There has been a steady increase in government regulations and patient financial responsibility for the healthcare industry. This situation has led many practices to invest in technology to stay abreast with the new developments.
However, most of these practices are relying on multiple systems for functions such as billing and payments. Multiple systems are disparate and seldom function well together. Practices that use them have to incorporate additional manual steps to make these systems effective.
Processing patient payments manually because of the inefficiencies of multiple systems at your practice can be time-consuming. Human beings are also prone to errors, especially when stressed or tired.
A manual payment system in your practice is susceptible to numerous errors that can be costly. If you want something better, it’s time to move to an integrated payment system, like ChiroSpring.
Integrated Patient Payment System
Chiropractors can overcome the deficiencies of disparate systems through integration. This makes it possible to connect all your systems, so they can automatically share data when the need arises.
A successful integrated payment system captures, collects, and manages all the revenue data for the practice from a central control point. It creates a seamless experience for both you and your clients as you transact. A patient payment system with proper integrations enhances financial management through limiting/eliminating revenue cycle leakages.
How Integrated Systems Make Financial Management for the Practice Easier
Integrated patient payment systems improve the financial management of your firm’s resources in various ways.
1. Streamlining Claim Management
Let’s face it: not all employees are trustworthy. Some will pounce on the slightest opportunity to swindle a practice’s hard-earned revenue. The most popular way that they can do this is through falsifying claims records. They may exaggerate the claim amounts so they can skim the extra amount that the insurance firms advance to the firm. This exposes the practice to lawsuits and soils its reputation.
Having an integrated payment system automates the verification and filing of claims. It makes it harder for people to engage in claims fraud.
2. Easing Patient Collections
The system makes it possible for patients to remit their payments via online transactions. The convenience of making payments online is a motivation in itself to clients. They’ll be more obliged to settle their outstanding payments.
Integrated systems track and record every transaction. It’s easier to tell at a glance who owes the business what, so you can make follow-ups.
3. Automating Patient Statements and Billing
Improper billing is a big source of revenue leaks for many practices that rely on manual systems. An integrated system automates all the billing and sending of patient statements. When you rely on integrated patient payment, there isn’t a chance that a client will get a too-high bill or fail to get the bill at all.