Revolutionizing Payment Acceptance in Healthcare : Revolutionizing Payment Acceptance in Healthcare
Slide 2 : Rising healthcare costs Consumer-driven coverage Higher deductibles Regain control
The McKinsey Report : The McKinsey Report PATIENT BAD DEBT STATISTICS
36% of Patients have a Balance of 60 Days or More Past Due
Currently $60 Billion in Patient Bad Debt (5% of Patient A/R)
2005 - $250 Billion Out-of-Pocket Payments by Patients
By 2015 Expected Rise is 68% or $190 Billion = $420 Billion
2-4% increase in bad debt (as a % of revenue) for providers by 2012
Just a 1% increase in bad debt with a 4% operating margin equals a whopping 25% profitability decrease for the average practice.
SUGGESTED SOLUTIONS
Provider-Centric Approach that includes:
Automated Payments
Discounts for early or prompt payment
Convenience fee for payment plans
Payer to provider electronic transactions (claims, payments)
Information/Data Integration Source: The McKinsey Report June 2007
Slide 4 : While others are simply THINKING about it…
We have THE SOLUTION.
Introducing A-Claim™
Slide 5 : Point of Service Collection Typical Provider Collection Strategy
Cash in-person
Checks in-person and via mail
Debit/Credit Card Visa/MasterCard brand via mail, phone & in-person
SUGGESTIONS FOR IMPROVEMENT
Collect Deductibles and Co-Pays at time of service at ANY location
Terminal and/or Virtual Terminal Based
Web Initiated card payment by patient via website
Automate collection of patient financial responsibility at the POS by collecting payment information for delayed payment & payment plans
Expand card types taken (Discover, American Express, JCB)
Electronic Check – Available September ‘08
Checks are sent electronically to the bank for deposit
Saves time, reduces “float” and NSF cycle time
Slide 6 : Innovation – Enhanced Merchant Processing Front-End & Back-End Functionality
Eligibility Checking (including remaining deductible)
Collection of Co-Pay at POS
Electronic Collection of Patient’s Deductibles, Out of Pocket
Expenses, Co-Insurance %’s, including 100% Self-Pay Patients
THE TWIST
Collect patient payment data at the front-end for back-end payment
A Unique Methodology & Technology Blended to Collect Patient Debt
Slide 7 : Real-time Insurance Eligibility Claims Adjudication Patient Payments
Options A-Claim Online Regain control
Slide 8 : A-Claim Modules
Slide 9 : * Regional availability Real-time payment Payment plan Delayed payment Card Based Payment Options Regain control
Slide 10 : Multiple Entry Options Verifone VX570
w/keyboard ** For use when Electronic Check becomes available Virtual Terminal through any web browser
Slide 11 : A-Claim Features & Benefits Product Feature
Real-Time Eligibility
Real-Time Claim (Limited Area)
Real-Time Payments
Delayed Payments Benefit to Provider
Baseline of patient’s
financial responsibility
Saves time & increases
staff productivity
Estimate patient financial
responsibility
Speeds payment of claim
Accelerates cash flow
Discounted merchant fees
Interchange management
Speeds & secures payment
Decreases statement mailing
Eliminates refunds
Slide 12 : A-Claim Features & Benefits Product Feature
Payment Plans
Automated Payment Capture
Multiple Terminal Options Benefit to Provider
Secures payment at POS
Fosters patient satisfaction
Increases cash flow
Allows for forecasting
Decreases/eliminates staff time
for payment entry
Shrinks collection accounts
Adapts to YOUR environment
Multiple entry modes
Slide 13 : A-Claim Features & Benefits Product Feature
Excel Based Reporting Tool
Multi-Merchant, Multi-User &
Multi-Location Application
Consolidated Reporting
HIPPA & PCI Compliant Benefit to Provider
Data integration & import
capability
Custom reports in seconds
Easy financial reconciliation
User based authority levels
Chain/Outlet level reporting
Easy electronic statements
Secure patient data
Reduce fraud risk
Slide 14 : Product Feature
User Friendly
Quick Implementation
Cost Effective Benefit to Provider
One solution for multiple tasks
Easy online administration
Staff training provided
Fits with existing processes
with minimal change
15-30 days maximum
Minimal IT involvement or
resources required
Low cost hardware
Low monthly program fee A-Claim Features & Benefits
For more information: : For more information: Call 303.940.9991 www.bizphysicians.com