The past year has been challenging for just about every business. Still, some companies are finding a way to rise above the challenges and make progress despite coronavirus-related setbacks. One of these companies is Millenia, a service that aims to make medical payments easier for both the patient and the healthcare provider. This year, Millenia’s business reported a 70% increase in patient payment volume, made possible by the company’s decision to expand into 38 states.
The company now services more than 1,000 facilities. Tom Ormondroyd, Millennia's CEO, said that level of reach allowed the company to continue delivering its service to those who need it most across the country.
"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,” he said.”
What’s more, clients of the company like Alenoosh Namagerdi, Director of Revenue Cycle at the Acuity Eye Group, also believe that the company has delivered on its mission and brought value to its customers.
"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 have 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.
The market for Millenia and companies like it is growing at a rapid pace, according to a 2019 report from Business Insider. It found that the market for US healthcare payment businesses hit $3.65 trillion in 2018 and, according to further research from market research firm Grandview Research, is anticipated to grow at a compounded annual rate of 16.9% from 2020 to 2027.
This is an impressive amount of growth for any industry. Still, the continued success of companies like Millenia is a signal that it is meeting a genuine business need and one that is unlikely to go away.
The number of people who express a desire to pay their healthcare bills online is high — as high as 70% — and one could imagine that with the coronavirus pandemic’s impact increasing every day, that number will continue to rise. Considering all these factors, it’s clear that Millenia provides an essential service that could benefit millions across the country — and businesses like that are the ones that stick around.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.