Business Process Automation Blog

Real Time Patient Payments

I recently came across an article in the HIMSS newsletter identifying new processes for electronic patient payments.  The article was primarily addressed to the patient but is important information for healthcare providers.  By adopting real time patient payments at the time of services the need to bill a patient is eliminated.  The cost is inexpensive and the ROI is immediate. 

One of the most important issues is billing the patient after the service has been provided.  What is happening to change the way doctors and clinics bill patients?  Today new software is in place to move the payment side of healthcare into the electronic world.  Along with the major insurance companies, NACHA, credit card companies and adoption from healthcare providers the patient’s payments are now processed electronically at the time of services. In the process, healthcare providers could save $35 billion annually, according to early research done by MBProject in 2001. More recently, the U.S. Healthcare Efficiency Index estimated some $30 billion in potential savings (see www.save30billion.com). Eyeing this potential, Congress placed a new program in section 1104 of the Affordable Care Act, recently signed into law (U.S. health reform bill), that is intended to spur adoption of electronic business processes in healthcare.  Most importantly the issue of privacy has been addressed using HIPA compliance and advanced encryption technology. A demonstration of the product is available for your office to view by simply signing up for a webinar. 

 

 

Are Medical Billing Systems Obsolete?

Today many healthcare providers are forced to send bills to their patients for services that the insurance companies did not pay.  Medical billing is costly with an estimated amount to send each bill at $5.00 to $12.00 per bill.  These costs include paper, envelope, return envelopes, stamps, processing and the time element for the employee that is preparing the bills.  Even with on-line invoicing, the costs remain high.  Many times there will be at least 3 bills sent to one patient before turning over the receivables to a collection agency.  Collections cost the healthcare provider between 10 to 15%.

The rising costs for medical claims processing a patient was the driving force behind a new real time payment solution for healthcare providers.  Utilizing industry software, a medical office can now swipe an insurance card and within seconds know the amount of the deductable, co-pays, if the deductable has been met, if there is any co-insurance and the approximate amount that the insurance will pay for the services for the patient.  With this information an office can take the co-pay immediately and authorize the remainder of the estimated amount of the services.  When the explanation of benefits arrives, the pre-authorized amount is charged and the money is on the way to the bank.  The costs savings are self explanatory but just to give you an idea; one medical office has already saved $10,000 and has only been using the service for 4 months. 

We would like to help you explore the benefits for your office.  We know that real time adjudication is definitely the wave of the future and you can have that positive experience for your business starting now.  Let us show you a free demo that will explain how the program works and the benefits for you and your staff. 

Sign up for a free medical billing webinar here:

 

Real Time Patient's Payments Strengthens Bottom Line

New and better electronic patient payment solutions are now available for all health care providers.  By arranging for patient payments at the time of services, the need to mail invoices are eliminated.  Costs are slashed immediately by reducing or eliminating paper, stamps, and the people power to send the invoices.   Additionally, no collection hours are ever spent attempting to collect the past due amounts.  All of this equates to savings and gives you bragging rights as an environmentally savvy office. 

We serve as an integrated financial tool that enables medical practice to lower accounts receivable, shorten collection cycles and reduce write-offs.  This is designed to work with you existing practice management and electronic medical record systems and offers:

• Electronic Patient Payments at Checkout – All businesses receive payment at the time service is provided.  Your office can expect the same.  We deliver this capability from the moment you begin using the service. 
•  Real-Time Insurance Benefits Verification – Within seconds, electronically determine a patient’s insurance benefit information, and, depending on the insurance provider, verifies copayment amount, annual deductible, remaining deductible, coinsurance and other information.
•  Automated Payment Plans - For those patients unable to pay in full at the time of service, a medical practice can establish automated payment plans or recurring payments, approved by the patient, using checks, debit cards and credit cards.  Automatically every month allowing your practice a hands off approach for collecting money.
•  On-Line Reporting – View the status of payment transactions, manage patient payment plans, forecast patient revenue and generate custom reporting.
•  Safe, Reliable and Secure Processing - A web based solution that eliminates the need for your office to store sensitive patient payment information.  Completely HIPA and PC compliant for your piece of mind.

