Anodynepay Utilizes Patient Pay services to Drive Patient Collections

Plutus Health Inc. created AnodynePay. A 15-year-old, technology-driven, full-cycle RCM company, Plutus Health Inc., focuses on medical coding, billing, payment posting, denial management, credentialing, prior authorizations, AR follow-up, and out-of-network negotiating.

AnodynePay makes it simple to manage your invoicing and payments so you can give your patients the attention they deserve. With e-Statements, text-based payment reminders, and online bill payment periods, you may digitize the financial journey of your patients. The generation and sending of paper statements is the main problem healthcare CFOs confront in patient systems and patient payments. It involves a lot of manual labor and is expensive.

An easier way to handle financial obligations for healthcare is provided by Patient Pay services, a unique provider of cutting-edge patient billing and payment solutions. Through a seamless integration of Patient Pay services into the Insight Billing platform, the AnodynePay and PatientPay alliance will offer an omni-channel strategy with text, email, and paper statements.

Driving More Payments While Reducing Patient Collection Costs

According to the Medical Group Management Association (MGMA), the average medical group sends 3.3 paper statements before receiving payment. PatientPay provides online electronic bills and notifies patients via text and email, reducing the amount of paper statements needed to collect patient payments. In fact, PatientPay processes 80% of its payments without ever printing a single piece of paper. According to the United States Postal Service (USPS), 60 percent of Americans now make their bill payments online. With the increase in USPS postage prices from the previous year, this amount is anticipated to rise.

Since its inception, PatientPay has emphasized electronic patient communications. In addition to ensuring compliance with TCPA and CFPB, their ability to communicate effectively via text and email has also enabled them to significantly increase patient participation. PatientPay is now accessed by 65% of users using mobile devices and by 35% on desktop or laptop computers.

Benefits of Patient Pay Services

• Increased collection speed

For practices to keep a good cash flow and prevent bad debt, they must be able to collect payments quickly. However, many procedures continue to use paper banknotes. This has a significant impact on the rate of speed to collection. 70% of service providers in a recent study stated it took longer than 30 days to collect payment through mail.

You can anticipate a quicker revenue cycle when using cutting-edge patient engagement solutions like AnodynePay. Patients who still owe money get a series of texts and emails asking them to pay as soon as possible.

• Enhanced Patient Satisfaction

The availability of a quick and simple payment option is valued by patients. According to one study, 60% of customers anticipate that their digital healthcare experience will be like that of retail.

However, in the healthcare industry, friction points are frequently caused by paper bills, apps, and portals. Patients can pay their medical expenses in a few clicks using an advanced pay system. As a result, patients have a better experience paying.

• Improvement in Patient Retention

Even though you give outstanding medical care, you are aware that patient retention is not a given.

Patients want to be aware of their financial expenditures as they become more like consumers. According to one study, 49% of respondents claimed their decision to utilize a healthcare provider would be influenced by knowing the exact cost of service up front.

You can anticipate an increase in patient loyalty and retention by implementing a patient engagement solution that aids patients in understanding their obligations before and after a visit.

• Minimized Manual Work

Front desk employees experience a load from manual payment processing. Additionally, it may lead to bottlenecks that obstruct the delivery of care. Additionally, manual procedures have possibility for error. Long delays and uncollected payments may follow from this.

All billing and patient collection procedures can be automated using an advanced pay system. Staff time will be freed up, and overhead expenses will go down.

Automate Patient Payments

If your practice wishes to accelerate revenue cycles while lessening staff workload, a straightforward and efficient payment system is essential. Here's how AnodynePay operates.

• Frictionless Payment Processing System

Hybrid health care is a reality. This means that both in-person and online patient payments must be processed by your office. The frictionless payment process is where it all begins. The technology may automate payments before or after the visit, whether the appointment is in person or online. Once configured, the system starts a sequence whenever it notices an unpaid debt.

• Patient Has Outstanding Balance

When AnodynePay discovers an outstanding amount, the system automatically sends a series of messages and emails to encourage payment. This sequence can be altered by our staff to suit the requirements of your clinic.

• Patient Receives SMS and email Alerts

It is allowed for healthcare personnel to communicate with patients via text messages, and many patients prefer this type of communication. As soon as a patient receives a payment notification through AnodynePay, they can verify their identification by entering their DOB. This enables patients to safely view their unpaid balances without interfering with your care teams' time.

• Patient Receives SMS and email Alerts

It is allowed for healthcare personnel to communicate with patients via text messages, and many patients prefer this type of communication. As soon as a patient receives a payment notification through AnodynePay, they can verify their identification by entering their DOB. This enables patients to safely view their unpaid balances without interfering with your care teams' time.

• Collection of Post Payments for Medical Billing System

AnodynePay can let the medical billing system know that payment has been made in full once the patient has paid their bill. Staff time is freed up because payment and record-keeping are handled automatically and with a high degree of success.

Final Words

Healthcare shouldn't be an exception to the widespread use of digital payment processing by businesses. With companies like AnodynePay, sophisticated patient payment options are currently attainable. Explore how we can help you get paid much faster, minimize overhead, and enhance patient satisfaction levels today.

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