Advances in technology have already begun to boost the speed and accuracy of patient payments in a process that will ultimately benefit both health care providers and patients. Data shows that ACH (Automated Clearing House) payments in the healthcare industry grew to 208 million transactions (up by 39 percent) by the end of 2015. This number continues to increase because consumers prefer the ease and efficiency of electronic payment methods like ACH. In fact, 68 percent of consumers reported they prefer electronic payment methods to pay their medical bills and 80 percent of consumers prefer online payment channels to pay their health plan premiums.
Who Does VeriCheck Assist in the Healthcare Industry?
VeriCheck uses our proven efficiency and industry expertise to provide valuable solutions for payment processing in the health care industry. We work with the following medical providers:
- General Medical Doctors
- Medical Specialists
Because of our extensive experience in the industry, we understand the day-to-day needs of medical professionals and are able to work with them to customize solutions that meet their unique needs.
Our system provides ACH and eCheck functionality that will enable any medical billing operation to draft funds directly out of checking and savings accounts. Credit card capability is possible as well.
Patient records can easily be created and maintained inside our secure portal. We can help streamline any medical billing operation, reducing administrative costs and headaches.
How Does VeriCheck Benefit Medical Professionals?
The benefits offered by our payment systems include increased collections and cash flow, reduced receivables, improved office efficiency and functionality, reduced loss due to risk or chargebacks, less paperwork and improved customer service.
We also provide invaluable payment solutions for hospitals. With our services, hospitals can retain patient payment information for balance payments and for any future visits by the patient. You should never find a patient walking out the door without a payment method on file.
By using our solutions, hospitals and health systems will see a dramatic decrease in the number of days that a patient balance is outstanding. This will reduce write-offs and result in an increase in revenue.
What Services Does VeriCheck Offer?
Healthcare providers benefit from our comprehensive offerings, including:
- Web services API for simple integration to existing systems, including access to automatic and manual recurring billing features
- Ability to accept all types of major payment cards, including ACH and HSA/FSA
- Check processing
- Payment assurance, installment payments and store-and-hold functionality
- The ability to put patients on payment plans by using the recurring billing feature
- The ability for patients to pay on the provider’s website or by phone and to do so 24/7
- The ability to set up multiple bank accounts so that patient payments go into the appropriate accounts while operating expenses come from a different account
- The ability to put patients into a database to store their information, including payment information, in a secure and compliant Web portal
- The ability to set up many different individuals as users under a single account and to assign various permission levels so that each staff member has his or her own login/password and custom view
- With a signed ACH authorization form, you can simply debit your patients’ checking account for any outstanding balances. The ACH option will help you save time hounding people for uncollectable receivables.
We are pleased to announce our support of the 11th Annual Healthcare Payment Innovations Conference. Click here to read our press release.