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.

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.