As high-deductible health plans (HDHP) have skyrocketed in popularity over the past decade, patient financial responsibility has continued to increase. According to America’s Health Insurance Plans 2017 report, as of January 2016 nearly 20.2 million people were enrolled in both a HDHP and a health saving account. The allure of HDHPs lower monthly premiums with higher out-of-pocket cost has become a major revenue cycle management (RCM) challenges for health care practices across the U.S., as one in five Americans has delinquent medical debt. The result is more and more health organizations are losing revenue from uncollected patient funds.
SYNERGEN Health’s solutions optimize the revenue cycles of complex physician, hospital and ancillary health care organizations through proprietary technology solution-sets. One of our core solutions, SYNERGEN Pay, streamlines the patient payment and collection process while also enhancing the patient experience. From pre-visit scheduling to post-visit follow up, SYNERGEN Pay’s online portal drives efficiency and strengthens customer care by offering patients the flexibility to pay from multiple payment channels and enables a health care organization’s staff to estimate patient responsibility.
Below are a few specific ways that SYNERGEN Pay empowers health organizations to better manage the growing number of patients with HDHPs, ultimately ensuring financial success.
- Provides eStatements and ePayment options: Nearly 8.2 billion bills are paid online in the U.S., with 32 percent set up on a recurring pay basis. SYNERGEN Pay enables practices to offer their patients consistent and comprehensive billing options. By offering patients access to convenient online payment options, practices can improve their comprehensive patient billing process and increase their average monthly collections.
- Automated insurance eligibility checks: Insurance plan information constantly evolves, often leaving patients confused and unsure about their current coverage. Through automated insurance eligibility checks health care practices can minimize claim denials by obtaining medical eligibility verification, co-pay and deductible data prior to the appointment.
Using SYNERGEN Pay to verify a patient’s coverage before their appointment, practices can provide patients better estimates of their financial responsibility. And when patients have the estimate of how much their care will cost, it allows patients to come prepared to pay or set up payment arrangements.
- Increase engagement and enhance the patient experience: With the rise of HDHPs billions of dollars are being uncollected by health care organizations, many of which are due to missed appointments and no shows. Enabling health organizations’ staff to easily manage appointment scheduling through online portals, as well as generate and receive automated patient follow-up prompts, practices can reduce revenue gaps caused by no-shows and missed appointments.
Additionally, SYNERGEN Pay can be easily integrated into any health organization’s in-house software platforms to rapidly optimize the practices’ workflow and increases patient reimbursements.
In today’s technology driven world, health organization’s face need to focus on effectively meeting the challenges of being properly reimbursed without decreasing the quality of care patients receive. SYNERGEN Pay is that solution.
Contact us for a demonstration and free assessment or call us today for more information at (877)226-2249.