Navigation Links
Medical Offices Feeling Pain of Weakened Economy
Date:4/7/2009

$800 Billion Bailout Doesn't Provide Cure

WESTMONT, Ill., April 7 /PRNewswire/ -- As the economy continues to weaken, medical offices don't even have immunity to the side effects. The recent $800 billion bailout plan includes money for automating patient records, which may help reduce the cost of delivering healthcare, but nothing to help the doctors' offices get paid by patients.

According to a recent national survey of medical offices conducted by InfoSurv on behalf of EasyPay Solutions, 18 percent of respondents reported that over the last year, patient receivable accounts increased between 10 and 25 percent. Additionally, 28 percent revealed that bad debt expenses, or money not collected from patients, increased between 10 and 25 percent, directly affecting the doctor's take-home income.

"Combine skyrocketing unemployment rates, the collapse of the housing market and the Wall Street crisis and it negatively impacts the financial health of medical offices," reports Dave Crooks, president of EasyPay Solutions, an advanced software product that uniquely solves the problem of collecting patient balances (from patients with the capacity to pay). "With consumers struggling to pay for their mortgage, insurance, groceries and other necessities, medical bills often end up at the bottom of the pile. Studies report that 20 percent of consumers are currently having trouble meeting their medical bills...and the problem may only get worse before it gets better."

The EasyPay survey also reveals that more then 60 percent of medical offices are somewhat or very concerned with the alarming trend of increased bad debt, while nearly 12 percent report that the doctors' take home pay has been negatively impacted due to patient account receivables.

Patient account receivables not only take a financial toll on doctors' offices but on their staffs' time as well. Survey findings reveal that nearly 30 percent of practices dedicate five to ten hours a week collecting from patients, while another 11 percent spend more then 10 hours on the same task. Additional time is spent sending out reminder notices.

"As insurance companies continue to reimburse doctors less and less for procedures and the patient financial responsibility increases, it becomes critical that doctors implement new payment technologies if their practices are going to remain viable," says Crooks. "To help combat this issue, we offer EasyPay, an patient receivables management software product that solves the problem of collecting patient balances utilizing advanced credit/debit card capabilities."

Easy Pay provides patients with additional payment options while helping the provider control the patient payment process. A key component of Easy Pay allows the provider and patient to agree on a maximum "signature on file" amount and later automatically process a transaction for payment when the patient payment amount is finally determined. An automatic email receipt can be sent to the patient for all transactions processed. The doctor is paid immediately without any bad debt exposure, billing costs, or collection expenses.

Patients like credit/debit cards because of the convenience they offer. In the case of credit cards, patients typically receive free miles or cash back from their bank...or other premiums. Additionally, they can time their payments with their financial resources.

"EasyPay makes the bank the banker...and relieves the medical office of the burden of collecting from patients It's the fastest and most cost-effective way to collect from patients...especially in today's economic climate," says Crooks. "For patients with the capacity to pay, the easy prescription is to utilize credit card signatures-on-file. Forget billing patients because patients typically pay their doctor last - it's a waste of time and money and only adds to the cost of delivering healthcare."

See www.CollectingFromPatients.com and www.PatientEasyPay.com


'/>"/>
SOURCE EasyPay Solutions
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. ABAXIS Realigns North American Medical Sales and Marketing
2. Mindray Medical to Exhibit New Products at 61st China International Medical Equipment Fair
3. MetroSouth Medical Center Selects Broadlane to Provide Comprehensive Supply Chain Services
4. New Medical Transport Chair Adds Superior Versatility For EMS Professionals
5. Glenwood Systems, LLC Releases EMR Practice Management and Medical Billing Process Improvement Program
6. Credit Union Cherry Blossom Ten Mile Run Cherry Blossom Ten-Miler Raises $400,000 For Children's National Medical Center
7. BMJ Award for NHS Choices Guide to the Medical Science in the News
8. Medical Journal Praises VA Electronic Health Record
9. Greenway Medical Technologies EHR and Interoperability Solution To Be Included as Part of Detroit Medical Centers Health IT Infrastructure
10. Noteworthy Medical Systems Names New CEO
11. S.C. BlueCross and Palmetto Primary Care Physicians Launch Medical Home Pilot Project
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... ... temporary closing of Bruton Memorial Library on June 21 due to a possible lice infestation, ... aspect of head lice: the parasite’s ability to live away from a human host, and ... necessary one in the event that lice have simply gotten out of control. , As ...
(Date:6/25/2016)... ... ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his Bachelors in ... School of Medicine at UCLA. He trained in Internal Medicine at Scripps Green Hospital ... at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to train in ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... Conventional wisdom ... of success. In terms of the latter, setting the bar too high can result ... more than just slow progress toward their goal. , Research from PsychTests.com ...
(Date:6/24/2016)... Michigan (PRWEB) , ... June 24, 2016 , ... June ... about the dangers associated with chronic pain and the benefits of holistic treatments, ... individuals who are suffering with Sickle Cell Disease. , Sickle Cell Disease (SCD) is ...
(Date:6/24/2016)... ... , ... Global law firm Greenberg Traurig, P.A. announced that 20 Florida attorneys ... peers for this recognition are considered among the top 2 percent of lawyers practicing ... members of this year’s Legal Elite Hall of Fame: Miami Shareholders Mark D. ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... SAN CLEMENTE, Calif. , June 24, 2016  American Respiratory ... testing company, is now able to perform sophisticated lung assessments in ... Medical Technologies , Inc. Patients are no longer ... to ndd,s EasyOne PRO ® , ARL patients like Jeanne R. ... testing done in the comfort of her own home. ...
(Date:6/24/2016)... --  Pulmatrix, Inc ., (NASDAQ: PULM ), ... today that it was added to the Russell Microcap ... set of U.S. and global equity indexes on June ... for Pulmatrix," said Chief Executive Officer Robert Clarke ... in developing drugs for crucial unmet medical needs, and ...
(Date:6/23/2016)...  MedSource announced today that it has selected ... of choice.  This latest decision demonstrates MedSource,s commitment ... clients by offering a state-of-the-art electronic data capture ... as the EDC platform of choice in exchange ... has long been a preferred EDC platform by ...
Breaking Medicine Technology: