{"id":5502,"date":"2017-07-14T11:25:46","date_gmt":"2017-07-14T11:25:46","guid":{"rendered":"https:\/\/ipatientcare.com\/?p=5502"},"modified":"2022-04-19T13:51:09","modified_gmt":"2022-04-19T13:51:09","slug":"looking-for-paperless-billing-and-collection","status":"publish","type":"post","link":"https:\/\/ipatientcare.com\/blog\/looking-for-paperless-billing-and-collection\/","title":{"rendered":"Looking for a better way to Bill? Paperless Billing and collection"},"content":{"rendered":"<p>There has been a steady rise in the <strong><a title=\"HealthCare Revenues\" href=\"https:\/\/ipatientcare.com\/productsservices\/revenue-cycle-management\/\" target=\"_blank\" rel=\"noopener noreferrer\">HealthCare revenues<\/a><\/strong> from the patient\u2019s portion, over the past 7 years. With increasing copays and the rise of high-deductible plans, healthcare consumers have more out-of-pocket costs than ever before. The large and small medical groups continue to struggle with collecting money from the patient they\u2019ve owed. For most medical groups the pressure is to strike a balance between resolving patient balance and maintaining patient satisfaction to retain the patient. The smartest way to manage patient payments is to collect more, faster, and at less cost with a better patient experience.<\/p>\n<h3>The Problem: Delayed or lost payments because of paper statements cycles.<\/h3>\n<p>Medical Groups have been alarmed about their current practice of sending the patient statement. The following points are to be brought to their awareness immediately.<\/p>\n<ul>\n<li>As per industry standard, the statement cycle is for 30 days, i.e. if we do not collect money at the time of service, we have to wait for 30 days for the statement cycle.<\/li>\n<li>The patient statement is mailed to the patient\u2019s address. There could be instances when they are not at home, \u00a0or it gets missed out owing to the many emails received at the same time. This way they overlook these bills.<\/li>\n<li>Patients are willing to pay the bills; however, due to lack of time and busy schedules, the bills remain unpaid.<\/li>\n<li>If the patient statement does not reach the correct person at the correct time, it really takes months for getting the bills paid.<\/li>\n<li>This results in increased administrative costs and huge patient A\/R.<\/li>\n<\/ul>\n<h3>The Solution: Patients getting bills electronically with \u2018Pay Now\u2019 option:<\/h3>\n<p>The medical group has now realized that paperless billing and collection makes a lot of sense in today\u2019s pressure-filled healthcare business environment. Whereas at <strong>iPatientCare<\/strong>, they can have the paperless patient collection solution in the form of claims and remittance using the integrated services \u2013 Patient pay, which allows medical groups to send an electronic statements with one click.<\/p>\n<ul>\n<li>The statement can be sent as soon as the claims are processed by the payer, without waiting for the next statement cycle.<\/li>\n<li>Patients get these statements in their email with \u2018Pay Now\u2019 option, and they have the liberty to pay it from their computers or phones.<\/li>\n<li>The patient can simply click on \u201cPay Now\u201d on their statement and pay their bill when it is convenient for them.<\/li>\n<li>All the payments made by patients would directly come to the practice in the form of remittance.<\/li>\n<\/ul>\n<h3>Collect more patient payments with iPatientCare &amp; Patient Pay:<\/h3>\n<ul>\n<li>A collection success rate that\u2019s 3.5 times better than the industry standard.<\/li>\n<li>The only statement that aligns charges with a patient\u2019s EOB.<\/li>\n<li>Payment is less than 14 days, on average.<\/li>\n<li>Savings of $4.00 per statement.<\/li>\n<\/ul>\n<hr \/>\n<p>About the Author<\/p>\n<p><a href=\"https:\/\/www.linkedin.com\/in\/vipulpatel5\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Vipul<\/strong><\/a>, as Sr. Technology Officer at iPatientCare, has been driving constant innovations, research, and development, and rethinking of application architecture to meet challenges faced by physicians\u2019 offices and hospitals\/health systems. With more than a decade of experience, Vipul has been one of the most versatile brains behind iPatientCare product suite. Conceiving an integrated <strong>Practice Management<\/strong> application module has been Vipul\u2019s significant contribution to <a href=\"https:\/\/ipatientcare.com\/schedule-a-live-web-demo\/\" target=\"_blank\" rel=\"noopener noreferrer\">iPatientCare<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There has been a steady rise in the HealthCare revenues from the patient\u2019s portion, over the past 7 years. With increasing copays and the rise of high-deductible plans, healthcare consumers have more out-of-pocket costs than ever before. The large and small medical groups continue to struggle with collecting money from the patient they\u2019ve owed. For [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","content-type":"","footnotes":""},"categories":[1],"tags":[211,212,213,214],"class_list":["post-5502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rcm","tag-customized-medical-billing-services","tag-healthcare-revenues","tag-medical-billing-services","tag-paperless-billing"],"_links":{"self":[{"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/posts\/5502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/comments?post=5502"}],"version-history":[{"count":2,"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/posts\/5502\/revisions"}],"predecessor-version":[{"id":10672,"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/posts\/5502\/revisions\/10672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/media\/5512"}],"wp:attachment":[{"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/media?parent=5502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/categories?post=5502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipatientcare.com\/blog\/wp-json\/wp\/v2\/tags?post=5502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}