Background of Cornerstone Pediatrics
Cornerstone Pediatrics is a solo practice run by Dr. Robert P. Stephens in Seguin, Texas. The practice serves 1,500 active patients and the staff includes two medical assistants and one practice manager. All quotes referenced in this case study were provided by Dr. Stephens.
Cornerstone Pediatrics wanted to establish a new billing policy that would require patients to keep a card saved on file. They needed to find a solution that would support the billing policy without creating staff overhead or disrupting the current workflow.
Cornerstone Pediatrics implemented the InstaMed Patient Payments solution to seamlessly integrate with Cornerstone Pediatrics’ existing Office Practicum software and automate the collection of patient balances.
Increased Patient Responsibility
Like many healthcare providers, Cornerstone Pediatrics was seeing a significant increase in patient payment responsibility.
Cornerstone Pediatrics knew the parents of patients had many financial responsibilities each month and that medical bills were usually considered a lower priority. To counter this sentiment, Cornerstone Pediatrics decided to introduce a new billing policy that would help parents treat their patient payment responsibility the same as any other monthly bill. The policy would require all parents to keep a card saved on file with the practice so payment could be automatically collected when patients had a remaining balance after claim adjudication.
Cornerstone Pediatrics needed to find a payment solution that would support this billing policy. They wanted to be able to securely save cards on file and automatically collect payments. They wanted to minimize staff overhead with a solution that would integrate seamlessly with Cornerstone Pediatrics’ Office Practicum software. They also wanted to create a positive experience for their patients’ parents, so parents could easily understand when they had payment responsibility and have options for how to pay.
Collect More Payments, Send Fewer Statements
Cornerstone Pediatrics chose InstaMed to integrate payment capabilities with their Office Practicum software and support the new billing policy. Today, every patient at Cornerstone Pediatrics has a card saved on file. When a patient has a balance after claim adjudication, the parent receives an email asking them to make a payment within 10 days, or their card will be automatically charged. According to Cornerstone Pediatrics, almost every parent opts to have the card charged. This process helps Cornerstone get paid faster and ensure balances are paid in full. Plus, it offers a convenient experience for the parents of their patients. As a result, the staff at Cornerstone sees significantly less paper, and they spend minimal time and money collecting patient responsibility.
If a parent decides not to have Cornerstone Pediatrics’ staff charge their card, they can log on to the InstaMed Patient Portal and easily view balance details and make a payment that way. They can also store their preferred payment method in a digital wallet for easy one-click payments.
Engage With Patients About Payment Responsibility
Cornerstone Pediatrics implemented three best practices for collections to ensure the success of the Cornerstone Pediatrics billing policy. First, they utilized existing interaction points to clearly communicate the policy to patients’ parents, including the practice’s website, emails and front office signage. Second, they trained staff on how to enforce the policy so they could effectively manage objections and maintain a positive patient relationship. Finally, by choosing InstaMed as their payment solution, they were able to seamlessly integrate payment with their Office Practicum software to minimize overhead, introduce a consumer-friendly payment experience and securely save cards on file.
Guaranteed Revenue With Automated Payments
With InstaMed and a strongly enforced billing policy, Cornerstone Pediatrics automates almost all of their patient payments, with minimal time and costs to collect. They’ve also been able to reduce the number of statements they mail each month by 98%. Now that patients have cards saved on file, Cornerstone Pediatrics can guarantee that payment will be collected and avoid sending any patient to collections.