Electronic Merchant Systems – Whether it’s a large hospital or a small medical office managing the revenue cycle is not a simple task. Small medical offices are no different than large healthcare facilities regarding revenue cycle phases. The process starts from the moment a patient makes an appointment until the payments are collected from the insurance companies.
Maximizing insurance reimbursements is just as vital to small medical offices as it is to large hospitals. Copayments and reimbursements often don’t meet projections for an array of reasons. Sometimes a patient underpays a coinsurance by a small amount and it tempting to let it go, but these small amounts add up over time. To deal with underpayments physicians and medical administrators can create new billing statements or simply write off their fees; both ways result in a loss of money. For example, in order to collect the missing five dollars from an underpayment a medical billing staff member has to take the time to create a new billing statement, address an envelope and add postage. If the new billing statement isn’t paid then a staff member has to take the time to make a telephone call or make another invoice. After it’s implemented the medical billing procedure shown below increases the efficiency of the medical billing and payment process:
1. Place signs in several locations which state: “Payment is required at the time of service.”
2. “Accept all credit cards such as MasterCard, Visa, American Express, and Discover.”
(Electronic Merchant Systems provides free equipment such as billing equipment to medical offices. http://www.elect-mer.com/video-free-credit-card-terminal.php)
3. Use medical billing forms capable of gathering credit card information which allow office staff members to correct for under billing.
(Electronic Merchant Systems offers medical offices free medical billing forms. http://www.elect-mer.com/medical-billing-form.php)
4. Don’t make exceptions to the billing policy.
Additional payment options substantially increase the likelihood of immediate payment and also lowers administrative and billing costs. Processing a $10 copayment is less expensive than a postage stamp! The yearly number of elective procedures is increasing and patients are covering more of their own costs. Medical offices accepting credit card payments allow patients to pay outstanding bills as well as schedule appointments at the same time.
Electronic Merchant Systems sets the benchmark for quality, offering first class customer service for more than 20 years. Electronic Merchant Systems medical focus assists dental, chiropractic, veterinary, optometry as well as other medical offices with the tools needed to integrate the billing co-pays, reduce receivables, and improve the patient experience. Check verification, check guarantee and remote check deposit programs provide multiple levels of check processing services to insure timely credit of funds to your business account, optimizing your cash flow.
Read the full story at http://www.prweb.com/releases/2012/6/prweb9604724.htm