The need for health care providers to improve patient collections has never been greater. Rising costs and declining reimbursement, along with the fact the patients are becoming responsible for a larger share of their medical costs, make it imperative to reduce barriers to payment and implement tools and procedures to collect the patient portion of medical services in a timely and cost effective manner.
Our powerful web-based MEDPAY payment software and comprehensive support services will allow you to greatly improve the collection of patient payments while reducing the costs of collections. Our comprehensive MEDPAY software will allow for the following: automated payment plans (recurring billing), customized online payment website, payment gateway for business/registration staff, and electronic invoicing.
AUTO-MEDPAY (Recurring Billing)
One of the most powerful features of the MEDPAY software is the ability to establish payment plans that automatically withdraw funds from a patient’s credit card or checking/savings account.
The goal of any healthcare provider is to receive patient payment in full at time of service; however, many patients that are uninsured or underinsured do not have the funds available to pay for service or satisfy their balance in full once insurance has paid. For those patients, providers face the dilemma of refusing treatment or attempting to collect for services after they have been performed.
Traditional payment plans have the inherent risk of non-payment and depend solely on a patient being responsible for sending a check each month until the entire balance is paid off.
The AUTO-MEDPAY feature allows providers to proactively offer patients extended payment arrangements that can be utilized in pre-treatment planning or to collect past due balances. Payments are pre-authorized from a patient’s bank account or credit card until their balance is paid in full, creating a monthly revenue stream lowering the risk of non-payment while reducing processing costs, staff time and expense.
Online Payments (Patients)
The Internet has become part of our daily lives. Not only do patients now have the ability to pay many of their bills online, they have come to expect it.
To facilitate these payments, Medical Payment Solutions creates and maintains an online payment site for your patients to make payment online. Patients are directed from their billing statements to a secure payment link on your website or to a customized payment site. Patients can make payment as quickly and easily as they would a house or utility payment through a major credit card or their checking/savings account. Providing patients with the convenience of making payment online will result in both the increase in the amount and speed of payment while reducing collection costs and staff service calls.
Payment Gateway (Business/Registration Staff)
The majority of in-house collection activities for a medical practice or facility are performed by a patient account representative or front office business staff. It is important to equip this staff with the tools necessary to collect payments quickly and efficiently.
Our web-based MEDPAY payment software requires only a computer with Internet access and allows staff to process patient credit cards and checks as well as set-up automated payment plans easily and efficiently in one place. This eliminates the required effort to process phone or mail-in payments manually reducing staff time and expense while increasing the speed of processing payments.
In healthcare today, providers rely solely on a paper-based billing solution for processing, printing and mailing statements. This process is costly, takes a considerable amount of time and typically results in less than a satisfactory rate of return.
A powerful component of our MEDPAY software is the ability to not only receive payments online, but to deliver statements directly to patients through email. Patients who choose to receive their bills electronically will receive an e-mail notification with a secure link directing them to your web-site to make payment. Electronic invoicing can increase cash flow, reduce costs associated with paper-based billing and improve patient satisfaction.
As an additional benefit, once a patient email database is established, it can be used to inexpensively send practice newsletters, educational materials, announce new products or services, or send patient satisfaction surveys.