|By Business Wire||
|August 18, 2014 09:31 AM EDT||
Navicure, a leading healthcare billing and payment solutions provider for hospitals, physician practices and billing companies, today announced the availability of Navicure Payments™, a software platform facilitating the patient payments process. The software is designed to allow healthcare organizations to estimate patient payment amounts and to enable efficient and effective collection of those payments. By using Navicure Payments, organizations can reduce bad debt and the costs associated with patient collections, while accelerating cash flow from patient accounts.
This new tool helps healthcare organizations better manage the continued increase of patient financial responsibility and the challenges associated with this trend. According to a National Center for Health Statistics study from 2013, 32.5 percent of people under the age of 65 with private health insurance were enrolled in high-deductible health plans, increasing from only 19.2 percent in 2008. Since these plans require a higher out-of-pocket payment from patients, practices need new payment policies, technology and processes to collect amounts owed before it becomes bad debt. On average, 20-30 percent of patient accounts are written off as bad debt today.
Navicure Payments enables healthcare organizations to collect the entire amount owed from patients, and makes the process faster and easier than many traditional patient collections models. Specifically, Navicure Payments users are able to:
- Estimate patient financial responsibility at the time of service without having to enter or manage complex payer contracts, providing patients with price transparency.
- Secure patients’ commitment to pay at the time of service reducing future bad debt write-offs, allowing organizations to configure payment plans that can run automatically and conform to established guidelines.
- Collect previous balances or co-pays before service via debit, credit or ACH payments, improving accounts receivables.
- Collect balances after insurance adjudication using securely stored card information, avoiding costly statements or collections.
“Patients are now among the healthcare industry’s largest payers, in some cases surpassing Medicare and Medicaid,” said Jim Denny, co-founder and CEO of Navicure. “To continue to thrive, healthcare organizations must collect patient payments at or near the time of service and no longer rely solely on patient statements, which can come months after care and long after the patient remembers what procedures were performed. Throughout our history, Navicure has been dedicated to helping organizations collect more revenue from payers faster and with less effort. Now we’re doing the same with regards to collecting from patients with the launch of Navicure Payments.”
Navicure’s cloud-based healthcare billing and payment solutions help healthcare organizations of all sizes increase revenue, accelerate cash flow, and reduce cost in the course of managing insurance claims and patient payments. Serving more than 50,000 healthcare providers nationwide, Navicure’s technology solutions automate account receivables processes, including claims management; patient eligibility verification; remittance and denial management including automated secondary claims filing, appeals, and posting; reporting and analysis; and patient payment collections at and near the time of service. Navicure’s solutions are supported by its unique 3-Ring® Client Service which guarantees that a client service representative will answer every client call in three rings or less, even during times of transition such as 5010 and ICD-10.
Navicure is the exclusive billing and payment solution of the MGMA AdminiServe® Partner Network and an MGMA Executive Partner. The company received “Best in KLAS” distinctions for the claims and clearinghouse services market segment as part of the 2008, 2010 and 2012 Best in KLAS Awards: Software & Services report (www.klasresearch.com). KLAS is a leading source of information on healthcare information technology vendor performance. Navicure also received the 2013 Gold Stevie Award for Healthcare Customer Service Team of the Year as part of the 2013 Stevie Awards for Sales and Customer Service. Navicure continues to be ranked among the fastest growing companies nationally in the Inc. 5000 and Deloitte Fast 500 rankings. For more information, please visit www.navicure.com.
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