SmartHealth PayCard, LLC™ (SHPC), a healthtech payment solutions leader, and SYNERGEN Health, an innovator in healthcare revenue cycle management solutions, today announced a partnership to help healthcare providers expand their patients’ options to pay for their out-of-pocket medical costs.
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SHPC’s Mastercard® credit card, designed exclusively for healthcare expenses, will integrate with SYNERGEN Pay, SYNERGEN Health’s billing and payment collection platform, to enable patients to apply for and quickly access a revolving credit line of up to $30,000 to take care of balances owed to their providers.
“SYNERGEN Pay was designed to help providers collect payments at any time, from anywhere, while providing a range of convenient payment choices for their patients,” said Sunil Konda, vice president of product, SYNERGEN Health. “SmartHealth PayCard will add great value to this platform at a time when providers are faced with falling revenues and are increasingly struggling to collect on outstanding balances as patients are dealing with higher uncovered healthcare costs.”
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SYNERGEN Pay is a secure, simple-to-use, patient statement delivery and online payment portal that streamlines patient collections from pre-visit scheduling to post-visit follow up. SYNERGEN Pay currently handles over 150,000 statements per month, which has resulted in an increase in patient collections by approximately 300%. The payment portal provides an enhanced patient user experience with an intuitive statement format and is easily accessible from a computer or mobile device.
According to a study in the American Journal of Public Health, medical issues contribute to two-thirds of consumer bankruptcies. Meanwhile, the Healthcare Financial Management Association estimates that hospitals alone carry more than $56 billion of bad medical debt.
