Patient payment could top $420 billion by 2015 – a 68% increase in 5 years. This dramatic shift causes serious concern for healthcare leaders, who now struggle to collect thousands of patient payments, versus a few dozen insurance payers. As healthcare revenue cycle managers start to think about how their organizations will manage the change in patient payments, they have serious concerns:
- Communicating billing information clearly and effectively to ensure that all patients understand their payment responsibilities
- Providing ‘omnichannel payment’ options to enable patients to pay bills at their convenience, through a variety of platforms (e.g. mobile, online and no-login options)
- Investing in expensive technology updates and training to accommodate increasing statement processing and delivery demands
- Preparing for government ICD-10 requirements
To alleviate these concerns, Apex has developed a state-of-the-art cloud-based software platform that meets these organizational needs. These cloud based online billing tools do not require any installation of software and drastically improve patient payments, the speed to pay, bad debt, support time and service, and overall patient satisfaction.
On average, Apex customers have realized 10% improvements in patient payments collected and 10% reduction in billing-related costs. With hundreds of billions of dollars at stake, and 1 in 5 patients experiencing a medical bill that reaches collections, these percentage increases are significant. Apex has new product and service offers in process that will take those returns to new levels.