“The payment plan feature gives us an easier, automated service to offer patients who want to arrange and authorize a payment schedule."
Minneapolis, MN (PRWEB) March 22, 2011
mPay™ Gateway today announced that customers using its automated payment plan service are improving collections in their physician offices and helping their patients set up easy-to-manage, automatic payment schedules.
mPay Gateway customers have quickly embraced the service since its introduction in early 2010 and today use the feature for nearly 10 percent of payments collected after the time of service.
"Currently, patient payments are the fastest growing portion of a providers' revenue stream, but with the lowest collection rate," said Brian Beutner, chief executive officer of mPay Gateway. "Our technology is addressing this growing patient payment problem and now is helping with higher-priced visits. Payment plan is a great solution to break down one, large transaction, or several combined transactions, which can be a costly burden for a patient to pay all at once."
The payment plan feature is fully integrated into mPay Gateway's point-of-care patient payment software, allowing a practice to dynamically adjust a patient's balance after final adjudication on a claim. Automated payment plan provides physician offices with one, simplified process to collect both one-time and recurring payments from patients, including co-payments, co-insurance and deductibles. Physician offices are able to increase collections and reduce bad debt, while providing patients with a clear summary of charges and an automated monthly payment schedule.
For the Lecanto, Fla.-based Pediatric & Internal Medicine Specialists, automated payment plan has provided an immediate impact. "It has helped us to decrease our patient accounts receivable and our staff and patients both really like using this option," said Zachary Drummond, Practice Administrator of Pediatric & Internal Medicine Specialists. "Patients find it easy and convenient to use, and our staff no longer has to call for payments every month."
Jackson, Tenn.-based Jackson Surgical Associates has been using mPay Gateway's payment plan feature for over six months. "I have been pleasantly surprised at how easy it has been for us to implement," said Bill Williamson, Administrator of Jackson Surgical Associates. "It has been a great success for our practice."
The flexible payment plan service provides efficiencies at different times during the payment collection process:
1. Pre-Visit: physician offices can address patient responsibility for pre-scheduled, high-dollar valued procedures and balances on account.
2. Day-of-Visit: physician offices can create a payment plan for patients on the day of service.
3. Post-Visit: physician offices can move prior patient balances or recently adjudicated claims to the payment plan and adjust the balance accordingly.
Cookeville, Tenn.-based Cumberland Neurosurgery has been an mPay Gateway customer since 2009 and now uses payment plan to collect co-payments, co-insurance, deductibles and prior or larger balances.
"Most patients really want to pay their doctors, but with today's economy it is sometimes hard for them to come up with their deductibles or co-insurances for their surgeries, said Paula Fargason, office manager, Cumberland Neurosurgery. "The payment plan feature gives us an easier, automated service to offer patients who want to arrange and authorize a payment schedule. It allows them to determine payment scheduling worry free and on their own time. We make payment plan arrangements prior to surgery, so that patients can focus on their recovery without worrying about medical bills."
mPay Gateway's point-of-care patient payment software addresses the patient's payment, authorizes the payment at the time of service and collects the patient's payment after the insurer has settled the claim. mPay Gateway payment plan feature is included at no additional charge with mPay Gateway's patient payment software.
About mPay Gateway, Inc.
mPay Gateway develops financial technology products and services to support health care's complex and unique payment environment. mPay Gateway empowers health care providers with a single-source payment solution that enables collections from patients regardless of the patient's third party payer affiliation. mPay Gateway is a PCI certified acquiring card processor. For more information, visit http://www.mpaygateway.com or info (at) mpaygateway (dot) com.