The Green Sheet Online Edition
December 12, 2011 • Issue 11:12:01
A cloud-based payment remedy for docs
With the shift toward more patient-funded health care, the need for tools to expedite patient payments has never been greater. According to web-based medical billing software-as-a-service provider Kareo Inc., the average medical practice has recently seen a 50 percent increase in billing for which patients are responsible.
What seems to be fueling this trend is an increasing number of high-deductible medical plans, higher patient insurance co-payments and the escalating number of patients who are underinsured.
"Medical practices simply cannot afford to overlook technology advancements aimed at aggressive, proactive management of patient-due receivables," Kareo stated.
In response to this growing trend, Kareo, in conjunction with InstaMed, an integrated medical payment platform, launched an electronic patient statement and payment portal targeting small to midsize medical practices.
Kareo's billing and payment portal integrates workflow tools to increase self-pay collection efficiency. By providing credit and debit card processing, check processing, secure electronic patient statement delivery, and online bill-pay functions, the portal streamlines medical office operations and shortens patient revenue cycles. For patients, the system offers the flexibility of making payments in person, online, by phone or through the mail.
"The rapid increase in medical costs paid out-of-pocket by patients is now resulting in a cash flow crisis for small medical practices," said Dan Rodrigues, founder and Chief Executive Officer of Kareo.
"By making it easy and affordable to accept credit and debit card payments, send electronic patient statements, and give patients the option to pay online, we are helping medical practices take control of their growing patient receivables in order to get paid faster and more efficiently."
Streamlined billing/payment process:
The billing and payment portal helps get the job done in five easy steps:
- Medical office staff captures patient email address during registration.
- During checkout, patient co-pays are processed via check, cash, or credit or debit card.
- Insurance provider is billed; any remaining balance is billed to patient via email.
- Patient clicks through email notification to view bill online and make payment.
- If patient account is past due, a printed statement is mailed for payment online, in person or by phone.
"With pricing for the entire service at less than a dollar per day plus competitive transaction and statement fees, medical practices will experience cost savings as well as significant improvements in managing the patient-due receivables," the company stated.
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