If the patient leaves the healthcare facility without paying, the chance of collecting plummets. Revenue360 enables users to immediately provide discounts and process payments for healthcare procedures.
Beaverton, Oregon (PRWEB) November 22, 2011
Provider Advantage NW, Inc., a national provider of automated, integrated real-time healthcare revenue cycle software announced that they had executed an agreement with DIVDAT, a provider of revenue cycle management and patient communications. This agreement enables Provider Advantage to incorporate DIVDAT’s best of breed e-cashiering function within the Revenue360 software solution. With CashLINC, Revenue360 users will be able to immediately provide discounts and process payments for healthcare procedures prior to the service being performed.
Employer insurance increasingly requires patients to absorb a greater share of financial responsibility for their care. This is happening through larger deductibles, co-insurance, co-payments and popular high deductible consumer directed health plans (CDHPs). The Centers for Medicare and Medicaid Services (CMS) reported that between the years 2000 through 2007 patient out of pocket expenses increased by 95%. The Healthcare Financial Management Association (HFMA) reported in a 2009 survey, that 97% of respondent hospitals experienced an increase in self-pay accounts receivable compared with the prior fiscal year. Of these hospitals, 39% have experienced a 10% or greater growth in self-pay balance after insurance.
According to a recent TransUnion Healthcare "pulse poll" released at the HFMA Annual National Institute (ANI) conference, they found that “of payments that go to the back-end for collections, eight in 10 respondents said less than 60 percent of payments were made.” This means that, if the patient leaves the facility without paying, the chance of collecting plummets. The typical hospital loses millions of dollars by not being able to explain and collect amounts due at the time of service.
More importantly, patients indicate they are more satisfied with their healthcare experience if they know the amounts due when entering the hospital. They prefer being able to arrange a payment plan before the medical event.
Through use of Revenue360, hospital staff are able to accurately identify and collect patient information prior to admission. By asking patients just a few questions, with Revenue360 intelligent guidance functionality, the hospital staff is able to determine the amount due from the patient that is not covered by insurance. With the integration of CashLINC into Revenue360, hospitals are now able to offer payment options to the patient without any additional data entry. Options might include discounts for immediate payment using a credit card or e-check or a payment plan tailored to the patient’s financial need.
“CashLINC has tremendous value to Revenue360 hospital pre-admission users as a way to quickly and accurately provide payment options to their patients, said Edward L (Ted) Tomkins, President of Provider Advantage NW, Inc. We believe the seamless integration of CashLINC within Revenue360 will substantially increase collections and speed the hospital’s revenue cycle.”
“The hospital information system integration and estimation technology available through Revenue360 is a powerful tool,” says Jason Bierkle, President of Diversified Data & Communications, Inc. “We believe the integration of DIVDAT's point of service technology will substantially increase the amount collected prior to admission. This will decrease the hospital’s capital needs and enable hospitals to provide more cost effective service to their patients.”
About Provider Advantage
Since 1991, Provider Advantage NW, Inc. has been providing innovative products and services to access real time healthcare data. Provider Advantage develops, markets, installs, and supports electronic data interchange (EDI) technologies that allow organizations to obtain, utilize, and manage patient financial data to generate operational efficiencies and improve cash flow. Conforming to the needs of each customer, Provider Advantage's products and services enable organizations to optimize revenue by establishing payment responsibility for healthcare services. For more information, contact Provider Advantage NW at (800) 203-5465 or visit Provider Advantage or Revenue360.
DIVDAT Healthcare Solutions provides a comprehensive platform that enables healthcare providers to effectively communicate with their patients over multiple channels and get paid faster. Those channels include a point of service collection system, online patient payment portal, customized patient-friendly statement processing, printing and mailing, kiosks and voice/text messaging. Visit DIVDAT.
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