Human beings have proven themselves to be good at many different things, and yet there is little we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has turned increasingly evident over the recent past, and assuming a new fintech-themed partnership shakes out just like we envision, it will only make that trend bigger and better moving forward.
PayGround, a Gilbert, Arizona-based healthcare fintech payments platform, has officially partnered with Collectyve Health, a subsidiary of Hyve Health, to empower hospitals and other healthcare institutions in terms of meeting self-pay Good Faith Estimate (GFE) requirements through The Hyve – GFE Exchange. Under the agreed terms, PayGround’s ability to accept a single patient payment and allocate it to the appropriate providers will try and complement Hyve Health’s knowhow about aggregating multiple provider estimates into one portal. This, in turn, is expected to put-together a platform that has never been witnessed before across the healthcare space. But how will the collaboration work on a more actionable level? Well, in simpler words, the Hyve will leverage PayGround’s invoicing platform to generate an electronic patient estimate along with the required paper estimate. Apart from it, the technology will even make it possible for patients to seamlessly submit the payment ahead of their scheduled appointment.
“Collectyve Health’s innovative approach to consolidating multiple estimation workflows into one fits squarely with PayGround’s mission of aggregating all healthcare payments within a single digital wallet,” said Drew Mercer, CEO of PayGround.
The development delivers an interesting follow up to the introduction of No Surprise Billing Act, which mandates the healthcare provider to present a self-pay/uninsured individual’s expected total charges for a scheduled or requested item or service within 24 to 72 hours from request. Considering this GFE must include any items or services reasonably associated with the primary procedure, it demands plenty of careful consideration, and that’s exactly what the partners in question will hope to simplify.
“The partnership between Collectyve Health and PayGround creates the perfect synergy of estimation and payments,” said Travis Gentry CEO of Collectyve Health. “At Collectyve Health, we are perfecting how estimates from individual and disparate providers can be aggregated into a single GFE for patients.”
Founded in 2018, PayGround’s rise prominence has been largely orchestrated by its skill in enhancing the payment experience for both the patient and the provider. You see, while it lets the patient manage track and pay all medical bills in one secure place, the company simultaneously readies up a framework to reduce the provider’s cost, streamline their internal protocols, and boost patient, as well as employee satisfaction.
Talk about Collectyve Health, it has risen up the ranks on the back of its centralized platform, which ensures optimal unification of all your operations. Owing to the stated ability, the company’s primary platform is able to conceive meaningful contributions from each provider for the purpose of creating a centralized, timely, and on-demand Good Faith Estimate.
Copyrights © 2024. All Right Reserved. The Money Outlook.
