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Bridging the Patient | Provider Divide

Bridging the Patient | Provider Divide | Healthcare and Technology news | Scoop.it

There is a growing divide between patients and providers over medical billing. While patient surveys repeatedly cite online accessibility and ease of billing as top concerns, most healthcare providers are not working to address those concerns.

 

A February article in BeckersHospitalReview found that upgrading digital payment tools was not a priority for most healthcare providers. A separate survey found that 79 percent of patients “consider the billing and payment experience” when choosing a healthcare provider.

 

StrongBox eSolution, based in Boca Raton, FL, is working to bridge the patient/provide divide by addressing the needs of patients while providing innovating solutions for providers through our cloud-based revenue cycle management software and patient financing solutions.

 

What Poll Results Tell Us About Patient Expectations


A recent report by Patientco surveyed more than 50 providers at large health systems that had more
than 350 beds and 200 patients on average. Here are their findings.

 

  • Nearly 80 percent of patients said they consider billing options when choosing their healthcare provider.
  • The vast majority (90.5 percent) of patient respondents said they prefer the option to pay their medical bills through installment payments.
  • Nearly 70 percent of patient respondents prefer digital enrollment over mail.
  • Flexible payment options are desired by 87 percent of provider respondents.
  • Half of the patients reported affordability as a top concern while less than 13 percent of providers shared that concern. 

 

The patients have spoken. Affordability and ease of access are top priorities for patients, even if those concerns aren’t always shared by providers. So how can your private practice, MSO, or  medical/dental group begin to bridge the divide and benefit from a more efficient billing system? Simple. By using StrongBox eSolutions, our platform as a service offers two benefits that serve both your patients and your bottom line.


StrongBox eSolutions Services
StrongBox creates a win-win for both providers and patients. Your patients will receive a streamlined
billing and payment experience. We offer two financing options (Select and Pro) that will  provide your
patients with:

  • No hidden markups
  • Fixed-rate loans
  • No interest hikes for late payments
  • Access to top-tier lenders
  • Zero credit score impact
  • Fast lender response
  • Hassle-free applications
  • Fixed monthly payments

 

As a provider, you will receive an enhanced revenue profile and a lower risk profile.  StrongBox efficiency creation helps create a better patient experience, which in turn leads to higher patient
satisfaction and higher patient retention.

 

Providers also benefit from our interactive Dashboard, which tracks Key Performance Indicators (KPIs)
such as:

  • Total encounters
  • Total collections
  • Charges
  • Number of procedures
  • Total adjustments
  • Enhanced tracking over outstanding accounts receivable (AR)

 

You can view KPIs on a daily, weekly, monthly, and annual basis. Plus, we offer a 12-month revenue
snapshot that can be used to compare profitability with prior years. Any reports that are not built-in can
be added by using our software’s custom reporting tools.

 

Learn How StrongBox eSolutions Services Is Bridging the Patients/Provider Divide

 

Nearly 80 percent of patients consider billing options when choosing their healthcare provider. When patients are empowered to handle their own billing and financing, patient payment compliance rises and delinquent payments drop. Our online Patient Payment Portal is designed with this in mind.

 

By partnering with our online services, you will be sending the message that your business is listening and addressing those concerns. To learn more about our services, contact our team online or call our Boca Raton, FL office at (855) 468-7876.

Technical Dr. Inc.'s insight:
Contact Details :

inquiry@technicaldr.com or 877-910-0004
www.technicaldr.com

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Serve More Patients and Increase Your Revenue

Serve More Patients and Increase Your Revenue | Healthcare and Technology news | Scoop.it

Healthcare costs are rising. So are insurance deductibles and prescription fees. As more and more patients struggle to pay for their medical needs, healthcare providers suffer as well. Healthcare financing is evolving, and practice owners must change with it if they want to stay afloat. Our team at StrongBox offers healthcare/medical/dental patient financing that integrates seamlessly with our revenue cycle management software. Read on to find out how we can help you reduce bad debt expense and increase your return on investment (ROI).

 

Patients’ Confidence in Healthcare Affordability is Declining

In a study conducted this year, only 62.4% of adults in the United States said they were somewhat or very confident in their ability to pay for healthcare costs. [1]  This is a significant decline from 2015, when almost 70 percent of individuals said they were confident they could pay for medical care.

 

In this same study, about 55% of adults with employer-provided insurance plans said they felt certain they would be able to afford medical care when if necessary. But what about those with individual coverage? One-third of all American adults stated that healthcare has become significantly more difficult
to afford over the past year. Additionally, only half of the population said they would have the money necessary to cover the costs of an unexpected medical bill.

 

What Needs to Change?
The statistics mentioned above are staggering. Clearly, we need a better way to help patients afford the
care they need. However, if healthcare providers keep performing treatment on patients who cannot
pay, their business suffers. What is the solution? At StrongBox, we offer healthcare/medical/dental
patient financing that benefits both the doctor and the patient.

