Updox Patient Payments Enables Practices to Accept Credit Card Payments Via Patient Portal, in Lobby and in Office for One Integrated Experience
New Feature Integrates Online Bill Pay Components with CRM Platform to Help Medical Practices Improve Cash Flow and Expand Revenue Streams
Dublin, Ohio, October 29, 2014 – Updox, the industry leader for physician connectivity and CRM solutions for health care, today announced the integration of online bill pay and credit card processing components within its Customer Relationship Management (CRM) platform. Through the Updox Patient Payments feature, patients are able to enter their credit card information from home, in the practice’s lobby or provide to office staff in a secure manner that easily integrates into the practice’s workflow and eliminates the need for multiple systems.
With Updox Patient Payments, patients can receive bills online through their patient portal, submit payment through the website and have their credit cards stored for future charges. Upon check-in, patients can access their credit card on file information in the practice lobby to submit co-pays for a self-service experience. This feature provides a significant benefit over the previous process where practice billing staff mailed invoices, sent reminders or worked with collection agencies to recover payments. Updox offers a streamlined patient experience that is convenient and efficient for both patients and staff. Patients can receive prompts, schedule appointments, ensure their credit card on file information is correct, determine their co-payment and, after their visit, pay their bill in a secure, timely manner.
“Five years ago, practices were investing in clunky credit card terminals or proprietary lobby solutions that weren’t integrated within the practice’s workflow or with what the patient does at home. People assume online payment services are costly but our service connects with standard equipment already in place, such as computers, tablets, iPads or smartphones. We offer a more cost-effective approach that provides a consistent experience,” said Michael Morgan, chief executive officer, Updox. “This takes bill payment out of the back office or behind the desk and makes it truly accessible and convenient for patients.”
A report from PhysiciansPractice.com states that bad debt due to uncollected deductibles runs practices about 18 percent annually, with the self-pay default rate at 30 percent or more. Collecting self-payments from patients requires a tremendous amount of staff time and expenses. As healthcare evolves with higher deductibles and more patients moving to a self-pay format, there is an increasing need to use technology to improve upfront revenue collection. Updox Patient Payments lowers billing costs and provides practices with a proven, efficient method to avoid collection issues, ensure timely payments and charge for no-shows.
An additional benefit of online payment services allows practices the option of expanding their business and growing their revenue stream. Online bill payment and credit card processing lays the foundation for physicians to offer items or services for purchase, including products, equipment, paid programs or classes, or additional services. Patients can conveniently purchase items through the practice’s patient website and their card data is securely stored online. The process is also ideal for physicians who would like to offer their patients the option of subscription-based care with premium services not covered by traditional insurance. According to a survey by Accenture, physicians who wish to remain independent must find ways to improve their revenue and one in three will aim for higher yields by adopting subscription-based care models.
Updox Patient Payments is an easy, efficient way to manage cash flow, a crucial component to running a successful medical office. The feature requires less manual data entry, while providing enhanced security and improved revenues. Updox Patient Payments is a key building block of the Updox Customer Relationship Management (CRM) platform that streamlines physician-to-physician and physician-to-patient interactions so that practices can thrive in a more efficient, business-oriented manner.
Providing Customer Relationship Management (CRM) for health care, Updox is the industry leading Physician Connectivity Platform. More than 45 electronic health record (EHR) vendors, representing 140,000 physicians, selected Updox as their Health Information Service Provider (HISP) of choice to be a part of the Updox Direct Network (UDN). With our CRM solutions, health care providers and practices can easily manage communications from one inbox, streamline physician relationships, drive collaboration with partners and engage patients – all integrated with the practice’s existing EHR. Practices benefit through improved relationships with patients and other providers, increased revenues, reduced costs, and enhanced business efficiencies.
Updox services are available directly to independent physicians or through partnerships with EHR vendors to help practices run more efficiently, increase revenues and offer patients a more satisfying experience. More than 70,000 members have joined Updox to change how medical practices collaborate and share information.
Updox achieved full accreditation with the Direct Trusted Agent Accreditation Program (DTAAP) as a Health Information Service Provider/Registration Authority/Certificate Authority (HISP/RA/CA) from DirectTrust.org and the Electronic Healthcare Network Accreditation Commission (EHNAC). Additionally, Updox is a founding member of Carequality. Formed by Healtheway, Carequality is an open, transparent and inclusive industry-driven effort that convenes stakeholders and facilitates industry consensus to develop and maintain a standards-based interoperability framework to enable information exchange between and among networks.
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