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!

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Medical Pay Solutions April 2010

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