If there is one industry that needs an efficient payment technology, it is healthcare in the United States. According to a white paper by First Data, 15 to 20 percent of the cost of healthcare in the country is devoted to the administrative aspects of the payment system. If an automated system is not implemented, every touch point –private insurers, Medicaid/Medicare and others – becomes a bottleneck that slows down the payment process from a single click on a computer to weeks of manual labor. The same whitepaper said expenditures on the processingof bills, claims, payments, bad debt and other transactions total hundreds of billion dollars annually. Automation is key, and iPatientCare is collaborating with Global Payments to improve efficiency to patient payment processes.
Integrating the iPatientCarePractice Management System (PMS) with Global Payments is going to streamline operations and improve revenues for medical practices while at the same time offering patients a better experience with the payment processes.
The iPatientCare PMS platform is designed to give healthcare professionals a tool that simplifies the payment process by maximizing reimbursements and minimizing administrative overheads. It provides an easy-to-use module that integrates with the company's appointment scheduling, EHR, workflow manager, and patient portal.The tight integration with EHR and ANSI X12 Schema delivers efficient invoicing and managing of receivables.
Some of the Practice Management System features include:
- Preparing and/or importing encounter sheets or invoices
- Submitting claims directly to CMS and other payers in ANSI 837 format
- Printing claims in CMS 1500 and UB 92 forms
- Receiving payments electronically through ANSI 835 format
- Scanning / archiving EOB and updating payments / collections
The system uses an advanced digital dashboard to integrate patient workflow with that of the practice so claims can be submitted electronically and reimbursement posted directly in the billing system.Submitting claims and posting reimbursements are two of the most time consuming processes in medical practice. The automation of these processes means physicians can reduce administrative staff and invest more capital and time in delivering better care to their patients.
"We are very excited to offer our new Patient Payment Solution to our clients. It is designed to improve practice collections and ensures convenience to patients in making payments. Physicians’ offices using the new capabilities in the iPatientCare software will benefit from the expedited patient payments, reduced bad debts and lower collection expenses," said Vipul Patel, Senior Technology Officer, iPatientCare.
Edited by
Allison Sansone
