Collectly is a healthcare payments platform that helps medical groups and practices accelerate and increase patient cash flow by streamlining the collection of out-of-pocket payments. Collectly provides technology to reduce the administrative burden of billing, decrease costs to collect, and improve patient satisfaction through a more modern payment experience.
The Technology Behind Collectly
Collectly leverages digital medical billing software and automated payment collection tools tailored for healthcare providers. Their platform includes features such as:
- Digital patient statements and reminders
- Flexible online payment options
- Smart AutoPay policies
- Analytics for cash flow and patient payment trends
By digitizing the payment process, Collectly addresses a major gap in U.S. healthcare, where about 50% of all out-of-pocket payments are never collected. This technology aims to make it easier for patients to understand, plan, and pay their medical bills, while enabling healthcare organizations to collect more money, faster.
Who Uses Collectly?
Collectly primarily serves medical groups, practices, and healthcare organizations across the United States. Their solution is designed for providers seeking to improve revenue cycle management, reduce manual billing tasks, and provide a better financial experience for patients. The platform is used by organizations that want to increase their collection rates, reduce operational costs, and offer patients convenient payment options.
Competitors and the Healthcare Payment Collection Landscape
Collectly operates in the healthcare IT sector, specifically in the medical billing and patient payment collection software space. Other notable competitors and platforms in this market include:
- BillFlash: Offers pre-claim services, patient payments, and collections as part of revenue management.
- AdvancedMD: Provides custom worklists, issue resolution, and balance tracking for maximizing medical billing collections.
- Inovalon: Delivers patient payment software focused on efficiency and flexibility.
- EZClaim: Features patient payment portals and text reminders to increase collection rates.
- Tebra: Simplifies billing and payments for providers, streamlining both insurance and patient payment processes.
- InstaMed: Enables contactless, automated, and mobile healthcare payments.
- Waystar: Offers AI-powered software to simplify patient payments and improve clarity for patients.
Each of these companies provides solutions to improve revenue cycle management and patient payment experiences, but Collectly differentiates itself through its focus on automation, patient engagement, and speed to cash for healthcare providers.
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