experience, making it easier to understand and manage their healthcare expenses.
A recent MGMA poll revealed that 92% of medical group leaders experienced higher operating expenses in 2024 compared to 2023. Providers collected less than half of what patients owed for services in 2022 and 2023. Improving patient billing operations and offering affordable payment options are crucial for boosting payment speed and volume.
The merger will enhance PatientPay’s platform, combining strengths from both companies to deliver exceptional value. Upcoming improvements include:
- Embedded Estimation and Eligibility: Integrated solutions for cost estimation and insurance eligibility.
- Simplified Integration: Easier integration with various billing systems.
- Advanced Payment Technology: Enhanced virtual card processing.
- Improved User Experience: Better overall experience for patients and practices.
As a registered PayFac, PatientPay will streamline onboarding, giving healthcare practices more control and flexibility over payment solutions. This will improve collection rates, reduce paper use and staff time, and enhance the patient payment experience.
Tom Furr, CEO of PatientPay, stated, “Our ability to remove friction from the patient financial experience and accelerate payments is why clients trust us to safeguard and enhance their financial health.”
Ryan Zemmin, CEO of ClearGage, added, “We’re excited to combine forces with PatientPay to develop technology that aligns consumer experience with the financial goals of healthcare organizations.”
The merger follows a period of significant growth for PatientPay, which saw a 527% increase in the number of supported medical groups from December 2021 to December 2023. Key achievements include:
- Digital Wallets: Increased to 1.2 million.
- Click-to-Pay Rates: Rose from 38% to 44%.
- Mobile Payments: Grew from 56% to 71%.
- Collection Rates: Increased by 50%-100%.
PatientPay has notably improved financial outcomes for specialty groups, as highlighted by Janet Carbary, CFO of Integrated Rehab Group: “We doubled our daily collections and maintained that level since going live with PatientPay. We’re seeing faster payments and fewer questions.”
ClearGage also experienced impressive growth, with a 473% increase in its referral partner business from 2021 to 2023. Achievements include:
- Reduced Bad Debt: Averaged a 40% reduction.
- Digital Payments: Increased by 198%.
- Held Appointments: Up by 10% through price transparency.
- Reduced Staff Time: Saved 50 hours a week with upfront estimates and eligibility.
Keleah Jefcoat of Colorado Spine Institute noted, “[ClearGage] Treatment estimates helped us save time and reduce accounts sent to collections by setting up payment arrangements early.”
