Revenue Cycle Management

Revenue Cycle Management

Patient payments account for a more significant percentage of reimbursement
and delays can affect accounts receivable statistics

What it Means

Healthcare Revenue Cycle Management is undergoing a profound change. Patients are seeing both their premium and out-of-pocket expenses increase because insurers expect them to shoulder more of the financial burden for care. That means medical and dental practices are becoming more dependent on patient payments for their cash flow. Healthcare revenue cycle management executives everywhere are examining how they collect patient payments and developing strategies that will ensure the sustainability of their organization.

This increased price awareness among patients has created a consumer mindset that healthcare has not seen before. Patients now expect their healthcare bill payments to be just as easy as paying their cable bill.

Why it Matters

Practices can incur substantial expense to collect patient payments. Experts estimate each statement sent by providers costs between seven and nine dollars in administrative time, postage and supplies. So, organizations are looking for every opportunity to collect payment at the time-of-service or create automatic payment functionality to avoid sending expensive statements.

Additionally, many patients are finding it increasingly difficult to pay their medical bills, which could lead to higher levels of bad debt. Research shows there is only a 20% chance of payment if an account falls 90 or more days past due. Keeping days in accounts receivable low can have a profound effect on your revenue cycle management and key performance indicators.

What We Can Do

Rectangle Health offers your patients the options and service they have come to expect in this new era while helping you protect revenue flow with increased automation and enhanced security. Our convenient payment solutions make it easy for your staff to collect payment-at-time of service, and your patients to meet their financial obligations after the appointment.

Our proprietary Practice Management Bridge® improves revenue cycle management and creates more consistent patient payments, resulting in increased payment processing efficiency and stable cash flow. Rectangle Health integrates with any practice management system and our functionality is an attribute no other enterprise can match in size or scale.

  • Seamless integration with your existing practice management system eliminates manual payment posting – saving time, labor and virtually eliminating human error.

  • Immediate (24 hours) credit card payments to your practice management or hospital accounting system means payment is posted ahead of the industry standard of two to three business days—accelerating your payment cycle.

  • E-signature storage makes future payments hassle-free and can be used for digital intake forms and email receipts.

  • Payments are processed on virtually any electronic device: including computer, tablet, smartphone or POS systems.

  • Convenient payment options include debit, HSA cards, eCheck, Apple Pay® and Google Pay™.

  • Recurring payments take the work out of administrating payment plans, provide payment flexibility for patients and reduce balances in accounts receivable.

  • Paperless e-receipts are delivered immediately after a transaction.

  • Credit-card-on-file offers patients convenience while paying at the office, over the phone or online.

What You Should Do

In addition to employing the right technology to streamline payments and keep cash flowing, successful practices apply procedures and staff training which emphasize the importance of patient payments. Examples include:

  • Requiring insurance details when the appointment is made.

  • Staff training that ensures familiarity with payment constructs such as co-pays, deductibles and coinsurance.

  • Appointment reminder systems that mention payment is expected at the time-of-service.

  • Dedicated private space in the office where sensitive financial matters can be discussed.

  • Offering a payment plan that allows patients to pay in installments.

“We are an extremely busy optometric practice, and we are always very conscious of business costs.  We use a practice management software and couldn’t believe we could start updating payment directly into the patient ledger and securely keep patients credit card information on file.”

-Optometry Group, Bay Area

“We’re writing to show our appreciation for Rectangle Health.  Initially, I doubted some of the features that were promised, but you guys delivered.  The web payments and payment plans are easy. The ease of email receipts and vaulting cards are great for our Billing Department.  I would recommend any colleagues use your system without reservation.”

-OB/GYN Office, Grapevine Texas

“We have been very satisfied with the degree of customer service and professionalism we have received in the process of switching from our previous processing company to Rectangle Health.”

-Practice Manager, ENT & Audiology, Southlake Texas

“I had been told by many companies that they could integrate into our software, but once they came out and met with me, I could see they really could not do what they said…. Rectangle Health could not only seamlessly integrate with my software as they stated, but they could offer substantial savings each month.”

-Dental Office Manager, Southlake Texas

“We have been a Rectangle Health client for over 3 years now and we’re pleased to say they lived up to their word; from saving us hundreds of dollars in overall monthly fees to even going so far as to customize their online Practice Management Bridge for a special feature we requested.”

-Retina Consultant, Connecticut

“I would like to compliment Rectangle Health.  The customer service has been top notch and your representative is always quick to return our calls.  The payment software is great and has made collecting form our patients so easy.  We would recommend any medical practice to use Rectangle Health!”

-Chiropractic & Acupuncture, Denver, Colorado

“Since we started to use the program, we have had an immediate and noticeable improvement in patient payment at the time of treatment.  Transitioning to Practice Management Bridge has alleviated hours of extraneous work that was unavoidable with our previous retail terminal.  In addition to the invaluable improvements in our practice management, Rectangle Health has saved us money by lowering our processing rate.”

-Office Manager, Cosmetic Dentistry, Solana Beach, California

Learn more about the Rectangle Guarantee.