In one of her popular songs, Alanis Morissette sang about having “ten thousand spoons when all you need is a knife.”
Paying for healthcare can feel that way sometimes. There are plenty of messy, less-than-ideal methods for patients to pay their bills, whether it’s health insurance copays, deductibles, coinsurance, or cash payments, that’s a lot of spoons to keep straight. If only someone could provide a knife, a tool that made paying and receiving payment for healthcare as easy and simple as possible.
Gratefully there are organizations and companies who can do just that. Recently, MDsave and Wixcorp joined together to present a webinar on how their technology helps patients easily pay for healthcare, and helps providers quickly and easily receive that payment.
MDsave offers patients a chance to search for elective procedures across the country, and find providers who offer their services for a bundled payment. A bundled payment means that the prospective patient can pay one lump sum to cover all the bills that would typically arise from a healthcare service. For example, in surgery, there are often costs associated with the facility being used, the anesthesiologist, the pathologist, potential out-of-network providers being involved in the surgery, and of course the surgeon.
The patient would traditionally receive multiple bills from these different sources asking for separate payments, which can be surprising and even detrimental if patients aren’t able to afford it. But with MDsave, it’s a transparent, up-front cost that is easy for everyone to understand. Patients can shop around and prepay for a healthcare service (often at a discount), and then MDSave will quickly distribute that money to the different providers and facilities after the service is delivered.
A physician who has partnered with MDsave shared that it “has been vital for the uninsured and the underinsured in our practice. It is great that it is bundles and patients don’t receive any bills after the procedure. This is a win-win for everyone.”
With Wixcorp, we offer a full suite of RCM solutions and tools that create a patient financial experience that patients and provider organizations love. Our software includes tools such as price transparency/estimation, insurance verification, pre-pay collection, self-automated patient payment plans, text reminders, pay-by-text options, full integration into the EHR, linking family accounts, and much more.
Typically, when a hospital or clinic begins using our software, their AR churns faster, their insurance denials decrease, their bad debt lowers, and their accounts sent to collections are drastically reduced. In addition to that, Wixcorp also provides technology that makes scheduling and registration easy for the patients and the providers and modernizes patient communication and bill payments through responsive texting. With our software, patients are even able to pay their bills by just sending a text message. After quickly and easily integrating Wixcorp’s technology into their EHR, hospitals and clinics often find that they’re able to discontinue up to four other vendor solutions they were using previously.
One partner hospital’s billing manager recently shared her experience with Wixcorp, and said “as we were launching this I asked “What response can I expect from the patients?” and exactly what he told me was true. He said they’re going to love it. And they do love it. We have patients daily that call us saying “Oh I love this new system. I love that I can see the details of what my charges were and that my insurance is paid. Wherever I go in town, people are telling me how much they enjoy it and how easy it is to just pay their bills online. One of the funniest things I heard was “You’re finally up with the times!””
The traditional methods of paying for healthcare aren’t functioning as well as they used to. More and more of the financial responsibility for care is being placed on patients, but many of the existing tools and frameworks of paying for healthcare can contribute to confusing, frustrating experiences for everyone involved.
But the process of sending and collecting healthcare payments can be a simple, beloved process for both patients and providers. Partnering with MDsave and Wixcorp makes this possible. They allow patients and providers to finally put the spoons down and experience how quick and easy paying for healthcare can be.
For more information on these technologies and to schedule a free consultation to learn about bringing your care delivery organization “up with the times”, links are provided below:
If you’d like to learn more about purchasing bundled healthcare services through MDsave, you can visit their website here.
And to learn more about bringing your revenue cycle process and patient financial experience to the 21st century, you can visit Wixcorp’s website here.