With patient balances on the rise the healthcare and medical billing industry is turning to patient collections to increase revenue. Medorizon has brought this enhancement to the Chicaoland are with much success and is now implementing this service to other national practices.
Chicago, IL (PRWEB) December 27, 2013
Good news! Patient payment plans can now be set up through Medorizon powered by Instamed. Payment Plans increase collections, decrease administrative and mailing costs are convenient and green. Three payment plan schedules are available Installment, Recurring and Save on File. Patients will receive email notifications seven days prior to the transaction and a receipt after the payment is processed. Medical billing and collections just got easier.
Use Installment plans to collect payments against an outstanding balance. Installment plans pay down a balance on a regular interval, for example monthly, with fixed amounts. The plan becomes inactive automatically when the total balance is paid.
Use Recurring plans to collect payments at a regular, ongoing interval and with fixed amounts. Recurring plans might be used for a subscription service, for example, a monthly gym membership.
Save On File:
Use Save on File plans to save card information for future payments. Save on File plans do not have a specified schedule or fixed amounts. That is, the saved card may be charged at any time for whatever amount is due. Save on File plans might be used when the patient's responsibility is not known exactly, for example if the patient has a high deductible or co-insurance percentage.
The old saying “you don’t know how good your insurance is until you have to use it” could not be so true. One study showed that U.S. hospitals have $40 billion in unpaid patient bills. With the new ACA plans available to the public the patient portions are going up and up. “If your practice does not have a plan to capture patient payments at time of service you could be losing up to a third of your revenue,” Tim Tobin, CEO.
You can set up the payment plans in your office or Medorizon will set up for you. Medorizon has grown to a 60-employee organization, reaching sales several million dollars annually. Their staff manages the billing and collection process for hundreds of providers throughout the United States. They can help with everything from contracting to appeals as well as everything in-between and has helped increase revenue as much as 30% in 90 days.
For the original version on PRWeb visit: http://www.prweb.com/releases/MedorizonMedicalBilling/PatientpaymentsOnline/prweb11414279.htm