Paymentus to Bring Advanced Billing and Payments Capabilities to Altera Digital Health Solutions
Aligning with Leading Healthcare IT Provider to Deliver Streamlined, Flexible Payment Experience Across the Continuum of Care
Paymentus Holdings, Inc. ((PAY) today announced an agreement with Altera Digital Health Inc. to offer its industry-leading Electronic Bill Presentment and Payments (EBPP) platform in conjunction with Altera's suite of healthcare IT solutions.
Altera's portfolio of industry-leading digital health solutions is designed to support integrated care delivery and practice optimization across the spectrum of care. Altera solutions are used by physician practices, rural and community hospitals, and local and regional health networks worldwide. Offering Paymentus' industry-leading billing and payments platform with the Altera solution suite will address key components of revenue cycle management: billing and payment optimization.
"Our focus is to simplify bill payments everywhere to better serve consumers anywhere," said Dushyant Sharma, Founder and CEO of Paymentus. "Healthcare billing is a historic pain point for patients and healthcare providers alike. Working with Altera, we will offer the modern, convenient Paymentus customer billing experience to healthcare providers and patients as a component of their healthcare IT platforms, driving higher patient satisfaction and more efficient, secure back-office operations."
Healthcare bills are the single largest source of personal debt in the United States, outweighing all other debt combined1 and 50% of healthcare providers say they are challenged by large patient balances2. The payment disconnect between providers and patients is a significant part of the problem. According to JP Morgan Chase, 71% of healthcare providers rely on manual or paper-based systems for payments and collections, while 75% of their customers are eager to make online payments2.
Leveraging Altera and Paymentus solutions together will enable providers to deliver up-to-the-minute patient billing information to patients via their electronic health record, send statements along with payment reminders and updates via secure digital communications – including email and text – and receive and post payments from a variety of payment sources to optimize revenue cycle management.
"Healthcare providers worldwide use Altera's solutions to deliver coordinated and comprehensive care to their communities," said Jay Adams, Group Leader, Altera Digital Health. "Providers want to offer the simple and flexible payment experience that patients have come to expect in every area of their busy lives as a component of care. We are excited to work with Paymentus to make this a reality for our clients and the people they serve."
Paymentus offers a comprehensive and flexible billing and payment experience for healthcare providers and their patients. With advanced engagement solutions, patients can personalize how billing information is presented, reducing confusion regarding payment obligations. Billing notifications can be delivered securely via text and email and feature click-to-pay functionality to encourage on-time payments. The Paymentus Instant Payment Network (IPN) provides more ways to pay than any other payment solution, including ACH, secure IVR, text, email, and chat, as well as with popular digital wallets from PayPal/Venmo, ApplePay, and GooglePay.
About Paymentus
Paymentus is a leading provider of cloud-based bill payment technology and solutions for more than 2,200 billers and financial institutions across North America and was named the industry's best-in-class provider of EBPP solutions by Aite-Novarica. The Paymentus omni-channel platform provides consumers with easy-to-use, flexible, and secure electronic bill payment experiences through their preferred payment channel and type. Paymentus' proprietary Instant Payment Network® (IPN), connects IPN partners' platforms and tens of thousands of billers to Paymentus' integrated billing, payment, and reconciliation capabilities. For more information, please visit www.paymentus.com.
About Altera Digital Health
A global healthcare IT leader, Altera Digital Health develops and elevates technology to bring next-level healthcare within reach. Altera's approach to our solutions is changing the way healthcare is delivered—we see the summit of what healthcare can be, but rather than total transformation, we're focused on helping organizations take the steps they need to get there. Altera designs digital health services that lead healthcare to a higher place, while we guide those we partner with, all along the way. To learn more, visit www.alterahealth.com.
CATEGORY: COMPANY NEWS
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1 Fierce Healthcare
2 JPMC "Trends in Healthcare Payments Annual Report", March 2024
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