Confirm Pay Introduction

1,694 views

Published on

An Overview of how ConfirmPay will help manage your practice

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,694
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
23
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Confirm Pay Introduction

  1. 1. Heartland Healthcare Solutions
  2. 2. Seeking Payment at the Time of Service <ul><li>Physicians and hospitals typically collect about 50% of post-insurance balances – only 10% to 20% for self pay patients. </li></ul><ul><li>Source: McKinsley Quarterly, Web exclusive, June 2007 </li></ul><ul><li>The median deductible required by employers for individual coverage in PPO health plans jumped to $1,000 in 2008, up from $500 the previous year. </li></ul><ul><li>Source: National Survey of Employer-Sponsored Health Plans, Mercer Consulting </li></ul><ul><li>By 2012, patient responsibilities (patient receivables) will constitute 30% of providers’ total revenues, an increase from 12% of revenues in 2007. Source: Celent, The “Retailish Future of Patient Collections”, February 2009 </li></ul>
  3. 3. ConfirmPay A Patient Payment Management Solution <ul><li>A holistic approach to identifying and managing risk and collecting payments from patients through one web-based system </li></ul><ul><li>Processes multiple forms of payment from patients – credit/debit cards, ACH, cash, personal checks </li></ul><ul><li>Accepts co-pays, deductibles, payments based on estimates of patient balances owed, and payments for outstanding patient balances </li></ul><ul><li>Provides consolidated, real-time transaction tracking, reporting and payment posting to manage patient A/R and payments </li></ul>
  4. 4. Identification and Management of Risk With Benefit Transparency at the Point of Care <ul><li>Instantly verify patient eligibility to determine if coverage in effect </li></ul><ul><li>Determine co-pay, coinsurance, and remaining deductible amounts </li></ul><ul><li>View responses in a consistent, easy-to-read format regardless of the payer </li></ul><ul><li>Estimate patient responsibility based on practice fee schedules and payer contracted rates for specific services </li></ul><ul><li>Patient friendly statement helps office staff set and manage patient expectations </li></ul>
  5. 5. Collect and Manage Patient Receivables <ul><ul><li>Card on File </li></ul></ul><ul><ul><li>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. </li></ul></ul><ul><ul><li>Scheduled Payments </li></ul></ul><ul><ul><li>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. </li></ul></ul>
  6. 6. Robust Reporting and Posting Capabilities <ul><ul><li>Reporting </li></ul></ul><ul><ul><li>Provide key information to help practices manage their business and streamline end of day closing processes </li></ul></ul><ul><ul><li>Payment File Export for Posting </li></ul></ul><ul><ul><li>Save staff time in posting patient payments by exporting payment transaction results for upload into your PMS or Accounting system. </li></ul></ul>
  7. 7. ConfirmPay SM Gateway Features: <ul><li>Payment Portal </li></ul><ul><ul><li>Patient Demographic Import - Reduce re-keying of information to link patient information to eligibility and payments. </li></ul></ul><ul><ul><li>Card On File – retention of relevant customer information for recurring billing </li></ul></ul><ul><ul><li>Scheduled Recurring Payment – facilitates the collection of larger patient balances through installments </li></ul></ul><ul><ul><li>Payment Posting- facilitates the posting of patient payments back into the Practice Management System </li></ul></ul><ul><ul><li>Robust Reporting – Provides key reporting information to better manage a practice. </li></ul></ul><ul><li>Eligibility Verification </li></ul><ul><ul><li>Patient Demographic Import - Reduce re-keying of information to link patient information to eligibility and payments. </li></ul></ul><ul><ul><li>Eligibility – Basic Yes/No to ensure a patient still has coverage </li></ul></ul><ul><ul><li>Eligibility Plus – current status of detailed patient benefit information regarding co-pay and deductible </li></ul></ul><ul><ul><li>Eligibility Estimate – estimates the patient payment based on treatment performed </li></ul></ul><ul><ul><li>Patient Friendly Printouts- facilitates patient communications </li></ul></ul>
