RALEIGH, N.C., Jan. 20, 2021 /PRNewswire/ --Millennia, a leader in Patient Payment and Patient Financial Engagement, announced their historic growth with an over 70% increase in run-rate revenues for 2020 led by expanding into 38 states and now servicing over 1000 facilities.
"This has been a difficult year for our clients as they faced impacted patient volumes, resource challenges, and reduced touchpoints with their patients. Through strong partnerships, we were able to deliver the same level of patient satisfaction and financial performance they come to expect from Millennia, even in the face of the pandemic. We are very proud that we were able to use our combination of engagement intelligence, technology, and concierge-level support to engage with our clients' patients in meaningful and effective ways. This, in turn, resulted in recoveries 2 to 4 times the national average for patient payments," said Tom Ormondroyd, Millennia's CEO.
Millennia's record growth was highlighted with a key partnership with Methodist Hospitals in Gary, IN and with the portfolio additions of leading dermatology groups; Platinum Dermatology, headquartered in Dallas, TX, and Schweiger Dermatology Group, headquartered in New York, NY, and Acuity Eye Group based in Los Angeles, CA.
"Millennia has delivered way above our expectations. The implementation process was the best I have ever experienced from a vendor and the level of professionalism, expertise, and delivery has just been so valuable for us. They are truly a trusted partner and are delivering on everything they promised," said Alenoosh Namagerdi, Director of Revenue Cycle, Acuity Eye Group.
In addition to record new clients, Millennia also saw facility expansions across a large number of its clients, increasing both acute and ambulatory footprints, which required limited to no implementation efforts from its clients due to Millennia's rapid and low lift deployment process.
One of those clients, EyeSouth Partners, one of the premier networks of integrated eye care practices in the country, continued its record growth where Millennia supports its patient payments and financial engagement. Sarah Hirsch, Shore Capital Partners' Chief Revenue Cycle Officer and EyeSouth's investment partner said of the partnership, "Shore Capital Partners has partnered with Millennia to maximize patient payments, as well as to support our portfolio companies as they grow by providing technology and experienced patient specialists. We view Millennia as an extension of our internal teams and a key to success for managing our patient financial experience."
With this historic growth, Millennia also continued to make further investments in its market-leading patient payment and engagement technologies, leading to dramatic performance improvements for its clients. In 2020, Millennia's automated coverage detection solution, which proactively finds unidentified insurance for self-pay patients and rebills it on their behalf, was deployed to many of its clients with some clients experiencing hit rates of found active insurance over 30%. Millennia's MobilePay capability continued to experience rapid adoption across patient populations with a 300%+ growth rate in patient engagement and payments through this technology.
Due to this historic growth and demand for improvement in patient engagement and payments, Millennia is doubling its sales force and operational teams. Ormondroyd states, "Even with the challenges our industry faced in 2020, it remains clear that patient payments and financial engagement is something that continues to grow at a rapid rate. We are doubling down on this both in growing our sales team and our investments into our operations and technology. This is something our industry has to get correct. To this end, I am proud that Millennia continues to prove it is able to deliver meaningful patient financial experiences as proven with our elite patient satisfaction scores exceeding 98%."
About Millennia: Millennia is a technology-enabled patient payments and self-pay revenue cycle company serving over 1,000 facilities in 38 states that partners with healthcare providers to manage their patient financial experience using a powerful patient engagement platform and a healthcare-focused patient concierge team. The Millennia team includes a talented mix of technology developers, client service leaders, and highly trained patient concierge specialists who deliver expert-level assistance to help patients understand their financial responsibility and find manageable ways to pay. To learn more, email [email protected] or visit millenniapay.com.