Chicago, IL (PRWEB) January 14, 2014
Good news! Patient payment plans can now be set up through Medorizon powered by InstaMed, the leading Healthcare Payments Network. Payment Plans increase collections, decrease administrative and mailing costs, and are convenient and green. Three payment plan schedules are available: Installment, Recurring and Save on File. Patients will receive email notifications seven days prior to the transaction and an emailed receipt after the payment is processed.
Use Installment plans to collect payments against an outstanding balance. Installment plans pay down a balance on a regular interval, for example monthly, with fixed amounts. The plan becomes inactive automatically when the total balance is paid.
Use Recurring plans to collect payments at a regular, ongoing interval and with fixed amounts. Recurring plans might be used for a subscription service, for example, a monthly gym membership.
Save on File:
Use Save on File plans to save card information for future payments. Save on File plans do not have a specified schedule or fixed amounts. That is, the saved card may be charged at any time for whatever amount is due. Save on File plans might be used when the patient's responsibility is not known exactly, for example if the patient has a high deductible or co-insurance percentage.
The old saying “you don’t know how good your insurance is until you have to use it” could not be so true. One study per the American Medical Association shows that U.S. hospitals have $40 billion in unpaid patient bills. With the new ACA plans available to the public the patient portions are going up and up. “If your practice does not have a plan to capture patient payments at time of service you could be losing up to a third of your revenue," said Tim Tobin, CEO.
You can set up the payment plans in your office or Medorizon will set up for you. Medorizon has grown to a 60-employee organization, reaching sales several million dollars annually. Their staff manages the billing and collection process for hundreds of providers throughout the United States. They can help with everything from contracting to appeals as well as everything in-between and have helped increase revenue as much as 30% in 90days.