Health fintech PayGround recently launched a new platform that will let health providers give patients easy access to financing for medical care, the company said in a release.
PayGround announced the launch of the app-based service with the slogan: “Get healthy now, pay later.”
One feature of the service for patients, the announcement stated, is the ability of patients to manage payments to multiple health care providers simultaneously through a single digital wallet. For providers, the announcement stated, the app can “streamline” collections. Companies that have used the service report a 23% increase in first-90-days collections, according to PayGround.
The service should be especially useful for patients struggling to pay their share of bills resulting from high-deductible plans, the announcement stated, adding that providers report that experience shows patients beginning to struggle once their portions of bills reach $400.
“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,” Adam Younger, chief revenue officer at PayGround, said in a prepared statement. He said 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.”
“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,” PayGround CEO Drew Mercer said. “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.”
Read more: Today in FinTech: PayGround With eCW Eases Payment Hassles for Healthcare Providers and Patients
In February, PayGround announced a collaboration with the eClinicalWorks platform.
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