Why iHealthPayTM is critical for a practice cash flow?
It’s now time for all healthcare practices to adopt a new normal – collecting the patient portion of the claims. This is critical for all healthcare providers because it can have a significant impact on cash flow.
Healthcare Provider’s Past Revenue Model: In the past, most payments were made by insurance plans and it was more of a business-to-business relationship between healthcare providers and insurance companies.
Current Revenue Model: The new-normal is a business-to-consumer relationship between providers and patients, with more patient payment responsibility. As most patients have deductible plans, they are responsible for at least some portion of their bill. Collecting payments only from insurance plans is not enough, and all healthcare providers should have the means to engage patients and collect their payments quickly.
iHealthPay Approach: iHealthPayTM allows you to engage patients via text and email, and collect payments quickly, making it convenient for both the healthcare provider and the patient. You can attach statements as well, helping save postage expenses, as well as time spent by staff on follow up phone calls. Also, there is no need for processing payments as it is automated, and funds are directly deposited into your account. Subsequently, a payment receipt is sent to the patient via text and email.”You can also set up automated text message payment reminders for any unpaid patient dues and collect past patient dues quickly.”