The self-service portal provides digital payment options, improving revenue capture.
In recent blogs we have explored the increasingly patient-facing and digital lab revenue cycle. We looked at what is driving the shift toward greater patient responsibility, and how labs can benefit from the changing environment for a healthier revenue cycle and a better patient experience.
The key takeaways are:
- A majority of consumers prefer transacting online
- Digital billing improves patient payment rates and cash flow
- Revenue cycle costs go down when labs employ digital billing practices
- Digital billing improves the patient experience
To help labs more readily provide digital payment options for patients, Quadax developed Patient Payment Portal Plus. The Portal makes it easy for patients to electronically:
- Make full or partial payments
- Self-enroll in payment plans
- Receive receipts and/or statements
- Update demographic and insurance information
- Dispute charges online
Patient Payment Portal Plus provides patients with greater awareness, understanding, and control over their financial responsibility, which helps to reduce calls to the care provider and facilitate a relationship that is focused on care, not cost. It empowers patients to communicate and transact in the ways they prefer. Additionally, because provider staff can access the same portal on the patient’s behalf, it helps to establish a common understanding of the patient account and makes it easier for customer service staff to answer questions and resolve disputes.
By improving the patient experience, providers gain valuable benefits, as well. At the top of the list are the chance to reduce collection risk and improve cash flow* with higher levels of revenue capture. The self-service nature of Patient Payment Portal Plus reduces customer service inquiries, and when patients need support, it creates the opportunity for smoother, better informed patient engagement, giving labs key capabilities, including:
- Ability to see all patient touchpoints across multiple communication channels
- Scripting to guide representatives and ensure message consistency and accuracy
- Ability for provider representatives to set up payment plans, add new charges to existing plans and update payment information
- Enhanced reporting to aid in payment tracking and patient engagement
To learn more about the specific opportunity Patient Payment Portal Plus can provide to your organization, request a strategy call with a member of our sales team.
Let’s take on the revenue cycle together!
*(source: RevSpring)