  8. 8. ConfirmPay SM Requirements <ul><li>A computer with high speed Internet access </li></ul><ul><li>Web browser of Internet Explorer 7.0 </li></ul><ul><li>MagTek 2-track USB card reader </li></ul><ul><li>Microsoft Office Excel is required to import/export data from ConfirmPay SM </li></ul><ul><li>Customer owned stand-a-lone POS terminals will not work with ConfirmPay SM Gateway </li></ul>
  9. 9. ConfirmPay Delivers A Return On Investment <ul><ul><li>Improved Cash Flow </li></ul></ul><ul><ul><ul><li>Receive patient payments 30-60 days sooner when accepting payments at the point of care or utilizing card on file functionality. </li></ul></ul></ul><ul><ul><li>Reduction of Bad Debt </li></ul></ul><ul><ul><ul><li>Dramatically reduce patient uncollectable with card on file functionality or the ability to systematically collect recurring payments through the scheduled payments feature. </li></ul></ul></ul><ul><ul><li>Improved Staff Efficiency </li></ul></ul><ul><ul><ul><li>Dramatically reduce the amount of time staff is spending on verifying patient benefits and determining what a patients owes. </li></ul></ul></ul><ul><ul><ul><li>Dramatically reduce manual patient payment posting and reconciliation efforts. </li></ul></ul></ul><ul><ul><li>Decrease Billing, Statement and Collection Costs </li></ul></ul><ul><ul><ul><li>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 ConfirmPay. </li></ul></ul></ul><ul><ul><li>Increase Patient Payment Options </li></ul></ul><ul><ul><ul><li>Provide option for patients who may need alternative to traditional financing by scheduling systematic recurring payments from any existing credit card or bank account. </li></ul></ul></ul><ul><ul><ul><li>Decrease third party financing costs (Care Credit, etc.) and drop 50-100 basis points to a practices bottom line. </li></ul></ul></ul><ul><ul><li>Improved Patient Convenience and Satisfaction </li></ul></ul><ul><ul><ul><li>Improve the patient experience by communicating in advance what they will owe for a service or visit. </li></ul></ul></ul><ul><ul><ul><li>Card on file functionality streamlines check out process for the practice and the patient. </li></ul></ul></ul>
  10. 10. ConfirmPay New Enhancements <ul><li>Cash Posting </li></ul><ul><li>Online Patient Portal </li></ul><ul><li>Express Funds Transaction Integration </li></ul>
  11. 11. Cash Posting <ul><li>Provides merchants with the ability to record cash payments within the ConfirmPay portal </li></ul><ul><li>Ensures a high level of internal control over cash collections </li></ul><ul><li>Generates a printable receipt for all cash payments </li></ul><ul><li>Posts transaction details within ConfirmPay reports for end of day balancing </li></ul><ul><li>Suitable for any practice accepting cash payments from patients </li></ul>
  12. 12. Cash Posting
  13. 13. Receipt for Cash Payment
  14. 14. Online Patient Payment Portal <ul><li>Offers patients the convenience of paying their bills online – by credit/debit card or ACH </li></ul><ul><li>Payments posted to practice’s ConfirmPay portal – included in all reports and payment transaction posting files </li></ul><ul><li>Practice directs patients to the on-line portal URL through billing statements. </li></ul><ul><li>Printable patient receipts </li></ul><ul><li>Patients that register may store payment information on file and view transaction history </li></ul>
  15. 15. Express Funds Transaction Integration <ul><li>Express Funds (RDC) transactions will be posted to the ConfirmPay portal for inclusion into the transaction logs </li></ul><ul><li>Provides consolidated reporting view through ConfirmPay for all transaction types (Credit/Debit, ACH, Cash, RDC) </li></ul><ul><li>Provides consolidate posting with other payment transactions to a Practice Management or Accounting System and links payment to a patient account </li></ul><ul><li>Saves staff time and improves workflow </li></ul><ul><li>Ideal for practices with high check volume, back office and 3 rd Party billing activity </li></ul>

×