Physicians expect practice efficiency, reduced costs and patient satisfaction. It sounds so simple. Managing Electronic Medical Records systems, Practice Management Systems, HIPAA Compliance and patient privacy becomes more complicated every day.
Patient billing at point of service has historically produced dismal results. The fact of the matter is, most patients know very little about their insurance plans.
What is their office visit copayment? If their plan has a deductible, they have no idea what it is or if it has been satisfied. If their deductible has been satisfied, what is their coinsurance responsibility? Not knowing the answers to these questions creates billing errors and delays that affect profitability.
Here is a typical scenario. A patient has just completed their consultation with their physician. Billing staff has already made a copy of the patient’s health ID card. The biller asks the patient if they know what their office visit copayment is. The patient will typically respond that they do not know. Your office agrees to bill the carrier and then bill the patient after the carrier has responded. Rather than collect the patient copayment at the point of service, your practice is taking several additional and costly steps to collect payment for the services rendered.
Northtrace Interface can solve all of these problems, saving time and money. Using a single web portal, your staff can quickly and easily confirm your patient’s insurance coverage with the insurance carriers in your region. They can readily verify their office visit copayment, status of any applicable deductibles and coinsurance. What does this mean for you? It solves many of your back room inefficiencies. It reduces late and default payments. It ensures you are collecting payment for services rendered before the patient leaves your office. It significantly reduces your costs by reducing or eliminating patient statements and payment reminders. Your costs for patient collections are reduced.
The use of the Northtrace Interface will improve your office efficiency. It will generate revenue and enhance your patient’s overall experience. It will also interface with a credit card reader and deposit the funds into your bank or practice management system, seamlessly and effortlessly. The practice benefits by receiving immediate payment for services rendered on the exact date they were provided.