Kareo, an Irvine-based medical billing software firm, has enabled electronic patient statements and billing. The new online payment system benefits both patients and healthcare providers, as it offers patients a more convenient way to pay their medical bills and allows them to send payments to medical practices faster. Low pricing for the service also results in cost savings for medical offices.
Patient email addresses are registered through the online system, allowing insurance companies bill patients via email, and giving patients the option to pay their bills online. If a patient fails to pay a bill using the online system, they will receive a hard copy of their bill in the mail and can then opt to pay online, at their doctor’s office, or by phone or mail. The new payment system is run by InstaMed, a healthcare payments company headquartered in Philadelphia.
Kareo founder and CEO Dan Rodrigues said, "The rapid increase in medical costs paid out-of-pocket by patients is now resulting in a cash flow crisis for small medical practices. By making it easy and affordable to accept credit and debit card payments, send electronic patient statements, and give patients the option to pay online, we are helping medical practices take control of their growing patient receivables in order to get paid faster and more efficiently."
An increase in patient-funded healthcare has stimulated a desire for a simpler, electronic payment process. Medical practices have noticed a 50 percent increase in patient-funded healthcare over the past three years, bringing the total of healthcare funds paid by patients up to 30 percent, from a previous 20 percent.
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