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Managing medical payment collections can be a challenging task for healthcare practices. While co-pays are typically collected at the time of service, there are often outstanding amounts that patients need to pay after their insurance has been billed. These unpaid balances can be difficult to collect, especially with recent government regulations that prevent these fees from affecting credit reports. Additionally, practices incur costs associated with mailing invoices and making phone calls to follow up on outstanding amounts. Thankfully, technology offers a solution to alleviate these challenges.
Practice Management Bridge, a payment interface developed by Rectangle Health and brought to you by Electronic Money Company Merchant Services, is revolutionizing the way medical practices handle receivables.
- Streamlining Payment Processes: Practice Management Bridge serves as an interface that seamlessly connects payments with various windows-based Electronic Health Record (EHR) systems, making it compatible with 99% of these systems. Within this powerful tool, two specific features address the issue of collecting outstanding receivables not covered by insurance: Card on File and Recurring Billing.
- Card on File: Ensuring Prompt Payments The Card on File technology within Practice Management Bridge allows patients to sign an agreement granting the medical practice permission to charge their credit card whenever a bill is due. By obtaining consent in advance, the practice can immediately process payments for amounts not covered by insurance. This streamlined process eliminates the need for repetitive invoicing and reduces the burden of manual follow-ups, ensuring prompt payments and improving cash flow for the practice.
- Recurring Billing: Simplifying Financing Options Another essential feature offered by Practice Management Bridge is Recurring Billing. This tool acts as an in-house financing solution, enabling patients to sign an agreement authorizing periodic automatic charges on their credit card. This arrangement breaks down larger bills into manageable and convenient payment schedules for patients. With Recurring Billing, medical practices can empower their patients by offering flexible payment options, resulting in increased patient satisfaction and improved financial outcomes for both parties.
As medical practices navigate the complexities of payment collection, Practice Management Bridge emerges as a game-changing solution. With its seamless integration with the majority of windows-based EHR systems, it provides healthcare providers with a robust payment interface. The Card on File feature ensures immediate payment authorization, reducing administrative burdens and expediting revenue cycles. Simultaneously, Recurring Billing empowers patients with flexible financing options, promoting financial accessibility and satisfaction.By embracing Practice Management Bridge, medical practices can enhance their revenue collection processes and improve the overall patient experience.
Follow the link to schedule a demo >>> calendly.com/ghollowell and take the first step towards optimizing receivables and streamlining your payment practices.
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