The future growth of cloud-based & web-based medical billing services is one industry that has seen a disruptive transformation over the decades. Scalability simplified with cloud–based systems. Small practices can expand without standard IT growing pains. A web–based system makes it easy to add new users, doctors, or locations. The flexibility of web–based Software allows small practices to think big and grow without breaking the bank.
The cloud computing technology has offered a due boost to the industry’s pace of technology adoption. Resultant is what we see around as mobile apps, fitness devices, online consulting, among various other implementations.
The future growth of cloud-based & web-based medical billing services holds some promising investment opportunities. Increasing IT adoption will add to the cloud computing trend in the healthcare industry, which will expand at a considerable rate. Growing demand for cloud software among healthcare professionals will be the primary driver for the rising cloud trend over the coming years.
Moreover, efficient management of patient records across hospitals and laboratories, for both clinical and administrative purposes, is going to be another key driver for cloud computing adoption in the healthcare industry.
Findings published by ResearchAndMarkets.com. The global healthcare cloud computing market size could reach $27 billion by 2026, exhibiting a CAGR of over 11% over the forecast period.
The associated benefits of data analytics, and an increase in demand for flexible and scalable data storage by healthcare professionals, is expected to drive the demand for these services during that time frame.
Healthcare organizations are digitizing their IT infrastructure and deploying cloud servers to improve various facets of their systems. These solutions help organizations reduce infrastructure costs and interoperability issues, and also aid in complying with regulatory standards, the report found.
Because of this, rising demand from health professionals to curb IT infrastructure costs and limit space usage will boost market growth over the forecast period.
Future growth of cloud-based & web-based medical billing services is positive.
Key findings are that non-clinical information system — such as revenue cycle management, health information exchange, financial management, etc. — accounted for the largest revenue share in the space.
Billing and accounts management will grow steadily with the private deployment model dominated the overall market owing to its benefits and ease of usage, mainly due to its full acceptance. This model enables access to applications on a cloud from various devices.
The pay-as-you-go pricing model, meanwhile, is expected to gain popularity in the coming years, as the consumer only pays for services used. An increase in government initiatives to develop and deploy IT systems in the industry is one of the critical drivers of the market, findings showed. Moreover, an increase in partnerships between private and public players — and the presence of a large number of players offering customized solutions — are some of the factors anticipated to drive demand in the coming years.
Cloud-Based Healthcare Payment Solution Can Cut Collections Cost.
The lifeblood of any healthcare practice is collecting money for services rendered. Medical practices are under pressure to keep the medical billing process be as smooth, reliable, and efficient as possible. Cloud-Based Healthcare Payment Solution Can Cut Collections Cost. On average IOSoft UPS platform presents a 70+ percent improvement over competitive systems.
A cloud-based system interface that connects with all claim system technology, a medical practice can increase in profitability over existing medical payment systems, which offers flexibility for patients and more revenue for your practice.
IOSoft’s Automated Healthcare Payment Solution Can Maximize Patient Collections
An automated Cloud-Based healthcare payment solution is convenient for consumers and staff alike. By streamlining the medical billing and collections process, the patient payment workflow is automated. With payment information safely stored in advance, billing is simple, and collections are more defined. Automating with Cloud-Based medical billing and collections process saves time, increases practice revenue, and can significantly reduce paper statement costs—not to mention the considerable number of hours staff often spend preparing and mailing those statements. By automating these administrative tasks, a facility greatly enhances its practice efficiency.
IOSoft’s benefits include:
- 24/7 use of the Unified Payment System Common Portal for Payor and Provider
- Custom EOP documentation created and delivered to Provider
- Guaranteed Re-association of 835’s and 837’s regardless of payment type
- Pre-acceptance of Payment amount by Provider for quick, easy dispute resolution before payment
- Provides Provider with a choice of payment forms: Virtual Card, Virtual Check, ACH, or Paper Check
- All Payment forms are fully reconciled for Payor monthly.
Capture Patient Payment Information
Automation is particularly helpful when capturing the information of clients. An automated healthcare payment solution makes it easy to communicate with and bill clients. The IOSoft system provides higher revenue sharing, reduced operating costs, and increased production efficiencies. Zero re-association issues, quick dispute resolution before payment, Find any payment within seconds.
- All Payments are archived for future reference if needed for the Payor and Provider
- The IOSoft archive database includes a robust search feature making it easy to find a payment
- Virtual Card has a security feature that allows it to be processed only on the Provider terminal.
- Once the Virtual Card is delivered to the Provider through the portal, it has a maximum life span of 30 minutes (fraud prevention)
- Online IOSoft help assistance for Payor and Provider
- Funds are distributed from customer account
- Robust custom report and analysis options
- Create regulatory reporting through IOSoft UPS
The technology will even enable you to have a payment tracking history at your fingertips. Extremely Provider friendly with custom features to enhance their experience. Not only does this kind of technology increase patient collections, but it also is a thoughtful touch on the part of the practice—a bit that may turn one-time patients into long-term patients.
Automated Healthcare Payment Solution that Works
IOSoft’s UPC™ platform focused on improving the plans’ security, management, and control over their payments process. The IOSoft team has pioneered the development of automated health care payment systems since 2006.
Building on its extensive experience, IOSoft is pleased to present its latest Unified Payment System™ (UPS). UPS begins with a Cloud-Based system interface that connects with all claim system technology and can be implemented in 30 days or less with no or minimal workflow changes.
The Cloud-Based System provides a common portal, giving the Provider and Payor a standard Gateway that allows for more exceptional communication and a collective decision matrix. UPS offers every type of available payment on the portal with enhancements to traditional payment types and patent-pending new technology with significant cost saving.
IoSoft Inc. was formed in 1998 by, Vincent Valentine, and acquired by RJD Green Inc. (OTC: RJDG), a publicly-traded company on April 18, 2016.