With a larger number of high-deductible health plans in use, patients are increasingly responsible for part of their total healthcare bill and this requires health care providers to more closely manage their receivables.
Buffalo, NY (PRWEB) March 13, 2014
M&T Bank has introduced the M&T Merchant HealthCare Payment Manager℠, which helps hospitals, medical practices and dental offices better manage their account receivables.
The new service screens information regarding benefits eligibility from more than 400 third-party payers, including health insurance companies and government-administered health plans, to quickly perform an eligibility check and estimate what the patient will owe for a healthcare service. The system allows health care providers to collect patient deductibles and co-payments at the point of service or to easily establish terms for installment payments to make paying the bill more affordable for the patient.
The service improves managing uncollected invoices and reduces the time and cost required for collections management. The ability to e-mail invoices and upcoming payment notices also assists with operational efficiency and timely communication with patients.
The M&T Merchant HealthCare Payment Manager also acts as a traditional point-of-sale terminal, allowing the office to process credit and debit card payments in addition to ACH payments.
“This new service is designed to reduce the problem of uncollectible debt in the medical industry and to provide patients with flexible payment options,” said Chris Morphew, Group Vice President for Commercial Payment Solutions at M&T. “With a larger number of high-deductible health plans in use, patients are increasingly responsible for part of their total healthcare bill and this requires health care providers to more closely manage their receivables. M&T Merchant HealthCare Payment Manager ℠ is the right solution to help improve cash flow and provide the patient with best choices for making payments.”
Industry estimates put the amount of unpaid medical bills annually in the billions. M&T Bank, a regional bank with commercial and not-for-profit customers across several states in the Northeast and Mid-Atlantic regions, serves many health-care providers.
About M&T Bank
Founded in 1856, M&T Bank Corp. is one of the 20 largest U.S. bank holding companies, with more than 700 branch offices and 1,500 ATMs in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and Washington D.C.
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