B2B Payments

Patientco Rebuilds Patient Payments

Business solutions developers are bringing the health care industry into the world of high-tech. Apple’s partnership with IBM, for example, has introduced a slew of new mobile applications for the sector, including Hospital RN, which deploys iBeacon technology for health care providers to access patient information on their mobile device when they are near that patient’s home.

Patientco similarly focuses its efforts on using technology to make the health care sector more efficient. But in its latest launch, the company is instead focusing on streamlining payments in the industry.

In an announcement released Tuesday (June 16), Patientco revealed that it has entirely rebuilt its PatientWallet mobile payment tool, allowing the health care field to offer patients an easier way to pay their medical bills. According to reports, PatientWallet lets patients settle invoices through any mobile device while offering health care companies a way to strengthen customer relationships.

“We are on a mission to empower health care organizations to optimize their payments and provide the best possible payment experience to patients,” said Patientco CEO Bird Blitch.

The company added that because patient payments are a key source of revenue for the market, it is crucial that health care providers adopt efficient ways to get paid. The revamped PatientWallet tool offers a simple user interface, HIPAA-compliant messaging, financial document archiving, and brand recognition. The features are all optimized for mobile devices and support multiple payment providers.

According to Patientco Vice President of Product Development Joshua Silver, the relaunch of PatientWallet comes as the company anticipates servicing 12 million patients by the end of the year. “The redesigned PatientWallet enables us to strengthen this position and continue to push the envelope in terms of the technology and innovation we offer clients,” he said in a statement.

The health care financial services industry has been expanding in recent months thanks to other players like SimpleePAY and eCommerce health care price comparison site PokitDok.

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Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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