Greenway Health, a leading health information technology and services provider, announced the launch of Greenway Health Pay powered by InstaMed, giving practices and patients tools to simplify the patient payment process, provide clear cost information up-front, and experience frictionless patient payment options. The Greenway Health Pay offering provides a secure, HIPAA, and PCI compliant solution to practices and patients.
In the last decade, the use of high deductible health plans (HDHP) with HSA accounts has more than doubled (link) and more than quadrupled for those without HSA accounts. These HDHP plans can have out of pocket maximums of $6,900 (individual) or $13,800 (family), putting a much higher cost burden on the patient and shifting more of a practice’s outstanding receivables away from standard insurance payments. For the first time ever, patient receivables are now a larger portion of open A/R than insurance for many practices (link).
This shift means practices are increasingly faced with the added responsibility of educating patients on coverage and costs. Additionally, manual outreach for patient collections and bad debt creates more strain on practice resources. All of this presents challenges while trying to use inadequate, ineffective solutions.
Greenway Health Pay aims to alleviate confusion and frustrations for patients and practices by providing easy access to cost information, convenient payment methods and simple payment plans. Ready to use with both of our Greenway’s EHR platforms, this new suite of solutions includes on-demand payment options, flexible payment plans for pre-payment or existing balances, electronic statements, and balance information. Patients will be able to breeze through the process with the ability to have a saved payment method or “card on file.” Having the tools to provide upfront information and the means to accept payment at all stages of the visit allows practices to improve overall collections and streamline disparate A/R collections processes.
Greenway Health Pay will give patients visibility and access to electronic statements and up-to-date account balances. Patients will have access to multiple contactless payment options through text, email, online, card on file or their patient portal. Greenway Health Pay will provide peace of mind with secure payment options and simple setup of payment plans for upcoming expenses or outstanding balances.
“With the growing financial responsibility of patients as consumers, coupled with expectations for flexible payment options, the patient payment space presents tremendous opportunity for innovation”, said David Cohen, Chief Product and Technology Officer at Greenway Health. “We believe that combining convenience and flexibility with safety and security in a consumer-friendly package will also result in improved collections – and financial wellness – for both providers and their patients.”
Greenway Health is a leading health information technology service provider specializing in electronic health records with its flagship Intergy and Prime Suite products. Greenway and its award-winning solutions have been ranked highly in the Best in KLAS awards by KLAS Research, an independent research organization that assesses healthcare vendor performance through independent feedback from users. Additionally, Greenway Health’s revenue cycle solution, Greenway Revenue Services, was named the 2023 North American Customer Value Leadership Award in Frost & Sullivan’s Best Practices Award.