 

Lending Partners and Patient Financing
What if you could give your patients the option to search fixed-rate healthcare loans from top-tier lenders? This is precisely what StrongBox offers. When your patient fills out an application, rates are provided without markup. Better yet, compared to medical credit cards, over twice as many applicants are approved. This option is not only ideal for elective procedures, such as cosmetic surgery and fertility treatments, it’s also extremely beneficial for individuals who do not have the money to pay for health-related procedures upfront.

 

StrongBox Healthcare/Medical/Dental Patient Financing
When it comes to patient financing, StrongBox offers two primary solutions: Select and Pro. Select is ideal for small to mid-sized providers. This cloud-based software works in conjunction with StrongBox revenue cycle management. Patients can complete their application in less than five minutes, after which it is submitted to a pool of up to 15 lenders. With terms up to 60 months and reasonable interest rates, this option is non-recourse to healthcare providers.

 

Pro is designed for large group practices and hospitals. This proprietary software identifies each patient’s credit profile and predicts their ability to pay. After approval, the healthcare facility receives funds directly within 24 hours. This increases average collections from 15% to 70%. As a result, practice owners can enjoy improved revenue and reduced bad debt expense.

 

Learn More about Healthcare/Medical/Dental Patient Financing with StrongBox

Are rising healthcare costs having a negative impact on the financial state of your practice? We can help.
If you would like to learn more about StrongBox solutions, request a virtual demo. We can assess your
unique practice needs and design customized software to address those concerns. Contact our Boca
Raton, FL office by calling (855) 468-7876.

Technical Dr. Inc.'s insight:
Contact Details :

inquiry@technicaldr.com or 877-910-0004
www.technicaldr.com

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Empower Patients With StrongBox Payment Portal & Patient Financing Alternatives

Empower Patients With StrongBox Payment Portal & Patient Financing Alternatives | Healthcare and Technology news | Scoop.it

Customer churn. The phrase refers to the periodic loss of patients and the gaining of new clients. One way to ensure that churn works in your office’s favor is to empower your customers through our online financing portal. StrongBox, a leading platform as a service (PaaS) provider based in Boca Raton, FL, understands that when patients have the freedom to finance their procedures at a time and place of their choosing they are more likely to follow through with timely payments.

 

Why Customer Empowerment Matters
We all live busy lives, and patients are no different. No matter how welcoming and friendly your clinic is, patients are always mindful of their next appointments. One way StrongBox allows your clinic to empower patients is through our online financing portal. Instead of requiring your customers to fill out lengthy forms in the office, they simply need to sign on through our online portal to apply for financing from top lenders. By allowing your patients to choose when they apply, you are showing that you respect their valuable time. Plus, the online platform reduces wait time in your office.

 

A 2016 article in the Journal of Dental Hygiene found that long wait times in office have a measurable “negative effect” on patients’ satisfaction with their dentist and lowers patient return rates.

 

How StrongBox Empowers Your Patients
In addition to our revenue recognition cloud-based platform and our Payment Portal, StrongBox also offers two financing options, Select and Pro, that are accessible at the office or to be completed by the patient when they have the time to complete the less than 5 minute application process. The application process is paperless and offers instant access to an easy to use online financing application form. By partnering with StongBox, your patients will benefit from: 

  • Fixed-rate loans
  • No hidden markups
  • No interest hikes for late payments
  • No impact on credit score
  • Access to top-tier lenders (Discover, OneMain, Ascend)
  • Fast response from lenders
  • Easy application process
  • Hassle-free payments
  • Set monthly payments

 

Small- to medium-sized providers will benefit from our Select financing option. This service gives patients access to 30 lenders simultaneously. Select financing applications are approved at twice the rate as medical credit card applications. Both forms of application take less than five minutes for patients to complete.

 

Larger groups and networks may be best served with our Pro patient financing option. Our cloud-based platform can analyze your patients’ credit characteristics and rank them accordingly. Once approved, your clinic will receive funds within 24 hours.

 

More options for patients means a greater likelihood of compliance with billing, accelerating revenue recognition and reducing collection risk for the provider.  Many patients already experience anxiety over medical bills and non-payment is a healthcare system issue. In fact, a recent survey found that 79 million Americans have trouble paying medical bills and medical debt. Why not turn those worried patients into informed allies. The StrongBox model has a proven track record. Hospitals and clinics that use Pro and Select plans can see their collection rate increase from 15 to 70 percent to best practices 95 percent over the near term.


Learn How Our Online Platform Can Grow Your Business
Once your office begins using our online financing platform and payment portal, you can enjoy the benefits of our prompt customer support and proven return on investment. The freedom delivered by our revenue recognition platform and financing options means that your patients will feel empowered to handle payments on their terms while your team of oral health professionals can spend more time focusing on what you do best — serving patients.

 

If you have questions about StrongBox’s financing services, contact our team online or call our Boca
Raton, FL office at (855) 468-7876.

Technical Dr. Inc.'s insight:
Contact Details :

inquiry@technicaldr.com or 877-910-0004
www.technicaldr.com

more...
No comment yet.