Patient payments are more critical than ever for the health of your practice. As medical reimbursements decline and high deductible plans increase, providers are spending more time calling insurance companies, collecting patient balances, and chasing past-due payments just to get the money needed to provide services and help people. This takes valuable time and resources away from your practice. It can even cause providers to spend less time with patients or shrink their staff size.
Fortunately, Revenetix has a solution for this payment problem. We can work with your practice to improve patient collections. We’ll examine patient benefits and insurance information and calculate the estimated total cost for patient care. Then, we can notify the patient beforehand so that there is more time to process payments or arrange payment plans. This allows providers to collect payment at the time services are rendered — making it more likely that you’ll receive patient payments overall.
Patient estimates are part of the larger medical billing cycle, and they can greatly impact your practice’s cashflow. At Revenetix, it’s our goal to collect a minimum of 80 percent of the money owed to you for services rendered within 90 days of each filed claim. Along with improving patient collections and receiving more payments at the time of service, we also strive to secure preauthorization from payers ahead of time and perform benefit verifications to more accurately forecast reimbursements for anticipated procedures.
“Revenetix has helped us implement policies inside our clinic that help us collect as much of our payments as possible. Each month, we receive reports that tell us exactly how we are doing and our collection time has improved dramatically.” – Bryon Geddes, COO at Genus Heart Center
Between treating patients and running a practice, there’s little time left to focus on collecting patient balances or improving collections. That’s where Revenetix comes in! We have more than 20 years of experience in the healthcare and medical billing industry, and we are confident that we can improve your practice’s cashflow. By taking care of patient benefits and estimates, Revenetix removes the billing burden and empowers your practice to spend more quality time with patients. Ultimately, we will help you achieve a healthy Medical Billing Efficiency — which means streamlining your revenue cycle management and reducing the total cost of your medical billing.
Our Medical Billing Efficiency strategy includes:
- Maximizing cashflow by accurately forecasting patient pay responsibility and improving patient collections and insurance reimbursements.
- Minimizing denials by implementing the insurance company’s rules, medical policies, and plan requirements.
- Reducing A/R by resolving unpaid, underpaid, denied, and rejected claims in a timely manner.
As well as handling patient payment estimates, Revenetix can also take care of verifications and authorizations, contracting, credentialing, billing and coding, A/R cleanup, and much more. If you have any questions or would like to like to speak with a Revenetix team member, you can contact us online today.