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Case Study: Billing Service Collects Faster with Payment Tools Built for Healthcare
“We chose InstaMed because it allows us to offer our clients a healthcare-specific payment processing tool, giving them the ability to use the same system for eligibility verification, claims and remittances as well as its payment processing.”
- Heather Santoro, Supervisor of Patient Accounts, Medical Management Corporation of America
BACKGROUND OF MEDICAL MANAGEMENT CORPORATION OF AMERICA
Medical Management Corporation of America (MMCOA) is a medical billing company for group practices in multiple states.
- Reduced time spent on payment processing
- Collecting weeks faster with online payments
- Eliminated administrative work for payment plans
- Streamlined billing processes with healthcare-specific tools
Problems with Inefficient Tools and Processes
Inefficient Patient Payment Collection Methods
MMCOA was billing for its clients using three different methods, depending on each client’s processes. All three of these methods were inefficient in various ways:
Method #1: Collecting patient payments using a bank terminal
Some of MMCOA’s clients paid to rent a bank terminal to collect patient card payments. At the end of each day, MMCOA would send a report of all card payments to the clients, who would manually reconcile the card payments with cash and check payments. This process was time-consuming and left room for errors.
Method #2: Collecting patient payments using a non healthcare-specific tool
Some clients were using a cloud-based application to process their patient payments. However, since the tool was not built specifically for healthcare, it did not offer any other capabilities that could help to simplify the billing process, such as integrated eligibility verification.
Method #3: Manual patient payment collection
For other clients, MMCOA would collect patient payment information over the phone for clients to process using a bank terminal. This was error-prone and inefficient because of the multiple steps required.
Sending Multiple Statements to Patients
In all three of these scenarios, to bill patients MMCOA sent multiple statements and made follow-up phone calls, as most patients did not pay after receiving the first statement. Calling nearly every patient and processing the payments over the phone took up a lot of administrative time.
Waiting to Collect
Since MMCOA usually needed to send multiple statements and make follow-up calls to try to collect, it frequently took longer to collect patient payments.
A Payment Solution Built for Healthcare
MMCOA began using InstaMed to collect more efficiently and get paid faster. Regardless of which method its clients had been using to collect patient payments, MMCOA was able to save them time and get them paid faster with InstaMed.
Throwing Out the Bank Terminal
MMCOA and its clients got rid of the clunky bank terminals and began using InstaMed’s integrated card swipe device that posts payments online immediately. This allows MMCOA and its clients to access summary reports on all payments within InstaMed Online at any time to improve their accuracy and visibility into payment details.
“Online accessibility to payments is a big deal,” said Heather Santoro, Supervisor of Patient Accounts for MMCOA. “A lot of payment processors will go through a bank, but InstaMed gives us access to payment details online, anytime we need it, so we can quickly send easy-to-read, end-of-day reports to our clients.”
Bringing Healthcare and Payments Together
With InstaMed, MMCOA is able to offer its clients a healthcare-specific payment processing tool, which gives its clients the ability to use the same system for eligibility verification, claims and remittances as well as its payment processing.
Collecting Faster with a Patient Portal
Today, when MMCOA sends out patient statements, it includes the URL to the client’s personalized Patient Portal, so patients can go online and make payments as soon as they receive statements. For every patient who pays online, MMCOA cuts out the time and money spent to send multiple statements and make follow-up calls, enabling MMCOA to collect the payment weeks sooner.
Ensuring Payment with Automated Payment Plans
With InstaMed, MMCOA has the ability to save patients’ cards on file to set up automatic, scheduled payment plans for patients who prefer to pay off their bill over a longer period of time.
“We used to have to call patients each month to collect their monthly payments,” said Heather. “Now, patients can give us their payment information once, and we can automatically collect their payments each month. It’s saving us a lot of time on the phone.”
Integration to Automate Phone Payments
To save even more administrative time for MMCOA, InstaMed integrated with its interactive voice response (IVR) system, Revenue Advantage. Today, when patients key in payment card information over the phone to pay their bills, the payments are automatically processed within InstaMed with all other payment types.
With InstaMed, MMCOA has been able to reduce the time spent on payment processing with access to reporting online and by eliminating administrative work for patients on payment plans. MMCOA also collects payments faster, reducing the amount of time to collect by weeks when patients pay through the Patient Portal. Furthermore, InstaMed enables MMCOA’s clients to further streamline its billing processes with healthcare-specific tools such as eligibility verification and patient estimation.