Faster Healthcare Payments

Around the world and every minute, literally millions of financial transactions are taking place – quickly, efficiently, and electronically. The vast majority of these transactions involve consumers who – whether they purchase a good or a service – are submitting payments or agreeing to payment terms at the point of sale. So why is it then, that in this modern age medical providers face waiting periods as long as 120 days before receiving payments and experience approximately 50% in patient bad debts?

According to a recent study published by Celent, most medical providers do not have access to the information they need to accurately provide their patients with an estimate of what they owe. Because a patient’s liability is not determined until their claim is filed and adjudicated, it can take 30-45 days before the amount the patient owes is truly determined. Only then can a provider prepare and mail the patient’s bill. According to the Medical Group Management Association (MGMA) the average billing cycle for a patient liability is 90 days from the time they receive their first statement, which means it can be as long as 120 days until a provider receives their monies.

However, technology now exists that can speed up the processing time of healthcare transactions by as much as 60 days. By eliminating the guesswork involved in determining a patient’s liability, the ClearGage Payment Accelerator cuts through the clutter and can significantly reduce the waiting time between when medical services are rendered and when medical services get paid.

The ClearGage Payment Accelerator is an easy to use, HIPAA and PCI compliant payment processing tool that can verify a patient’s insurance coverage, accurately calculate their out-of-pocket costs, and quickly manage and process their payments – all in one system and at the point of service. It is designed to optimize the clinical and financial workflow for any type of healthcare organization, resulting in increased revenue and faster processing times.

The ClearGage Payment Accelerator allows you to set up pre-agreed upon payment options  and safely store patient payment information. Instead of billing your patients when you receive the remittance advice from their insurance company – and hoping your patient will pay – you can collect the pre-agreed payment  amount using the credit card or bank account information they have provided you.  Not only can automatic payments shortening the revenue cycle,  they can reduce your operating costs by eliminating the need to process multiple paper statements.

Our patient-friendly, web-based software:

• Works with any HL7 compliant practice management system
• Empowers your administrative staff with the information they need to establish payment authorization at the point of service
• Provides real-time insurance verification and coverage information that allows medical practices to validate a patient’s insurance coverage and gain insight as to the specific details of a patient’s plan
• Supports a variety of convenient payment options including the ability to electronically process credit cards and electronic checks, set up payment plans, and receive payments through ClearGage’s Online Patient Payment Portal.
• Can communicate with any HL7 or HIPAA compliant practice management system, medical claims clearing house or other trading partner.

To fully experience the ClearGage advantage, sign up for a Full Demo or use the Savings Calculator to estimate your potential savings.