See a free webinar and determine the costs savings for your practice. 

 

Accelerating Patient Payments

CheckVantage offers an electronic payment solution specifically designed for healthcare providers.  This eliminates the need to mail invoices since patients make payment arrangements at the time  services are rendered to enable automated collection at the time their final responsibility is known.  Additionally it allows you to establish payment plans at the time of service to allow patient payments to be collected over a pre-determined and approved schedule.  This can be done using an HSA account, an e-check or a credit card. 

Real-time insurance benefits verification is done within seconds, electronically gathering patient insurance benefit information, and depending on the insurance provider, verifying copayment amounts, annual deductibles, remaining deductibles, coinsurance and other information.  Because this is a web based solution it does not require storing sensitive patient payment information at your facility. 

Once the information is gathered a payment is authorized either with a credit card or using an e-check to secure the payment for the final tally once the EOB has arrived.  Healthcare providers are seeing a tremendous reduction in costs to collect the remaining balances owed by the patient using this simple but valuable solution.  We call it right time adjudication because it gives the healthcare provided payments at just the right time. 

 

Right-Time Adjudication

CV Technology Services offers right-time adjudication for doctor offices, medical clinics and hospitals.  What is right-time adjudication?  Simply put it is a way in seconds to electronically verify patient insurance information, verify copayment amount, annual deductibles, remaining deductibles, coinsurance and other information.   With that information, the healthcare providers are able to determine an estimated amount that the patient will owe for services.  While the patient is there a credit card is authorized for the service.  If a payment plan is needed, it can be set up to automate the payments using a credit card or an e-check that is deducted directly from the patient's bank account. 

Electronic patient payments at checkout is delivered to you at the moment you begin using the service. This improves cash flow, reduces patient accounts receivable balances, eliminates patient billing statements and collection efforts and reduces patient write-offs.  The system is designed to work with your existing billing and medical record systems.  Conservatives estimates show that the medical providers will save 25 to 30% in administrative costs. Free webinar sign up now. http://bit.ly/bgt7qA

E-Checks Strategic for all Companies

According the Aberdeen study "Usage of ACH has increased for 59% of companies in the past 12 months.  So what is stopping the other 41% of business that are not currently using e-checks either for phone, Internet, at point of sale or for accounts receivable automation?  According to the study "the biggest road block is internal change".  The technologies and systems are out there and easy to use but with a lack of resources, both IT and finance, implementation of these new methods are put on the back burner.  Yet studies have shown that this is the least costly program for a company to elect with the highest return on investment.  In many cases, businesses will increase business just by adding an Internet e-check payment option. 

What is the most costly way to implement without having to spend precious IT time?  Simply put having an independent expert implement the project which minimizes the time spent in your company's IT Q.

This is a strategic alternative to paper checks.  The cost is minimal compared to the overall savings for your company.  Just imagine not ever having to hear the check is in the mail.   With phone checks, your company can elect to completely integrate in real time taking a payment by phone or use an ASP model eliminating the need to integrate at all.  And in most cases, the money is in your bank account the next day.  Simple, fast, clean and efficient.  Why wait when you can start realizing the saving today?  See a free demo today. http://bit.ly/c62hYS

Reduce Medical Adjudication

Finally, health care is moving toward systems that tell doctors, hospital and clinics the eligibility of a patient in just seconds.  In addition an estimate of services can be adjudicated at the time of the services before the leave the office.  While patients might not want the quality of their health care to resemble a retail experience, they might want the health-care payment to be treated in a more retail-like manner.  And health care providers would like to see that happen.  

In the past there was no way to even estimate the amount an insurance company would pay for a patient's procedure.  The industry has recently made great strides toward at least being able to estimate the amount that the patient will owe.  Real time adjudication of patient payments will reduce the overall operating costs and collections costs for health care providers.  This is a positive benefit not only for the health care provider but for the patient.  With write offs and over all collections rising each year, the costs have to be passed on to all of the patients that do pay their bills.

