It’s wise for any business to focus on the core tasks they do well and outsource everything else. This is especially true in an industry like healthcare, where a practice’s primary function – improving patients’ lives with diagnoses and treatment – is extremely important.
Accordingly, many hospitals and medical practices outsource their patient billing requirements to third-party providers. If your practice currently works with an outside provider for medical billing, HealthiPASS is a patient-centric payment system that provides a valuable complement to these billing companies.
Why HealthiPASS fits well with medical billing companies
Most third-party billing companies focus on handling reimbursements from insurance providers. They use sophisticated technology to ensure the proper medical codes and formatting are used on every single claim. It’s not uncommon for a billing company to help a practice improve its collection rate by 5% to 10%.
However, most billing companies aren’t experts in collecting payments from patients. While they offer mechanisms for solving patient payment issues, their offerings in this area usually aren’t as strong as what they provide for insurance reimbursement. Additionally, many patients are put off by the aggressive, misleading tactics that are sometimes used by billing companies to collect outstanding debt. The New York Times reported earlier this year that medical debt collection was the second-largest cause of complaints with the Consumer Financial Protection Bureau, behind only credit card debt.
For these reasons, HealthiPASS is a great addition to services provided by a third-party medical billing company. Many billing companies enjoy working with us because it makes their job easier, by letting them focus on what they do best: Insurance claim reimbursements. This arrangement also has a number of benefits for medical practices.
The advantages of working with HealthiPASS and a medical billing company
- Gives your practice best-of-breed service in both insurance claim reimbursement and patient billing collection. This means your practice no longer has to be concerned about a medical billing company’s interactions with patients who owe money.
- Improves the work of medical billing companies. Since they have to devote fewer resources to patient billing, they can focus on offering the best possible service to your insurance claim reimbursements. This usually translates into an extremely high collection rate on insurance claims – often 96% or more.
- Increases patient satisfaction levels by empowering them with a new level of transparency. HealthiPASS offers post-visit bill estimates and automatically collects payments from patients – no surprise bills or unexpected, inaccurate charges.
Want to learn more about how HealthiPASS can integrate with your practice’s existing financial operations? Click below to schedule a demo:
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