DALLAS, Jan. 26, 2021 /PRNewswire/ -- 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.
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."
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.
"We're committed to providing innovative payment solutions that make healthcare more accessible and affordable for consumers while improving business outcomes for providers," said Jeff Blankinship, co-founder of SmartHealth PayCard. "We're very pleased to be teaming up with SYNERGEN Health to help SYNERGEN Pay platform users apply for and quickly obtain a line of credit from SmartHealth PayCard to take care of their healthcare costs quickly, seamlessly and flexibly."
SmartHealth PayCard was launched in 2019 to give consumers a flexible option to take care of healthcare expenses while enabling providers to focus more resources on patient outcomes and relationships, reduce administrative costs related to billing and collections and improve practice cash flow.
SmartHealth PayCard is one of several payment financing options available to SYNERGEN Pay users. From SYNERGEN Pay, patients can view their statement balances and payment options. They are then presented with a link to find out more information about SmartHealth PayCard and how to apply for the card. After an approval process that takes minutes, patients will receive an SHPC Mastercard number, which they can use to make payments on the web, phone, or interactive voice response systems anytime through a fully integrated SYNERGEN Pay payment portal to any health practitioner that accepts Mastercard regardless of provider network.
About SmartHealth PayCard, LLC and The SmartHealth PayCard Mastercard
SmartHealth PayCard is committed to providing financial solutions to simplify and make healthcare affordable. We seek to introduce transformative change to healthcare that benefits patients, healthcare providers and society at large.
The SmartHealth PayCard Mastercard credit card is a convenient, hassle-free way to pay for healthcare for people and their pets. It provides a revolving credit line that can be used immediately to pay for deductibles, copays, co-insurance and a wide range of other healthcare costs. SmartHealth PayCard members can also save up to 85 percent on prescriptions at pharmacies nationwide. Additional non-veterinary benefits include up to $5,000 in Accident Medical Expense coverage and $5,000 in Accidental Death insurance. For more information, please visit smarthealthpaycard.com and watch this brief video overview.
About SYNERGEN Health
Founded in 2011, SYNERGEN Health is a pioneer in the technology and data-driven revenue cycle transformation for the U.S. health care industry. SYNERGEN Health provides complete revenue cycle services, advanced analytics, payment solutions, machine learning, robotic process automation, consulting services and other software solutions. For more information, visit: www.SYNERGENhealth.com.
SOURCE SmartHealth PayCard