The Green Sheet Online Edition
October 10, 2014 • 14:10:02
Remedy for patient payments
The National Center for Health Statistics estimates that 20 to 30 percent of patient accounts are written off each year as bad debt. One of the leading causes cited is the rising number of patients, 32 percent in 2013 versus 19.2 percent in 2008, who have greater out-of-pocket expenses because they are enrolled in high-deductible health plans. Cloud-based healthcare billing and payment provider Navicure Inc. has a potential remedy with its Navicure Payments platform.
"Patients are now among the healthcare industry's largest payers, in some cases surpassing Medicare and Medicaid," said Jim Denny, co-founder and Chief Executive Officer of Navicure. "To continue to thrive, healthcare organizations must collect patient payments at or near the time of service and no longer rely solely on patient statements, which can come months after care and long after the patient remembers what procedures were performed."
Navicure noted it serves over 50,000 healthcare providers nationwide with its automated accounts receivable, claims management, patient eligibility verification, remittance and denial management billing and payment services. With its new platform, healthcare organizations are now able to estimate
Additional benefits of Navicure Payments include:
- Estimates patient financial responsibility at time of service
- Secures patient commitment to pay at time of service
- Collects previous balances due and co-pays prior to service
- Collects balances owed following insurance adjudication
According to Navicure, the estimated patient financial responsibility feature eliminates the need for healthcare organizations to enter or manage complex payer contracts, which provides greater pricing transparency to patients. Securing a commitment to pay when service is rendered, enables providers to arrange payment plans to run automatically under established guidelines. Collecting remaining balances after insurance adjudication can also be automated.
"Throughout our history, Navicure has been dedicated to helping organizations collect more revenue from payers faster and with less effort," Denny said. "Now we're doing the same with regards to collecting from patients with the launch of Navicure Payments."
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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