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
Health plans cover over 100 million individuals and account for 1.3 billion healthcare claims and more than 3.3 billion claim-related transactions each year. According to industry experts, historically, one in five claims are in error resulting in audit and re-association cost of 6% to 7% of total medical payment dollars.
Automated healthcare payment solutions can solve many of these error issues. Learn how:
Meeting Patient Expectations with Automated Healthcare Payment Solution
U.S. consumers expect their healthcare digital customer experience to be similar to retail transactions and experiences with other industries. They want fast, reliable, and straightforward digital interaction.
The modern consumer expects a level of convenience and flexibility when it comes to how they pay for services, and that expectation extends to the healthcare market.
A healthcare payment solution, especially one that is similar to retail payment solutions, is the ideal method to address consumers on their terms.
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 is 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. IOSoft understands and has addressed many of the industry challenges and created the industry’s most comprehensive problem solving, the cost-effective medical payment system in today’s market.
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 savings.