The Green Sheet Online Edition
August 12, 2013 • Issue 13:08:01
Healthcare payments simplified
To increase cash flow efficiency for healthcare providers and make it more convenient for patients to meet their financial responsibilities at the point of care, Priority Payment Systems introduced Priority MedPay. It is an all-in-one medical payment solution with a companion website, www.prioritymedpay.com, that was created to address the range of challenges many medical professionals face today.
"We believe Priority MedPay will provide significant improvements to providers' cash flow and meaningful operating efficiencies," said John Priore, President and Chief Executive Officer at Priority. "Patients will simplify making payments, managing payment options and interpreting charges, and make communicating about their bill much more convenient."
For medical practices, Priority MedPay can improve operational efficiency by reconciling payor and patient payments into one system, where it integrates practice management with payment reconciliation and enterprise accounting systems.
It also automates posting of patient payments and allows medical practices to communicate with patients electronically via email or text message to accelerate self-payment on a smartphone or through the provider's website.
On the patient side, Priority MedPay delivers real-time estimations of financial responsibility, providing point-of-care billing information necessary to make credit, debit or automated clearing house (ACH) payments based on co-payment, co-insurance and deductible amounts due. For larger medical expenses or plans with higher deductibles, the system is equipped to handle installment and recurring payment programs.
Priority MedPay is already deployed at a number of healthcare facilities, including Charlotte, N.C.-based Novarus Healthcare. "Novarus Healthcare is extremely excited about the new tool set available through Priority MedPay," said Tom Hearn, Managing Partner at Novarus.
"With the increased pressure on health-care providers to become more cost efficient and to address the impact of increased patient deductibles and co-pays, these tools will become increasingly important."
Priority offers competitive pricing for this program and others like it through its ISO/merchant level salesperson channel partner program. Ed Alba, Priority Vice President of Marketing, said, "When communicating this MedPay solution to our agent resellers, we targeted our entire 350 plus ISO/agent channel." Alba believes the new system offers a unique opportunity to tap into the healthcare industry and add one more revenue stream to merchant portfolios.
Features of Priority MedPay include:
- Communicates with patients via email and text messages
- Facilitates credit, debit and ACH payments from patients
- Reconciles both payor and patient payments via one system
- Consolidates all provider billing into a single statement
- Automates posting of patient payments
Priority Payment Systems
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