In a previous blog post, we talked about the various benefits healthcare providers see when they integrate payment with their existing practice management system, including greater efficiency, increased security and more opportunities to collect patient payments.
These benefits are highlighted in our most recent case study with Cornerstone Pediatrics. Cornerstone Pediatrics wanted to establish a new billing policy that would help them tackle the challenge of increasing patient payment responsibility. They knew the parents of their patients had many financial responsibilities each month and that medical bills were usually considered a lower priority.
To counter this sentiment, a new billing 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. They needed to find a solution that would support the billing policy without creating staff overhead or disrupting the current workflow. In other words, they wanted a solution that would integrate seamlessly with their existing practice management system, Office Practicum.
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.
As a result, Cornerstone Pediatrics guarantees revenue with automated payments. Today, 90% of patient payments are automated, including collections, posting and reconciliation. They’ve also reduced the number of statements mailed each month by 98% and reduced patient bad debt to 0.03% of revenue.
“We try to leverage technology to make care better for our patients and to make life easier for our staff. Since InstaMed seamlessly integrated with our Office Practicum software, we were able to successfully implement new technology and enforce a new billing policy with minimal overhead or disruption to our current workflow.”
– Dr. Robert P. Stephens, Cornerstone Pediatrics