CueSquared MobilePay automates patient payments for revenue cycle teams via text messagingImprove Self-Pay
There is no application to download, no portal to log into, and no paper statement to reference; patients simply and securely receive text statements and make payments through a 1-Touch Payment button. The branded logo signifies the bill is coming from the patient’s healthcare provider, not a third-party company. Additionally, contact information within the CueSquared payment screen leverages existing call center infrastructure instead of replacing it.
Say goodbye to AR buckets of 30, 60, or 90 days. Because of the intuitive payment experience, revenue cycle teams collect approximately 80% of dollars within 14 days of the first text message, with day one payments accounting for 30% of dollars on average. Patients will quickly pay outstanding balances that are small copays, large bills, and even aging balances of 120 days+ that would typically go to collections from the moment they receive their first text message. All of this can be measured and tracked in our actionable payment dashboard.
By automating this first touch patient payment channel and reconciling outstanding balances within days, both printed paper statements and call center volume decreases. Additionally, patients with questions on their bills can easily contact the call center to settle bills with a live person or update their insurance information to properly adjudicate claims.
Right now, there are a lot of healthcare organizations that are struggling to collect a significant proportion of their bills. It is important for healthcare organizations to do everything they can to make sure they get their bills paid. That way, they make sure they have the money to make ends meet. This is important for making sure they can provide a strong level of care to their patients and their families. Unfortunately, there are a lot of bills that are going unpaid right now. If you of the possible reasons why this is happening include:
Therefore, it would be significantly easier for hospitals to collect their bills if they made it easier for patients to pay them. That is where patient payment optimization is vital. A critical part of generating revenue in healthcare, it is important for healthcare organizations to listen to the authorities in the field. HFMA best practices call for patient financial discussions to be reinforced, which is where the question, “what is the revenue cycle,” is important. What do hospital systems need to know about collecting payments for their services in the modern environment?
Today, it is important for medical systems to think about revenue cycle management. Even though there are a lot of medical systems that are looking for ways to completely change the way they manage this type of cycle, it is instead a better solution to look for services that can augment it. That is where Direct Mobilepay can be helpful. With a branded header and 1-touch payment options, it is possible for users to set up payment plans, view payment history, and view statement details. If patients have an easier time paying their bills, hospitals will have an easier time balancing the books.
It is incredibly easy for patients to pay their bills using this application. After the visit, the patient will receive a text message. This will let them know that a payment is due. Then, patients can click the link in the notification, taking a look at the bill. Finally, with a single touch, it is possible for patients to pay their bills. Hospital systems do not have to worry about tracking down their patients, and patients do not have to worry about paying a bill by mail or dealing with a phone call. The goal is to make it as easy as possible for patients to pay their bills. That way, hospitals can collect payment on a higher percentage of the bills they send out.
Right now, the RCM cycle in healthcare has never been more important, which is why it is important to focus on revenue cycle optimization. When taking a look at a revenue cycle management healthcare PPT, it is clear that revenue cycle management software can be helpful. There are numerous benefits healthcare systems will enjoy if they decide to go with Direct Mobilepay.
A few of the top benefits of taking advantage of this system include:
These are just a few of the many benefits that hospital systems will enjoy if they decide to go with the products and services provided by Direct MobilePay.
You might be wondering, “what stage kicks off the patient care and revenue cycle?” It is important to note that this is a cycle, so all of the steps are connected together. At the same time, if you take a look at a healthcare revenue cycle flowchart, you may see as many as 13 steps of revenue cycle management. Back-end revenue cycle management and middle revenue cycle management are just as important as revenue cycle management at the beginning. At the same time, if you get the process off to a good start, you will have an easier time breaking the cycle to a closed when you try to collect payment.
If you want to get your revenue cycle management off to a good start, you need to make sure you collect accurate information. This means you need to verify the patient’s insurance and make sure the demographic information is correct. For example, you need to get a mobile phone number from the patient. That way, you will have an easier time collecting patient payments later on. You need to make sure you bill patients for the correct services. Therefore, if you collect the right information when patients arrive, you will have an easier time developing an efficient revenue cycle.
When you take a look at your front-end revenue cycle, the pre registration revenue cycle is very important. There are a lot of important steps that take place when it comes to front-end revenue cycle management. For example, you need to make sure you schedule the appointment in a timely manner, but you need to make sure the schedule of your patients will line up with the availability of your doctors. Then, you need to make sure to register the patient accurately. You need to make sure the medical history is accurate to ensure your patient receives the right services. At the same time, you also need to collect the right demographic information for the patient. Otherwise, you are going to have a difficult time billing them later on.
In addition, you also need to verify their insurance eligibility. You might want to call the insurance company ahead of time and let them know that the patient requires services. The insurance company may be able to guide you in the right direction regarding which services the patient is eligible for. It is not unusual for claims filed with an insurance company to be rejected due to eligibility issues. You may want to avoid this problem by confirming that a patient is eligible for services at the very beginning of the visit.
Sadly, no matter how much work you do in the beginning, you are still going to have to track down the patient to ask them to pay their bills. There are a lot of patients who have gone with insurance plans with high deductibles because they think this will help them save money. This also means the patient is going to be responsible for a greater degree of their medical bill. Therefore, you need to rely on a system that can help you efficiently collect payments from patients, which the front end of the revenue cycle process does not include. This is another area where Direct MobilePay can help you.
Clearly, when it comes to collecting payments for services today, it is critical for hospital systems to make sure they rely on an efficient system that can collect payments from patients. If you make it easier for your patients to pay their bills, you will not have to send as many bills to collections. Therefore, you can make your revenue cycle management or efficient, which is where Direct MobilePay can help you.
When it comes to revenue cycle management in medical billing, you need to take a look at your revenue cycle data, including the efficiency of your back and function in medical billing. Regarding reinforcing patient financial discussions, as described in HFMA best practices, it can be best achieved by making it easier for patients to pay their bills.
Direct MobilePay from CueSquared can lighten the load on your revenue cycle team. You might be wondering, “which department supports/collaborates with the revenue cycle?” Or, “what are the steps in the medical billing (revenue) cycle?” If you decide to go with the services from CueSquared, your medical billing team will have to do less work because this mobile system is automatically going to engage with your patients using text messages for payment collection.
Importantly, this is not going to hurt the medical billing and coding industry. Instead, it is going to simplify things next to that industry. Your teams that use this system will not have to do as much work because the system is automated. Then, all the team has to do is track the patients who pay their bills. By making it easier for patients to pay their bills, your hospital system will have an easier time collecting payments on the bill they send out. This can make a significant difference and the bottom line of the medical system.