Did you know?
- 30% of dollars in healthcare are wasted – Consumers Union, 2013
- In 2014, 35% of providers did not collect patient responsibility at the point of service because they were uncertain about the amount due – Trends in Healthcare Payments Annual Report, 2014
- On average, it takes 90 to 120 days to collect patient payments without electronic processes in place – InstaMed Provider Data
Traditionally, the healthcare payments process has been disjointed, involving countless transactions among multiple players across various touch points. What’s more, many providers rely on multiple vendors to carry out the end-to-end payments process. Having so many parties involved creates inefficiencies and unnecessary costs, as well as significant negative impact to provider cash flow.
With escalating costs of healthcare in general, it’s imperative that providers find ways to minimize costs, improve efficiency and enhance profitability.
As an alternative, providers can leverage an integrated network to streamline the end-to-end payments process. Consider all the steps involved in the payments process between providers, payers and patients:
Before treating a patient:
- Verify patient eligibility
- Estimate patient responsibility
- Collect co-payment/co-insurance
After treating a patient:
- Submit claims to health plan
- Review remittances
- Send statements to patients
- Collect remaining patient responsibility
By leveraging a single platform for all of the steps outlined above, the payments process is seamless, with only one vendor and a streamlined experience that offers real business results.
View the infographic below to learn how a network simplifies the healthcare payments process.