Unlock the secret to seamless patient payments with instantVOB’s® strategies. Boost revenue and satisfaction while streamlining processes effortlessly.
instantVOB® is a user-friendly solution that simplifies patient payments in healthcare. Our platform swiftly provides concise reports verifying insurance status, deductible amounts, out-of-pocket expenses, and copays.
instantVOB® also has automated systems that simplify payment collection, improving efficiency and reducing challenges.
With the rise of out-of-pocket spending in healthcare, instantVOB’s® services have become more important than ever. In 2021, out-of-pocket spending reached an alarming $433.2 billion, putting financial strain on patients and medical practices alike.
Medicare, Medicaid, and even private health insurance have risen significantly by an average of 22 percent.1
The amount of uncompensated care also reached $41.6 billion in 2019, making it crucial for healthcare providers to have tools to ensure they get paid for the services they provide. instantVOB® saves time and money for healthcare providers. It does tasks like verifying benefits and tracking payments automatically so that staff can focus on care. This makes everything work smoothly and saves money.2
The burden of medical debt is an unfortunate reality that often leads to financial bankruptcy. To solve this problem, we need strategies that make paying for healthcare easier and make everyone happy.
Here’s how instantVOB® streamlines the entire patient payments process:3
instantVOB® quickly checks details like coverage, deductibles, copays, and out-of-pocket expenses. This helps doctors and hospitals simplify patient payments and avoid mistakes.
instantVOB® connects healthcare providers and patients, making it easier to talk to and understand each other. It keeps everyone informed about insurance and payment expectations.
instantVOB® lets patients easily access their payment details in one place. They can see how much they owe, deductibles, copays, and what’s left to pay. This helps them plan and make smart decisions.
With instantVOB®, patients can pay their dues after verification of benefits. This makes it simpler for hospitals to collect prompt payments, manage their money, and save time.
instantVOB® helps healthcare providers manage their money better. It tracks payments, fixes any issues, and keeps records accurate. This helps healthcare providers get paid correctly and quickly.
instantVOB® makes patients happy by being transparent and convenient. They can easily see their payment information and choose how to pay.
This builds trust and makes them feel good about their healthcare provider.
Patient payments are a critical part of medical billing. Understanding when patients make payments is also essential for healthcare providers.
Here are some important details to keep in mind:
When it comes to patient payments, people may have different options available to them.
Here are some of the most convenient ways for patients to make payments:
Many healthcare providers offer secure online payment portals. Patients can access them from their computer or mobile device.
These portals make it convenient to make payments anytime and from anywhere.
Some healthcare providers have payment apps that patients can download. These apps allow patients to view their bills, make payments, and even set up payment reminders.
Accepting credit or debit card payments is a common option for patient payments. Patients can provide their card details, and the payment can be processed quickly and securely.
Electronic fund transfers let you transfer money from your bank account to the provider’s account. You can do this online or provide the information to the billing department.
These plans are a convenient option for recurring payments, such as monthly bills or ongoing treatment.
Patients can set up automatic payments, and the predetermined amount will be deducted on a specified date.
If you prefer face-to-face interactions, you can make payments at the provider’s billing department. Patients can pay directly with the staff using cash, check, or card.
Hospitals typically accept a range of payment methods to accommodate their patients’ needs. Here are some of the most common payment methods that hospitals accept:
In 2021, over 27 million people under 65 were without health insurance. When you don’t have insurance or need to cover services not included in your insurance plan, hospitals accept direct payment. You can pay with cash, a check, or a credit/debit card.4
If you have individual private insurance, hospitals accept payment from your plan. You will pay your portion through co-pays, deductibles, or co-insurance, while the rest is covered by your insurance company.
Many hospitals accept payment through employment-based group private insurance plans. These plans are provided by your employer and cover part of your medical expenses. You contribute through deductions from your paychecks.
Hospitals also accept patient payments from programs like Medicare and Medicaid. Medicare helps individuals aged 65 and older, while Medicaid is for low-income individuals. These programs directly pay hospitals for eligible services.
It’s important to know that patient payments can vary between hospitals and insurance plans. Check with your hospital and insurance provider to understand your payment options.
If you’re a healthcare provider, you know that patient payments can be a hassle to manage. That’s where instantVOB® comes in.
Here are some ways it can help simplify the process:
When it comes to patient payments, there are several risks that healthcare providers should know. Let’s take a closer look at each of these risks below.
Patient payments can cause a financial burden if individuals have limited insurance coverage. The cost of medical services can quickly add up, causing financial stress and potential debt for patients.
Mistakes in billing can occur, resulting in incorrect charges or overcharging patients. These errors may lead to disputes and frustration for both patients and healthcare providers.
Healthcare providers may also experience uncompensated care. This means that they are providing services without receiving payment, leading to financial losses for the practice. Uncompensated care can be hard for healthcare providers to manage.
Patients may face challenges with insurance claims, resulting in denials or delayed payments.
This can occur due to various reasons, such as:
A whopping 79 million Americans are struggling to pay their medical bills. Collecting patient payments can be challenging, especially when individuals struggle with financial hardships or lack understanding of their payment responsibilities.
Healthcare providers may need to employ collection strategies, which can be time-consuming and costly.5
Patient payments involve navigating various regulatory requirements and compliance standards. Failure to adhere to these regulations can result in legal consequences for healthcare providers. These legal troubles can impact a facility’s reputation and overall operations.
Patient payments can create financial problems for both healthcare providers and patients.
Let’s look at some of the challenges these risks bring:
To counter these risks associated with patient payments, instantVOB® offers comprehensive solutions.
Here are the ways it can help:
When it comes to managing patient payments, instantVOB® stands out as the best option. instantVOB® prioritizes the security and privacy of patient information. We adhere to HIPAA regulations, ensuring that patient data is kept confidential and protected.
instantVOB® offers affordable and transparent pricing for its services. We understand the financial challenges faced by both healthcare providers and patients. We strive to provide fair and reasonable costs.
InstantVOB utilizes a reliable cloud-based platform hosted on AWS. This ensures that providers can access it easily and securely without any technical disruptions. Contact our team to find out how we can help you grow!
