With Higher Deductibles, Physicians Must Collect Bills in Office, Reports Practice Management Expert Zupko, physicians will be compelled to collected fees and co-pays real-time in their offices during the actual encounter. Waiting to send a bill out within 30 days will lead to a no-payment.
With high deductible, large copay insurance, which will become the norm in the coming year, providers must arm themselves with the tools to inform and collect monies owed in real-time. In general, bills not paid in 30 days end up in collections. The consumer who is willing to pay their bills has not yet reconciled that they are de-facto self-pay until the deductible is met.
Xpress Technologies provides a solution for this dilemma with our Practice Management software. The ability to scan the driver license and insurance card to obtain accurate data. The software does a real-time insurance eligibility within 1 minute, which determines whether the client is covered, amount of the co-pay and deductible. This will give an accurate estimate of the price of services rendered and make the consumer aware of their responsibilities. In addition, Xpress Technologies can automatically charge the patient’s credit card a baseline fee.
The new insurance system is foreign to most medical practices. In the past, payments were customarily made after the fact, in a delayed fashion. To survive, collections will have to match most ordinary businesses (no payment, no service unless a life-threatening emergency).
Xpress Technologies has expert solutions to keep your practice viable for years to come!