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Patient Balances

Patient Balances

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Patient Balances

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Presentation Transcript

  1. Patient Balances Getting to the Root of the Problem

  2. The Problem • Patients can’t pay in full at the time of service • Healthcare Providers do not have the proper tools at their disposal to accommodate the patient’s financial needs • Healthcare Providers main option is to present the patient with a statement that is overwhelming each month • Patients typically prioritize medical debt at the bottom of the list • Healthcare Providers spend an inordinate amount of time and money to collect patient balances

  3. Healthcare Finance Today • “There is roughly $129 Billion in bad health care debt in the United States today”- American Medical News, January 2007 • “It costs on average $10 to send a patient statement. On day 61, the probability of collecting falls to 50%.”-Physicians Practice • "Bad Healthcare debt accounts for about 7% of industry revenues, and more than double its 3% net profit margin" American Medical News • "Medicine is a business and as with any business, money matters. Co-pays account for approximately 20 percent of the revenue that comes through your office." American Journal of Physiatry August 2006

  4. Are you frustrated with sending out statements every month and only a few patients pay their bills? • Would you like a way to automate patient payments so you are not sending out a statement every month? • How much time are you spending collecting patient balances? • Could that labor be reassigned to other tasks which could generate more revenue?

  5. The Solution • Reduce Your Patient Balances • Reduce Past Due Accounts Receivable • Reduce the Labor Costs Associated with Collections • Reduce the Amount of Statements You Mail

  6. Simply work out the terms with the patient to pay off their balance…“Can you afford $100/month for the next 6 months?” How it works: 1. Log in to our secure web page 2. Fill in the details of the payment terms (Example: Balance of $280 to be paid over 4 monthly payments of $70) as well as the patient demographic information. 3. Print out the legal Promissory Note generated by our system that holds the patient responsible to the terms of the agreement and have the patient sign it. 4. Fax it to us. We do the rest. * All payments are automatically debited from the patient’s bank account or credit card and deposited in your account. * We send an email reminder 1 week prior to each upcoming payment. * If a payment is returned due to insufficient funds or credit card denial, we handle the follow up. * In the event of a default, the patient’s account can be sent to our collection agency at no cost to you!

  7. Enter those terms in to the Easy-to-Use SurePay System

  8. Print out the schedule that clearly outlines when the payments will be made…

  9. Print out the Legal Promissory Note holding the patient responsible for the agreed upon terms…

  10. Fax the promissory note to us…We do the rest. • We activate & process the automated payments • We follow up any missed payments • In the event of a default, we can send the account to our collection agency at no cost to you

  11. Better for the Staff…Better for the Health of the Practice…Better for the Patients! 1811 St. Johns Avenue Suite 200 Highland Park, IL 60035 (540) 751-0084 X1234 (847) 656-2347 fax info@ignitetrx.com