Product Spotlight: The Revenue Maximizer

January 29, 2015

A Proven System that Supports Effective Management of Patient Pay

The ultimate goal of provider practices would be to operate effective, efficient systems that enable timely and clear communications with patients. In search of a solution to the challenges of collecting payment from patients, practices are taking advantage of systems such as the Revenue Maximizer that optimize workflow and create efficiencies for their staff. The Revenue Maximizer makes it easier for patients to settle patient-pay balances sooner, delivering a significant return on investment.

The Revenue Maximizer is a suite of web-based tools designed to help providers efficiently and effectively manage patient payments, shifting the patient education and collection process from the back office to the point of care.

HIPAA-compliant and PCI Level 1 certified, the Revenue Maximizer will verify patients’ insurance, estimate patient responsibility, and produce a patient-friendly statement in real-time. The system accepts and records patient payments by cash, check, credit/debit card or ACH – in person, over the phone or online. From one system, providers can process and manage any form of payment from patients – for the full amount owed at the time of visit, or to secure a payment guarantee for the amount the patient will owe after the insurance claim, including any deductible or coinsurance amounts. For larger balances owed, the Revenue Maximizer even supports payments made over time using the automated scheduled payments feature.

How the Revenue Maximizer Works

  • Estimate the Patient Balance Owed – Verify a patient’s insurance coverage, obtain detailed benefit information and estimate the patient balance due based on your practice’s billed charges and payer contracted rates.
  • Print a Patient-Friendly Statement – Present a patient-friendly statement for the patient to review the charges and ask how they would like to pay.
  • Collect Payment – Collect payment from the patient by cash, check, credit/debit card or ACH – at the point of care, after insurance has paid with card on file, or over time using the schedule payments feature. Patients can even pay online using the patient payment portal.
  • Track and Post Payments – Use the comprehensive reporting tools to simplify daily reconciliation, end of day closing, and improve tracking of patient payment activity by location, department, payment method, and user. The exportable transaction reports enable electronic posting with integration to the PM system.
  • The Revenue Maximizer supports best practices in collections for your practice, providing a significant return on investment.
  • Reduces billing and administrative costs and patient bad debt.
  • Reduces the amount of time your practice will spend verifying patient eligibility and benefits over the phone or visiting multiple health plan websites.
  • Enables collection of patient responsibility at the point of care, reducing or eliminating the need to send statements to patients, reducing write-offs and lowering collection costs.
  • Increases patient satisfaction when the patient, as a consumer, knows what to expect and how to make a payment conveniently.

For more information about this software and its capabilities, contact:

Bruce Lowder, Principal, MedSolutionsUS, at (512) 963-1001

b.lowder@medsolutionsus.com

http://www.therevenuemaximizer.com/

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