As patient out-of-pocket expenses continue to rise, using the same old manual patient revenue cycle management (RCM) tools just isn’t going to cut it anymore. Did you know that after a patient leaves your office, there is only a 40% likelihood they will ever pay their bill? As the first post in our Health iPASS Features Spotlight Series, we are not going to begin at the beginning, but at the end, after your patient has walked out the door. Why? Because that is where the Health iPASS “rubber meets the road” - where our patient RCM solution makes a real difference in how (and how much) revenue your practice is able to collect from patients.
Due to a deep level of integration with many practice management systems, Health iPASS is always working behind the scenes to automatically identify residual balance charges post insurance claim adjudication and to begin the collection process right away by sending paperless eStatements without the time and cost of traditional collection methods. Patients who receive eStatements can then pay their bill through an online bill-pay portal, providing the payment experience the modern healthcare consumer is looking for, on the devices they feel most secure to use.
Providers who wish to join the Health iPASS 97% Residual Balance Collection Club should consider asking patients to keep a payment-on-file (POF) for effortless payment of post-visit residual balances.
It works like this: a patient opts to keep a payment-on-file at the time of the appointment for charges associated with that visit only. That’s right — you can reassure patients that payment-on-file does not provide carte blanche for any and all future charges. Not only that, but patients will receive cost estimates for the anticipated after-insurance charges at the time of their appointment through the Health iPASS check-in kiosk so they will know what they owe well ahead of any necessary payments. After their insurance claim has been adjudicated, the patient receives a notification that their payment method on file will be charged in 5-7 days. Patients who opt to keep a payment-on-file will receive the most convenient healthcare payment experience possible. In fact, payment-on-file is the number one patient-preferred payment method for balances under $200.
Ok, there’s another valuable feature we haven’t discussed, and that’s automatic payment posting, which collects patient payments and automatically drops them into patient’s account at the encounter level. This feature significantly improves payment posting accuracy and lifts the burden of manual payment entry from your staff. According to our most recent analytics, auto-posting of payments from time-of-service and online bill pay save nearly $200 per 100 transactions, not to mention the time that your staff can reinvest into other core competencies.
If you find yourself looking around you, watching aged A/R and bad debt accumulate in your practice’s patient revenue cycle, it’s time to get things moving with Health iPASS! To find out more, download our new whitepaper on how to collect 97% of patient residual balances, or better yet, schedule a demo of our innovative solution!