Medical Payment Processing

Medical Payment Processing

Balancing the daily business of medicine with the demands of patient care is challenging for solo-practitioners and large primary care practices. The continuous rise of patient responsibility for reimbursement adds complications to an already strained revenue cycle.

Some primary care providers can be caught in a situation where they are dependent on deductible payments for reimbursement. When a patient is experiencing illness, often their first line of treatment is with their primary care physician. So-called ‘sick’ visits may go toward deductible amounts – especially at the beginning of the year. In fact, deductibles accounted for almost half of all cost-sharing payments in 2016.

Healthcare spending can quickly add up, even when patients have insurance coverage. Some statistics that affect primary care providers:

  • A family of four with insurance can pay between $2,900 – $6,800 in out-of-pocket expenses per year

  • Health spending on visits that diagnose signs and symptoms (‘sick’ visits) averages $788 per capita in the US

  • About 57% of Americans don’t have enough money to cover a $500 unexpected expense

  • Office visits for uninsured patients can range from $100 – $200+, even with a time-of-service discount

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Benefits

Private practices, whether stand-alone sole practitioners or multi-location groups, need efficient medical merchant account systems that boost income, control accounts receivable (A/R) and require minimal administrative labor.

Rectangle Health provides an efficient system that can make a profound impact on your payment collection rates. How do we do it? Our proprietary system integrates with any practice management software, which dramatically reduces medical payment processing labor and boosts patient payments.

Practice Management Bridge

Practice Management Bridge® from Rectangle Health is the best solution for primary care providers of all sizes. Our medical merchant account system has the flexibility your office needs to encourage patient payments and keep patient A/R low. We all lead busy lives, so convenience is a key factor to encourage payment. Our credit-card-on-file feature makes it easy to pay at time-of-service, over the phone or online. Email reminders keep balances owed to providers top-of-mind, and our text-to-pay option boosts collections because patients can pay from their phone while on-the-go. Additionally, our statement integrations allow patients to view, print and pay bills from a patient portal.

Healthcare administrative office staff benefits from Practice Management Bridge® as well. Our integrated systems make payment processing for doctors seamless and easy to reconcile.

Plus, Practice Management Bridge® virtually eliminates the risk of stolen payment information. We fully protect patient cardholder data in PCI-compliant storage that is not stored on your system. Although convenience goes a long way to control patient accounts receivable, there are other ways practices can encourage payments and keep cash flow steady.

Some Strategies Include:

Rectangle Health Guarantee

If you don’t see a dramatic reduction in accounts receivable balance after a few months of instituting our full program, we’ll take the entire system back at no charge to you.
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