The coronavirus has healthcare providers swimming in a vortex of clinical and financial crises.
While patients across the globe fear for their lives in light of the frightening number of positive COVID-19 cases, cash-strapped hospitals, clinics, and physician practices are fighting for survival with unprecedented demands on their resources and adverse effects on finances. Specifically, healthcare payments are lagging and revenue eroding.
Hospital beds are being filled at negative margins. The hospitals that serve large Medicare or Medicaid populations are faced with excessive costs for medical supplies like ventilators and Personal Protective Equipment (PPE), labor, and pharmaceuticals. Smaller hospitals and providers had to temporarily suspend elective surgeries, facing compressed profitability and cash flow.
Hospitals and clinics are struggling to determine reimbursement rates for coronavirus-infected patients, and it probably won’t be enough to cover costs.
Rising expenses, coupled with non-contact strategies for virus control, are forcing healthcare organizations to move to, or accelerate telehealth options. This presents challenges in tracking and billing for this new wave of patient care.
Healthcare organizations can help themselves during this crisis by looking at ways to improve their healthcare payments processes, seamlessly introduce contactless payment options, and in doing so, reduce costs, and mitigate financial distress.
Integrated mobile solution for patient payments
Growing numbers of struggling healthcare providers are implementing Liquid Payments’ new patient payment solution to streamline collections and improve cash flow. The innovative, technology-driven system leverages a mobile-based platform and enables integration with any existing practice management systems.
The system is an all-in-one, feature-rich patient payments solution for remote or in-person visits. It features contactless patient payment options, including TeleCharge, which enables providers to notify patients of charges due and allows patients to conveniently make a payment directly from their mobile phone or smart device. It’s a win-win for both patients and providers
Patients also receive customized text messages relative to their financial obligations and payments made, as well as statement summaries with embedded payment links. Providers can implement the Liquid Payments solution, including TeleCharge, as an attractive alternative for their business and patients alike
Integration with current PMS
The Liquid Payments solution includes automatic back-end integration with existing practice management systems (PMS).
Leveraging AI-based technology, RPA (Robotics Processing Automation), enables integration with any EMR/EHR or practice management system. Current implementations include eCW, Dentrix, Eaglesoft, Denticon, Practice Works, Ortho Trac/Carestream, Rapid PM and more.
It can be implemented quickly without disruption to operations or patient care.
Using a convenient, wireless hand-held payment device, the patient’s account information can be entered along with the patient’s mobile number and payment amount for simplified processing.
The system delivers additional value through payment card-capture and tokenization, facilitating auto-charging, recurrent payment plans, and the issuing of refunds.
Notably, the Liquid Payments solution offers remote, contactless payment options, including the TeleCharge feature used for telehealth as well as more traditional onsite treatment and billing.
The Liquid Payments platform improves A/R and collections, reduces costs, eliminates errors, and creates operational efficiencies.
With healthcare organizations dealing with so many issues, the last thing they need is to try anything new that takes time away from staff support. This is not the case with Liquid Payments. There are no special technical requirements from merchants, and by utilizing the latest in mobile payments technology, implementations are a breeze.
While it may not solve their entire revenue woes, this all-in-one patient payments solution will help healthcare organizations better position themselves in the short-run, and when the pandemic eases, pave a road to increased safety, efficiency and profitability. Healthcare payments just got a little easier for everyone.
To learn how you can start taking greater control over your patient payments, whether virtual or in-house, contact a Liquid Payments expert at 954.383.3783