Faster payments. Better patient satisfaction. Fewer denials.
On the front end of the revenue cycle, successful independent medical practices provide good faith estimates of services rendered, take the time to educate patients about their benefits and financial obligations, and require an up-front full or partial payment. Improving patient collections can have a significant impact on RCM and overall cashflow for the practice. Healthcare payments happen at three checkpoints:
Pre-service
Point-of-service (POS)
Post-service
And, while most collections still happen after service, it’s critical for providers to shore up both pre-service and POS collections now. Why? Because if patient payments are not captured up front, they probably won’t be captured at all. Once a patient leaves an office, the provider’s chance of collecting payment drops by 62%, and that leads to serious ramifications. For instance, when patients were paying a $20 copay on a $4,000 bill, that shortfall might not have posed a huge revenue hit. Today, however, when a patient might be responsible for 20% of that bill, a missing $800 is much harder to absorb.
Simplify patient payments
If there’s one thing that makes patients more likely to pay healthcare bills, it’s the option to self-serve. Studies consistently show that a patient is more likely to pay in full or complete a payment plan if they can pay how and when they want — whether that’s via online portal, from a QR code, in response to a text, etc.
edgeMED streamlines patient billing and credit card/ACH payment acceptance. As patient payments are made, billing and payment details automatically update to our software platform when paid. Settlement data is automatically synced daily so that our RCM professionals reconcile to your bank account. Practices using edgeMED’s RCM payments integration eliminates inefficiencies and data entry errors while delivering more revenue, and faster.
Operational efficiencies and financial visibility
Save time and eliminate manual data entry from working between systems. Since all payments are part of edgeMED, viewing the overall health of your finances has never been easier.Collect payments faster
In addition to sending paper patient statements, edgeMED’s RCM service provides electronic invoices, click-to-pay, auto-pay, and with our online portal patients can conveniently pay anytime from anywhere reducing overdue payments.Patient billing and satisfaction enhanced
With your approval, we securely auto-bill patients without storing cardholder data locally with Tokenization. Plus, we get auto-updates when cards expire to keep payments uninterrupted.Accept all payment types
Using our RCM payments application, you can easily accept all payment types including credit cards, bank account (ACH), check, and FSA/HSA cards from our single platform.
We’re the experts you can count on
Using edgeMED’s RCM patient payment services, we enable you to:
• Get paid faster and reduce accounts receivables days outstanding
• Enhance payment security with EMV, tokens, and end-to-end encryption
• Reduce compliance scope with PA-DSS and HIPAA certified solutions
• Eliminate manual payment collection processes
• Gain more financial visibility and control
• Streamline operations and increase productivity
• Increase patient trust, loyalty, and satisfaction
With truly integrated payment processing, healthcare providers can reap the benefits of quicker, more efficient and cost-effective payments, while patients are sure to love their seamless, convenient payment experience. Leverage edgeMED’s 40+ years of RCM experience to improve the patient payment process and increase satisfaction and revenue across your organization.
Supercharge your practice!
Create efficiencies, streamline your medical organization and get paid more.
U.S. government entities
edgeMED is a U.S. Government Services Administration (GSA) contract holder (contract #47QRAA22D00E8) that provides federal and state governments with revenue cycle management services. Access to edgeMED ordering information, terms and conditions, pricing, and the option to create an electronic delivery order, are available to government entities through GSA Advantage!® at GSAAdvantage.gov.