mPay Gateway, a Minneapolis, MN company specializing in point of care patient payments announced today that a Minneapolis-area primary care clinic has reduced their patient-responsible accounts receivable by more than 50% after successfully implementing the mPay Gateway software. The four provider practice piloted the mPay Gateway solution with their largest commercial payer and noted this dramatic A/R reduction within 12 weeks.
Minneapolis, MN (PRWEB) December 17, 2008 -- mPay Gateway, a Minneapolis, MN company specializing in point of care patient payments, announced today that a Minneapolis-area primary care clinic has reduced their patient-responsible accounts receivable by more than 50% after successfully implementing the mPay Gateway software. The four provider practice piloted the mPay Gateway solution with their largest commercial payer and noted this dramatic A/R reduction within 12 weeks.
Eden Prairie, MN-based ConsentiaHealth provides management consulting services for the practice. "The results have been remarkable," says Steven J. Knutson, the ConsentialHealth partner who has worked closely with the group for several months. "While I knew the mPay Gateway approach would help, I would have never predicted the immediate success we have had with the mPay Gateway software. The overwhelming majority of patients are positive about the change and staff has been very receptive as well."
mPay Gateway delivers web-based software that facilitates point of care electronic patient payments to health care providers. The company's unique approach enables providers to obtain patient payments and authorization while the patient is still at their facility, thus reducing bad debt exposure and the need for post-service billing and collection.
"ConsentiaHealth's client was concerned with the rise in the patient-responsible portion of their A/R, as well as the rise in uncollectable accounts," says Brian K. Beutner, CEO of mPay Gateway. "The mPay Gateway software now allows the practice to calculate the patient's responsibly at the time of service, and secure payment while the patient is still in the office."
"In addition to decreasing the accounts receivable, the practice is now saving both hard and soft costs because they are mailing fewer statements," says Knutson. "Previously the staff would send each patient an average of two to three statements, which cost over $3 each to produce and mail. The simplicity of the mPay Gateway software makes it easy for the staff to talk to the patient about payment and fits nicely into the patient encounter workflow. Today the staff regularly hears patients express how happy they are to walk out of the practice knowing they have already addressed all their financial obligations."
A summary of the Case Study on the practice's use of mPay Gateway is available on mPay Gateway's website at: www.mpaygateway.com/docs/mPay Gateway Case Study Summary.pdf. The average physician practice in the US today writes off fifty cents of every dollar billed to patients after the patient leaves the office due to inefficient collection processes and confusing insurance plans. The mPay Gateway product simplifies the patient-provider encounter and enables the provider to begin collecting from the patient when the services are rendered, thus reducing bad debt exposure and the need for post-service billing and collection.
About mPay Gateway, Inc.:
mPay Gateway develops financial technology products and services to support health care's complex and unique payment environment. mPay Gateway empowers health care providers with a single source payment solution that enables collections from patients, regardless of the patient's third party payer affiliation. For more information, please visit www.mpaygateway.com.
About ConsentiaHealth, Inc.:
ConsentiaHealth is a consulting firm dedicated to building collaborative business relationships between providers, patients, and payers. The company offers the health care industry a variety of managed care and business services designed to advance strategic and operational performance. For more information, please call (952)-474-3994.
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