While your hospital will likely never advertise a Labor Day sale on flu shots or double-coupon day for knee surgeries, the healthcare industry is increasingly adopting retail-like processes in tandem with patients taking on more direct payment responsibility. Since the patient billing lifecycle is changing, shifting earlier in the patient encounter, we have entered an era where patients commonly pay an estimate of their financial responsibility during admission.
While some payment solutions in the industry are designed to only accept payments with limited reporting and reconciliation functions, Emdeon eCashiering is redefining and redesigning the way payments are received by hospitals nationwide to provide more revenue management capabilities and streamline workflows. With a larger share of revenue shifting from payer to patient, it’s important to maximize each and every payment collection opportunity.
You may already be familiar with Emdeon eCashiering, but you might not know about all of the ways it can help improve cash flow, shorten the reimbursement cycle and reduce bad debt for your organization. Below includes nine reasons why you should consider adding Emdeon eCashiering to your patient billing and payment collection system.
1. Simplifies point-of-service collections
As patients bear more responsibility for payment, providers are increasingly making requests for payment a standard part of the registration process. Emdeon eCashiering makes it simple to collect payments on the frontline. Staff members who handle registration now have an easy-to-use tool for receiving payments up-front or collecting on account balances as well. And that’s good news, as research shows, providers only get 60 cents on the dollar once an account hits 120 days versus 90 cents from Point-of-Service (POS) collections.
2. It makes real-time account data viewable system-wide.
With Emdeon eCashiering, the most recent, accurate patient account information is viewable system-wide. Information is not held in a silo with delayed viewing across the system. Staff members can access the latest account balances and payments, empowering them to take action and answer questions as needed at the moment.
3. It empowers staff to accept payments system-wide, anytime
Thanks to that system-wide accessibility, Emdeon eCashiering also makes collections possible at any time. From call centers to anywhere on the floor, payments can be collected and processed accurately and conveniently.
4. It provides greater cash controls and automated cash control reporting
Hospitals are not typical retail environments, but Emdeon eCashiering is engineered to fill in the blanks by integrating cash controls into existing processes. Emdeon eCashiering can require users to validate cash drawer amounts at the start of shifts, reconcile the drawers as shifts end and even prompt real-time alerts if discrepancies are found.
5. It enables simple refunds and voids
With the increase in pre- and point-of-service collection, refunds may be needed as patient payment estimates are adjusted due to shifting deductible balances or when procedures are cancelled or changed. With Emdeon eCashiering, transactions can be voided before settling, eliminating unnecessary data from showing up in the system, and refunds can be processed electronically without the hassle of issuing a check. Additionally, Emdeon eCashiering makes it possible to assign refunding capabilities only to select staff members (e.g. supervisors) as a safeguard.
6. It creates opportunities for proactive collections
Emdeon eCashiering allows hospitals set up payment plans responsively to fit the patient’s ability to pay. Recurring payments may be structured, easily altered and viewable in real-time throughout the system. Likewise, payment discounts—for example, offering a discount for up-front payments or payments paid within 30 days —may be offered with ease. This flexibility makes collections more productive and efficient.
7. It links multi-site systems for enterprise revenue management reporting
Does your organization have multiple campuses and satellite clinics? Emdeon eCashiering is designed with you in mind. With real-time reporting viewable through the web-based portal, payment terminals are linked at all locations for truly intelligent, up-to-the-minute revenue management and system-wide tracking of business analytics. This makes it possible to quickly identify individuals or departments underperforming in collections. This is a very valuable capability for hospitals that place a high importance on patient liabilities and reducing uncollected cash.
8. It offers custom reporting to help you track and respond
Versatile, custom reporting lets you pinpoint the information you really need out of 41 data elements captured. Additionally, you can view those data elements in whatever form works best for you: graphical or tabular, by department or by timeframe. Comparative department stats can be quickly accessed as a helpful tool for hospitals that encourage interdepartmental competitiveness for collections.
9. It allows role assignments for best management and control
Though universally accessible, Emdeon eCashiering offers functionality that may be best approached through tiered usage. By allowing the assignment of roles, eCashiering helps build in internal checks and balances for best use. For example, it may be set up to allow most associates to collect payments, while only supervisors may issue refunds.
Do these points register for your organization? Make the switch to Emdeon eCashiering today. Contact us anytime to get started. Visit us online or simply call 877.EMDEON.6 (877.363.3666) to learn more.
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Emdeon eCashiering: Nine Things You Need to Know
