revolutionizing payment acceptance in healthcare
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Revolutionizing Payment Acceptance in Healthcare
Rising healthcare costsConsumer-driven coverageHigher deductibles
Higher patient A/R, longer collection cycles and increased write offs.
Regain “Elite” control
The McKinsey ReportPATIENT BAD DEBT STATISTICS• 36% of Patients have a Balance of 60 Days or More Past Due• Currently $60 Billion in Patient Bad Debt (5% of Patient A/R)• 2005 - $250 Billion Out-of-Pocket Payments by Patients• By 2015 Expected Rise is 68% or $190 Billion = $420 Billion• 2-4% increase in bad debt (as a % of revenue) for providers by
2012• Just a 1% increase in bad debt with a 4% operating margin equals
a whopping 25% profitability decrease for the average practice.
SUGGESTED SOLUTIONSProvider-Centric Approach that includes:
• Automated Payments• Discounts for early or prompt payment• Convenience fee for payment plans• Payer to provider electronic transactions (claims, payments)• Information/Data Integration
Source: The McKinsey Report June 2007Source: The McKinsey Report June 2007
While others are simply THINKING about it…
…….Elite Healthcare .Elite Healthcare Processing has it!!!Processing has it!!!
Introducing A-Claim™
Point of Service Collection• Typical Provider Collection Strategy
– Cash in-person– Checks in-person and via mail– Debit/Credit Card Visa/MasterCard brand via mail, phone & in-person
• SUGGESTIONS FOR IMPROVEMENT– Collect Deductibles and Co-Pays at time of service at ANY location
• Terminal and/or Virtual Terminal Based– Web Initiated card payment by patient via website– Automate collection of patient financial responsibility at the POS by
collecting payment information for delayed payment & payment plans– Expand card types taken (Discover, American Express, JCB)
• Electronic Check – Available Soon In 2008– Checks are sent electronically to the bank for deposit– Saves time, reduces “float” and NSF cycle time
Innovation – Enhanced Merchant Processing
Front-End & Back-End Functionality Eligibility Checking (including remaining deductible) Collection of Co-Pay at POS Electronic Collection of Patient’s Deductibles, Out of Pocket
Expenses, Co-Insurance %’s, including 100% Self-Pay Patients
THE TWIST Collect patient payment data at the front-end for back-end payment
A Unique Methodology & Technology Blended to Collect Patient Debt
Real-time Insurance Eligibility
Claims Adjudication
Patient PaymentsOptions
A-Claim Online
Regain “Elite” control
A-Claim Modules
Real-time insurance eligibility Verify eligibility for all-payers Co-payment amount Deductible (Individual & Family including met to-date) In and Out of network
Patient Payments Options Real – Time Payments – Immediately paid by patient at time of service Delayed Payments – Stored card data for payment after adjudication Payment Plans – Automated monthly card payments
A-Claim Online Secure, online receivables management; PCI-DSS and HIPAA compliant Initiate payments and view status of existing claims and payments Ensure the proper adjudication by payers with 835 Remit Matching Confirm application of secondary insurance Generate custom reports and administer payment schedules
Patient checks in
Instantaneous insurance eligibilitycheck through A-Claim
Patient sees physician
Real-time/Delayed claim adjudicationthrough A-Claim*
* Regional availability
Real-time payment
Payment planDelayed payment
Card Based Payment Options
Regain “Elite” control
http://care.companiontechnologies.com/A-Claim
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Sales
New Sale
Void
Refund
Pre-Authorization
Completion
Post-Authorization
Find a Sale
Payment Plans
New Payment Plan
View Existing Plans
Find a Plan
A-Claim Home
Remits
Matched Remits
Enter a Remit
Find a Remit
Administrative
Account Information
Provider Information
Devices and Locations
Add a New Provider
View All Reports
Indicates required field.
Balance Due
$150.00
Payment Plan Information
Begin DatePaymentAmount Interval
Days
Show Payment Schedule
01/15/2007 $50.00 30
Payment Plan
Merchant:
Sale ID: 123456789012
MerchantA
123456789
Credit Card Number:
Date of Service:
****-****-****-0012
12/15/2007
Previously Paid: $50.00
Expiration Date: 12/07
View Receipt
Click “View Authorization” to generate a printer-friendly receipt. To delete this payment plan, click “Delete”. If you would like to make additional changes to the payment schedule, enter the changes and then click “Save” again. The payment schedule will reflect the new changes.
Merchant 1Merchant:
Payment Plan successfully saved.
Patient Name: Michael Myers
Sales – Find a Sale – Payment Plan
Payment Schedule
AmountDate
View Authorization
$50.00
$50.00
$50.0001/15/2007
03/15/2007
02/15/2007
Patient AccountNumber:
Find a Sale
Multiple Entry Options
Verifone VX570w/keyboard
** For use when Electronic Check becomes available
Virtual Terminal Virtual Terminal through any web through any web
browserbrowser
A-Claim Features & Benefits• Product Feature• Real-Time Eligibility
• Real-Time Claim (Limited Area)
• Real-Time Payments
• Delayed Payments
• Benefit to Provider• Baseline of patient’s financial responsibility• Saves time & increases staff productivity• Estimate patient financial responsibility
• Speeds payment of claim• Accelerates cash flow
• Discounted merchant fees• Interchange management
• Speeds & secures payment• Decreases statement mailing• Eliminates refunds
A-Claim Features & Benefits• Product Feature• Payment Plans
• Automated Payment Capture
• Multiple Terminal Options
• Benefit to Provider• Secures payment at POS• Fosters patient satisfaction• Increases cash flow• Allows for forecasting
• Decreases/eliminates staff time for payment entry• Shrinks collection accounts
• Adapts to YOUR environment• Multiple entry modes
A-Claim Features & BenefitsProduct Feature
• Excel Based Reporting Tool
• Multi-Merchant, Multi-User & Multi-Location Application
• Consolidated Reporting
• HIPPA & PCI Compliant
Benefit to Provider• Data integration & import capability• Custom reports in seconds
• Easy financial reconciliation• User based authority levels
• Chain/Outlet level reporting• Easy electronic statements
• Secure patient data• Reduce fraud risk
A-Claim Features & BenefitsProduct Feature
• User Friendly
• Quick Implementation
• Cost Effective
Benefit to Provider• One solution for multiple
tasks• Easy online administration• Staff training provided
• Fits with existing processes
with minimal change• 15-30 days maximum• Minimal IT involvement or
resources required• Low cost hardware• Low monthly program fee
Elite Healthcare ProcessingElite Healthcare Processing
Toll Free (888) 612-0100Secure Fax (262) 364-2033Email sales@elitepaymentsystems.comWeb Url www.elitepaymentsystems.com
Corporate Office15417 W. National Avenue #310 New Berlin, WI 53151
Florida Office2338 Immokalee Road #242Naples, FL 34110
THANK YOUElite Healthcare Processing is a division of Elite Payment Systems, LLC 2008
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