Making a payment arrangement with the patient at the time of service can help relieve these problems, eliminate slow pays and bad debt write offs. There are solutions using the MGMA's Project Swipte IT initiative that can help.
One such solution allows practices and hospitals to make payment arrangements while the patient/parent is still in the office. The solution uses Insurance ID Card Readers to instantly determine the patients benefit information including the co-pay amount, annual deductible, remaining deductible, coinsurance and other data related to the type of service renderred. Now, since you know what the patient will owe, you can make payment arrangements at the time of service.
Payments may then be taken at the time of service, deffered until the EOB comes in or put on a monthly recurring payment plan that is agreed to by the patient (great on more costly procedures),
You may also electronically or manually match remittance advices from payers against securely stored patient payment information to collect balances owed based on final claim determination.
FOR INFO PLEASE CONTACT: Larry Carstensen: Colorado Director 303-981-0704 LCarstensen@MedicalPaySolutions.com