Blog Simplify Your Medical Billing. Don’t Burn a Hole in Your Bottom Line!

Is medical billing costing you more time than it should? Here’s a better way to manage this critical but complex process. Minimise bad debt, eliminate paperwork.

Are you spending more time on medical billing than treating patients? Medical billing is a critical but complex process due to administration and regulations. Private clinics often participate in multiple managed care plans to stay competitive. However, manually managing billing and payment puts a huge admin burden on your healthcare team that eats up both time and money. On average, billing and insurance matters can cost practices between “US$68,000 to US$85,000 a year,” explains Dr. Benjamin Kaplan in Insurance Business Magazine.

Clinics can spend months waiting to settle outstanding or rejected claims. In some cases, doctors are forced to write off bad debt, which decreases clinic revenue. Since medical billing significantly impacts a clinic’s cash flow and bottom line, it’s crucial that practices use the right tools to efficiently manage medical billing and minimise bad debt.

Plato helps clinics eliminate paperwork and reduce debt risk in two ways. First, Plato’s dedicated corporate billing module lets clinics easily generate reports and track outstanding amounts. Second, patients can remotely settle their rejected claims using “Card not Present” PlatoPay.

Corporate billing made simple

You can’t manage what you’re not measuring. Plato’s corporate billing module makes it easy to track the insurance providers and Third Party Administrators (TPAs) that your clinic is working with. Clinics can see which entity has settled what payment, when the payment was made, and who has not paid.

Sometimes, a TPA, Insurance company, or Corporate requires certain paperwork to process a claim. In this instance, Plato makes it convenient to generate key statements and invoices to send to the corporate entity. Plato provides a variety of different formatting options, as well as the flexibility to hide and emphasise specific information. With the right data in hand, it becomes much easier to ensure that the majority of your claims are paid.

Sometimes, despite your best efforts, a corporate or insurance claim gets rejected. If a patient’s claim gets denied, the clinic can invite the patient to settle the sum remotely using “Card not Present” PlatoPay.

Let patients remotely settle rejected claims

Instead of banking on your patient to return to the clinic, why not let them pay conveniently using “Card not Present” PlatoPay?

In “Card not Present” PlatoPay, your practice holds the patient’s credit card on file for free to make remote, clinic-initiated charges. This is similar to how you would pay for a Grab ride, hotel, or a flight. Each time you pay for a Grab service, you are using card-not-present payment. You’ve authorised that payment with Grab one time, and it directly charges you in relation to invoices you generate going forward. Card-not-present payment is frequently used in tech and a very common consumer experience.

Similarly, after the patient authorises your clinic to hold their card on file, they don't have to be physically present for any clinic-initiated transactions. With “Card not Present” PlatoPay, clinics can quickly settle any rejected claims and reduce the risk of bad debt. Clinics don’t need any special hardware to process payments using “Card not Present” PlatoPay.

Let us show you how Plato can simplify your medical billing.

Want to Simplify your Medical Billing?

January 27, 2021