1 / 17

Revolutionizing Payment Acceptance in Healthcare

Revolutionizing Payment Acceptance in Healthcare. Higher patient A/R, longer collection cycles and increased write offs. Regain “Elite” control. Rising healthcare costs. Consumer-driven coverage. Higher deductibles. PATIENT BAD DEBT STATISTICS

merrill
Download Presentation

Revolutionizing Payment Acceptance in Healthcare

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Revolutionizing Payment Acceptance in Healthcare

  2. Higher patient A/R, longer collection cycles and increased write offs. Regain “Elite” control Rising healthcare costs Consumer-driven coverage Higher deductibles

  3. PATIENT BAD DEBT STATISTICS 36% of Patients have a Balance of 60 Days or More Past Due Currently $60 Billion in Patient Bad Debt (5% of Patient A/R) 2005 - $250 Billion Out-of-Pocket Payments by Patients By 2015 Expected Rise is 68% or $190 Billion = $420 Billion 2-4% increase in bad debt (as a % of revenue) for providers by 2012 Just a 1% increase in bad debt with a 4% operating margin equals a whopping 25% profitability decrease for the average practice. SUGGESTED SOLUTIONS Provider-Centric Approach that includes: Automated Payments Discounts for early or prompt payment Convenience fee for payment plans Payer to provider electronic transactions (claims, payments) Information/Data Integration The McKinsey Report Source: The McKinsey Report June 2007

  4. While others are simply THINKING about it… ….Elite Healthcare Processing has it!!! Introducing A-Claim™

  5. Point of Service Collection • Typical Provider Collection Strategy • Cash in-person • Checks in-person and via mail • Debit/Credit Card Visa/MasterCard brand via mail, phone & in-person • SUGGESTIONS FOR IMPROVEMENT • Collect Deductibles and Co-Pays at time of service at ANY location • Terminal and/or Virtual Terminal Based • Web Initiated card payment by patient via website • Automate collection of patient financial responsibility at the POS by collecting payment information for delayed payment & payment plans • Expand card types taken (Discover, American Express, JCB) • Electronic Check – Available Soon In 2008 • Checks are sent electronically to the bank for deposit • Saves time, reduces “float” and NSF cycle time

  6. Innovation – Enhanced Merchant Processing Front-End & Back-End Functionality • Eligibility Checking (including remaining deductible) • Collection of Co-Pay at POS • Electronic Collection of Patient’s Deductibles, Out of Pocket Expenses, Co-Insurance %’s, including 100% Self-Pay Patients THE TWIST • Collect patient payment data at the front-end for back-end payment • A UniqueMethodology & Technology Blended to Collect Patient Debt

  7. Regain “Elite” control Real-time Insurance Eligibility Claims Adjudication Patient Payments Options A-Claim Online

  8. A-Claim Modules

  9. Patient checks in Instantaneous insurance eligibility check through A-Claim Patient sees physician Real-time/Delayed claim adjudication through A-Claim* Regain “Elite” control * Regional availability Card Based Payment Options Real-time payment Delayed payment Payment plan

  10. Multiple Entry Options Verifone VX570 w/keyboard Virtual Terminal through any web browser ** For use when Electronic Check becomes available

  11. A-Claim Features & Benefits • Benefit to Provider • Baseline of patient’s financial responsibility • Saves time & increases staff productivity • Estimate patient financial responsibility • Speeds payment of claim • Accelerates cash flow • Discounted merchant fees • Interchange management • Speeds & secures payment • Decreases statement mailing • Eliminates refunds • Product Feature • Real-Time Eligibility • Real-Time Claim (Limited Area) • Real-Time Payments • Delayed Payments

  12. A-Claim Features & Benefits • Product Feature • Payment Plans • Automated Payment Capture • Multiple Terminal Options • Benefit to Provider • Secures payment at POS • Fosters patient satisfaction • Increases cash flow • Allows for forecasting • Decreases/eliminates staff time for payment entry • Shrinks collection accounts • Adapts to YOUR environment • Multiple entry modes

  13. A-Claim Features & Benefits Benefit to Provider • Data integration & import capability • Custom reports in seconds • Easy financial reconciliation • User based authority levels • Chain/Outlet level reporting • Easy electronic statements • Secure patient data • Reduce fraud risk Product Feature • Excel Based Reporting Tool • Multi-Merchant, Multi-User & Multi-Location Application • Consolidated Reporting • HIPPA & PCI Compliant

  14. A-Claim Features & Benefits Product Feature • User Friendly • Quick Implementation • Cost Effective Benefit to Provider • One solution for multiple tasks • Easy online administration • Staff training provided • Fits with existing processes with minimal change • 15-30 days maximum • Minimal IT involvement or resources required • Low cost hardware • Low monthly program fee

  15. Elite Healthcare Processing Toll Free (888) 612-0100 Secure Fax (262) 364-2033 Email sales@elitepaymentsystems.com Web Url www.elitepaymentsystems.com Corporate Office 15417 W. National Avenue #310 New Berlin, WI 53151 Florida Office 2338 Immokalee Road #242 Naples, FL 34110 THANK YOU Elite Healthcare Processing is a division of Elite Payment Systems, LLC 2008

More Related