Medical Pay Solutions April 2010

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Overview of Medical Pay Solutions Revenue Maximizer system allowing medical practices to end the BILLING NIGHTMARE and collect more revenue easier, faster - very patient-centric!

Overview of Medical Pay Solutions Revenue Maximizer system allowing medical practices to end the BILLING NIGHTMARE and collect more revenue easier, faster - very patient-centric!

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  • 1. Proud Authorized National Distributor for:
    Revenue Maximizer®
  • 2. Consumer & Industry Headlines
    How would these impact your revenue cycle?
    Real-Time Insurance Verification
    Check Current Plan status & Deductible.
    Confirm if they have been met or have been recently changed.
    Billing Estimates for over 400 Payers Instantly
    One Screen via a Web Portal To Navigate for over 400+ Insurance Payers.
    Provide Patient realistic Costs Incurred at Point of Care
    Provide Billing Statements and Payment Options at time of Patient Visit.
    Instantly reduces patient negotiation for your cost of service.
    Payment Options & Deferred Payment
    Monthly Deducted Auto-Pay & ACH • VISA International.
    Go Green – Reduction of Paper Billing, Labor & Postage.  
     
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 3. Revolutionizing The System
    Traditional Billing Cycles
    The Revenue Maximizer Billing Cycle
    With TransEngen there is no more need to:
    • Send Statements.
    • Wait for Payments.
    • Argue about unexpected charges for your professional services rendered.
    • Pay Postage.
    • Pay Exorbitant Rates to
    Billing & Collections Agencies.
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 4. The Current System is a No-Win
    The Typical Practice
    Billing Cycles
    Your practice is probably spending
    20-40 Minutes Per PatientJust for Basic Insurance Verification
     • If a practice verifies each patient upon
    arrival, information is incomplete.
    Verification is not clams submission.
    • The patient sees the doctor and leaves.
    • 3-6 weeks before patient receives bill.
    • If Patient disagrees with bill, they will
    not pay any of it until convinced they owe it.
    Your staff must explain their insurance
    coverage & negotiate your bill for service.
    You are now 60 days out, and. . .
    Almost 50% will not pay either way.
     
    • Many outside billing services charge fees that amount to 7% to 9% off the top.
  • 5. The Revenue Maximized Provider
    The Process That Accelerates
    Your Patient-Pay Revenue
    • Patient checks in.
    • Insurance verification is done while patient awaits
    treatment.
    • Practice now knows what the insurance should pay and
    what the patient should owe and that the insurance is valid.
    • Patient sees the doctor.
    • During Check out on the first visit payment arrangements
    are made at the point of service.
    • Payments are made in full or deferred to be auto-deducted
    when the EOB returns or as the monthly payment arrangements are established.
    • All automated, signed for and agreed upon by the patient.
    A secondary form of payment established with the patient in case the primary is denied for some unforeseen reason.
    • No future billing to patient, providing a ‘Green’ option.
  • 6. The Revenue Maximizer
    Multiple ways for patients to pay with tools to help manage cash flow…
    Check/ACH
    Patient Demographic Import
    Credit/
    Debit Card
    Patient Payment
    File Export
    Practice Management System
    Secure
    Card on File
    Patient
    Payment
    Plans
    Patient
    Calculator
    Transaction
    Reports
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 7. Immediate Process Improvements
    Features of the Revenue Maximizer create efficiencies in managing patient payments to save staff time and accelerate cash flow:
    Card on File
    Securely store a patient’s credit card or checking account information and receive authorization from the patient for payment before they leave the office. Reduces balance billing and speeds collection of patient payment following insurance reimbursement. Convenient for collecting co-pays from patients that visit often.
    Scheduled Payments
    Offers patients a convenient method for paying off larger balances over time by setting up recurring charges to a patient’s credit card or withdraws from a checking account. Payments run automatically at the period specified eliminating the need to send statements to patients.
    Payment File Export for Posting
    Save staff time in posting patient payments by exporting payment transaction results for upload into your PMS or Accounting system.
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 8. Summary: Features & Benefits
    Product Features
    • Real-Time Eligibility
    • Real-Time Claim
    (Limited Areas)
    • Real-Time Payments
    • Delayed Payments
    • Payment Plans
    • Auto Payment Capture
    • Multiple Terminal Options
    • Excel Based Report-Tool
    • Multi-Merchant
    • User & Location Application
    Benefits 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 payment decreasing statement mailing
    • Eliminates refunds and secures payment at POS
    • Fosters patient satisfaction
    • Increases cash flow and allows for forecasting
    • Decreases/eliminates staff time for payment entry
    • Shrinks collection accounts
    • Adapts to YOUR environment Multiple entry modes
    • Data integration & import capability
    • Custom reports in seconds
    • User based authority levels
    • 1 solution for multi-takings with online administration
    • Staff training provided
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 9. Summary: Features & Benefits
    Product Features
    • Consolidated Reporting
    • HIPPA & PCI Compliant
    • User Friendly
    • Quick Implementation
    • Cost Effective
    Benefits to Provider
    • Chain/Outlet level reporting
    • Easy electronic statements
    • Secure patient data
    • Reduce fraud risk
    • One solution for multiple tasks
    • Easy online administration
    • Staff training provided
    • Fits with existing processes with minimal change
    • 15-30 days setup to fully operational
    • Minimal IT involvement or resources required
    • Low cost hardware
    • Low monthly program fee
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 10. Revenue Maximizer ROI
    Improved Cash Flow
    Receive patient payments 30-60 days sooner when accepting payments at the point of care or utilizing card on file functionality.
    Reduction of Bad Debt
    Dramatically reduce patient uncollectable with card on file functionality or the ability to systematically collect recurring payments/ scheduled payments
    Improved Staff Efficiency
    Dramatically reduce the amount of time staff is spending on verifying patient benefits and determining what a patients owes.
    Dramatically reduce manual patient payment posting and reconciliation efforts.
    Decrease Billing, Statement and Collection Costs
    Reduce the number of billing statements required by collecting patient payments at the point of care, using card on file functionality or scheduling systematic recurring payments through the Revenue Maximizer.
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 11. Revenue Maximizer ROI
    Increase Patient Payment Options
    Provide option for patients who may need alternative to traditional financing by scheduling systematic recurring payments: existing credit card or bank acct.
    Decrease third party financing costs (Care Credit, etc.) and drop 50-100 basis points to a practices bottom line.
    Improved Patient Convenience and Satisfaction
    Improve the patient experience by communicating in advance what they will owe for a service or visit.
    Card on file functionality streamlines check out process for the practice and the patient.
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 12. Eligibility
    Available in All States
    As of August 2009,over 400 Insurers
    are contracted to provide their insurance verification & cost- estimating
     
    Since it is continually expanding an updated current list is always available for review
    upon request.
    © 2010 Medical Pay Solutions • Confidential & Proprietary
  • 13. Jon B. Montgomery, Jr. – 608-213-4755
    Christine Kutt – 847-571-1010
    Regional Support IL and WI
    medicalPAYsolutions. com