According to Becker’s Hospital Review, medical payments in the U.S. are a $3.3 trillion market. Advancements in payment collection technology help providers reduce the frequency of underpayment, whether they are collecting from patients or insurance companies.
However, there’s a caveat: For a medical payment system to be as effective as possible, it needs to help providers maximize their collection of out-of-pocket costs from patients. These costs rose nearly 230% between 2006 and 2015 and will continue to go up as high-deductible health plans become more prevalent.
To collect patient dollars efficiently, a payment system must be fast, accurate, and convenient. Unlike competitors, HealthiPASS is the only patient-facing payment system that manages patient billing from the time the appointment is made to the time the account is settled (post-adjudication).
How HealthiPASS Improves Provider Revenue
By offering medical providers real-time verification of patient eligibility, the HealthiPASS system can create billing estimates either before or after the patient’s visit depending upon specialty (or procedure). We allow providers to customize billing rules to ensure they collect in a way that improves their compensation and makes sense to patients.
HealthiPASS is both HIPAA compliant and platform agnostic, meaning it can be integrated with any type of Practice Management System (PMS). HealthiPASS can be customized with your practice’s logos and visual branding, to ensure a cohesive patient experience.
Above all, the system provides secure payment assurance at the time of service and manages patient dollars from the time a patient schedules an appointment to the time their account is settled. This is what sets HealthiPASS apart from other medical POS systems.
The Benefits of a Payment System That Focuses on Patients
Current trends in healthcare indicate that providers must use a system that makes it easy for patients to remit payment. According to Citigroup, reimbursements collected directly from patients could increase up to 50% by 2019. A patient-centric payment system will increase their satisfaction with your practice by:
- Adapting to several different payment methods used increasingly in many different merchant environments.
- Giving patients a more accurate understanding of what they will owe for healthcare services.
- Securely encrypting payment information using a point-to-point tokenization system and collecting outstanding balances with auto-pay, reducing the hassle patients face dealing with paper bills.
For providers, a better patient experience and higher collection rates ultimately mean more revenue. Some clients have been able to add up to $50,000 to their bottom line for each doctor in their practice.
If you’d like to learn more about HealthiPASS and its unique feature set, download The 8 Ways HealthiPASS Improves the Patient Payment Process.