Breakthroughs in information technology are improving work-flow in many different fields, and the healthcare industry is not falling behind. Innovative technological advancements have brought about more efficient ways of collecting payments from patients while reducing the healthcare billing industry’s environmental impact by lessening its paper dependence. Two such developments that are being employed in medical collections are personalized URLs and virtual negotiator software.
Personalized, one-time URLs allow patients to pay their bills online without having to create a profile within the billing company’s website. This is great for patients that may be worried about the security of their personal information but who still find it more convenient make online payments. By providing a unique URL for each patient, the payment operation is simplified, as patients do not need to go through any extra login steps. To ensure a payment has been processed correctly, an email notification is sent to both patient and the provider, advising of either a successful or failed attempt. Since patients can pay their bills using this method at any time of the day, it can lead to higher repayment rates and fewer late payments.
Virtual negotiator software also removes the middle man from the medical collections process, allowing patients to work through their financial situations privately. Instead of having to negotiate with an accounts receivable representative over the phone, patients can go online to work out debt repayment details at their convenience at any time of the day. Using this software, patients can take part in defining their payment plans, rather than having to choose from a handful of choices presented to them by the revenue cycle company. Instead of just accepting or rejecting offers, negotiator software can make counter offers, until both parties are satisfied with a repayment agreement.
For providers, online payment options mean fewer staff resources used in collections purposes, higher patient satisfaction and an increase in debt repayment. To learn more about how AR Logix uses technology in healthcare accounts receivable management, click here.
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