Plutus Health Inc. created AnodynePay. A 15-year-old, technology-driven, full-cycle
RCM company, Plutus Health Inc., focuses on medical coding, billing, payment
posting, denial management, credentialing, prior authorizations, AR follow-up,
and out-of-network negotiating.
AnodynePay makes it simple to manage your
invoicing and payments so you can give your patients the attention they
deserve. With e-Statements, text-based payment reminders, and online bill
payment periods, you may digitize the financial journey of your patients. The
generation and sending of paper statements is the main problem healthcare CFOs
confront in patient systems and patient payments. It involves a lot of manual
labor and is expensive.
An easier way to handle financial obligations
for healthcare is provided by Patient Pay
services, a unique provider of cutting-edge patient billing and payment
solutions. Through a seamless integration of Patient Pay services into the
Insight Billing platform, the AnodynePay and PatientPay alliance will offer an
omni-channel strategy with text, email, and paper statements.
Driving More Payments While Reducing Patient
Collection Costs
According to the Medical Group Management
Association (MGMA), the average medical group sends 3.3 paper statements before
receiving payment. PatientPay provides online electronic bills and notifies
patients via text and email, reducing the amount of paper statements needed to
collect patient payments. In fact, PatientPay processes 80% of its payments
without ever printing a single piece of paper. According to the United States
Postal Service (USPS), 60 percent of Americans now make their bill payments
online. With the increase in USPS postage prices from the previous year, this
amount is anticipated to rise.
Since its inception, PatientPay has emphasized
electronic patient communications. In addition to ensuring compliance with TCPA
and CFPB, their ability to communicate effectively via text and email has also
enabled them to significantly increase patient participation. PatientPay is now
accessed by 65% of users using mobile devices and by 35% on desktop or laptop
computers.
Benefits of Patient Pay Services
·
Increased
collection speed
For practices to keep a good cash flow and
prevent bad debt, they must be able to collect payments quickly. However, many
procedures continue to use paper banknotes. This has a significant impact on
the rate of speed to collection. 70% of service providers in a recent study stated it took longer than
30 days to collect payment through mail.
You can anticipate a quicker revenue cycle when
using cutting-edge patient engagement
solutions like AnodynePay. Patients who still owe money get a series of
texts and emails asking them to pay as soon as possible.
·
Enhanced
Patient Satisfaction
The availability of a quick and simple payment
option is valued by patients. According to one study, 60% of customers anticipate that their digital healthcare
experience will be like that of retail.
However, in the healthcare industry, friction
points are frequently caused by paper bills, apps, and portals. Patients can
pay their medical expenses in a few clicks using an advanced pay system. As a
result, patients have a better experience paying.
·
Improvement
in Patient Retention
Even though you give outstanding medical care,
you are aware that patient retention is not a given.
Patients want to be aware of their financial
expenditures as they become more like consumers. According to one study, 49% of respondents claimed their decision to utilize a healthcare
provider would be influenced by knowing the exact cost of service up front.
You can anticipate an increase in patient
loyalty and retention by implementing a patient engagement solution that aids
patients in understanding their obligations before and after a visit.
·
Minimized
Manual Work
Front desk employees experience a load from manual
payment processing. Additionally, it may lead to bottlenecks that obstruct the
delivery of care. Additionally, manual procedures have possibility for error.
Long delays and uncollected payments may follow from this.
All billing and patient
collection procedures can be automated using an advanced pay system. Staff
time will be freed up, and overhead expenses will go down.
Automate
Patient Payments
If
your practice wishes to accelerate revenue cycles while lessening staff
workload, a straightforward and efficient payment system is essential. Here's
how AnodynePay operates.
·
Frictionless Payment
Processing System
Hybrid
health care is a reality. This means that both in-person and online patient
payments must be processed by your office. The frictionless payment process is
where it all begins. The technology may automate payments before or after the
visit, whether the appointment is in person or online. Once configured, the
system starts a sequence whenever it notices an unpaid debt.
·
Patient Has Outstanding
Balance
When
AnodynePay discovers an outstanding amount, the system automatically sends a
series of messages and emails to encourage payment. This sequence can be
altered by our staff to suit the requirements of your clinic.
·
Patient Receives SMS and email
Alerts
It is
allowed for healthcare personnel to communicate with patients via text
messages, and many patients prefer this type of communication. As soon as a
patient receives a payment notification through AnodynePay, they can verify
their identification by entering their DOB. This enables patients to safely
view their unpaid balances without interfering with your care teams' time.
·
Patient Receives SMS and email
Alerts
It is
allowed for healthcare personnel to communicate with patients via text
messages, and many patients prefer this type of communication. As soon as a
patient receives a payment notification through AnodynePay, they can verify
their identification by entering their DOB. This enables patients to safely
view their unpaid balances without interfering with your care teams' time.
·
Collection of Post Payments
for Medical Billing System
AnodynePay
can let the medical billing system know that payment has been made in full once
the patient has paid their bill. Staff time is freed up because payment
and record-keeping are handled automatically and with a high degree of success.
Final
Words
Healthcare
shouldn't be an exception to the widespread use of digital payment processing
by businesses. With companies like AnodynePay, sophisticated patient payment
options are currently attainable. Explore how we can help you
get paid much faster, minimize overhead, and enhance patient satisfaction
levels today.