Now with new software and a buy in from the credit card companies, health care providers can verify insurance eligibility, adjudicate claims, and accept credit, debit, prepaid cards or e-checks for payment.  After verifying an estimated amount of the claim, a payment is authorized for the additional costs of the services.  When the final statement for services is sent to the health care provider, the authorized amount of the services is used to complete the transaction.  No more sending statements to clients, no more waiting for the payment and most importantly little to no write off of bad debts. Automating the process over an electronic network should cut health-care providers' administrative costs between 20% and 30%.

Accounts Receivable Automation a Must

CheckVantage is a solution based provider of accounts receivables automation and management as well as an industry leader in electronic check processing. We offer unequaled service from installation to daily usability and ongoing support.

 

CV offers end-to-end image based solution that automates the process of scanning  including stubs and checks.  Our solution is adaptable to fit a wide range of payment types and is completely software neutral and bank neutral.

Our software is unique, completely customizable and features rich, turn-key solutions designed for remittance processing and management. Flexibility is a key feature built into our system which allows CheckVantage's software solution to grow and fit with your companies needs, making us a great fit now and in the future. The reduction for managing mailed in paper checks and stubs, is reduced by eliminating full time employee hours or reducing the cost of outsourcing to a lock box.

Some of our key features are:

* Accelerate funds availability.

*Significantly improve your customer service and satisfaction. 

*Reduce manual keying to almost nil.

*Increase productivity.

*Positively affect your bottom-line.

*Decrease your dependence on your bank or lockbox.

*Streamline your entire Accounts Receivable department.

*Decrease NSF's.

* We can show you how the government will subsidize one third of your new system.

 

Leasing vs Purchasing ARC Software

 Adding Accounts Receivable Automation software is a smart business decision.  Businesses today faced with adding software for optimal efficiency find their budgets strained for purchasing the products.  Many of the companies that we speak with realize that the ROI on our products is cost effective and will have positive benefits but fitting it into the budget is a challenge.  The alternative is leasing. 

Leasing can be more economical than buying as it saves cash reserves for operating expenses.  Lease payments are tax deductible, create tax write offs for full depreciation and in many cases can defer payments.  This allows an instant ROI on all software and hardware products and creates optimal work flow processes. 

Companies that have opted for the lease program with Accounts Receivable Automation software and hardware are the first to recommend the products to their business associates.  Companies have realized thousands of dollars in savings through hours saved on the processing of mailed in remittances and with enhanced customer service tools that allows the customer service representative to find and resolve payment issues quickly.  It is truly a win/win for companies that have not already adopted an automation program for their mailed in remittances.

Our leasing options are scalable, allowing companies to add annual licensing fees yearly.   CheckVantage's lease terms are variable with 12, 24, 36, 48 or 60 month leases and carries a dollar buy out at the end of the lease.  We will work with you  to determine the best lease program for your companies needs and have you saving money from day one.  Free Demo. http://bit.ly/9JNorO

 

ARA Necessary for Government and Businesses

Some government entities and businesses are still not utilizing cost saving Accounts Receivable Automation.  A TAWPI study documented that electronification of government payment and document processes found that respondents were still dealing with lots of paper - reemphasizing the need for users to reengineer their business processes and deploy emerging technologies.  The survey found that all but one of the most common tax types still arrive predominantly in paper form and are paid with a paper check.  When they show up in paper form, there's an extremely good chance that they are leaving as paper as well.  An eye-popping 93 percent of all survey respondents indicated that they still make paper deposits.  The government sector seems to be lagging in the adoption of electronic deposits.

The primary reason for this lag has to do with technology time and finding a way to fit it into tight budgets.  Accounts Receivable Automation is not about spending more, it's about strategically spending and prioritizing technology investments.  Document and payments automation are strategic tools government entities and businesses can leverage to manage security threats, reduce operations costs in a volatile economic climate, meet growing compliance requirements, enhance constituent service, and drive modernization plans.

Costs can be managed easily with leasing programs designed at a time when cash is short but automation is necessary.  Moving to automation and e- check deposits is not only right timing but a smart decision for any business that is looking to improve processes.  Let us show you a free demo today and explain the cost saving options. http://bit.ly/9JNorO