Healthcare

You examine your patients with the utmost care and concern – looking for every opportunity to improve their health and well-being. But you also have a practice to run – and that means managing more than just patient care. Receivables management and revenue cycle management are crucial to any healthcare provider’s profitability. In order to ensure the health of your practice, you need to improve the payment collection process. And we can help.

Vantiv has the tools, credentials and experience to examine your practice, diagnose the receivables management problems and prescribe a solution to meet your specific revenue cycle management needs.

The Examination

What are the symptoms? Where is the pain in the patient receivables process?

Providers are challenged with not knowing how to charge the patient at the Point of Care.
44% of patients don’t pay because they don’t understand their benefits, deductibles and out of pocket responsibilities, or they don’t recall the service due to gap in timing of statements¹.
The average provider/hospital mails 3.3 statements per claim – quick pay patients receive two before paying².

*1 Source: McKinsey survey of healthcare consumers, 2009
*2 Source: MGMA, 2010 Connexion Series

The Diagnosis

You need the proper tools to address the pain points and manage the collection process. And research shows that over 50% of patients are willing to pay with a credit card for healthcare transactions if a good faith estimate of upfront costs is provided for a typical physician visit or outpatient procedure¹.

Evaluate solutions that can help you address:

Eligibility:
Process insurance eligibility requests in real-time or batch
Estimation:
Utilize fee schedules and eligibility to determine a patient's responsibility and collect at the time of service
Front or Back Office Payments:
Accept payment at the time of service, on the phone or by mail
eStatements:
Ability to present Patient Statements online for point and click payments
Patient Payment Portal:
Give patients a simple and secure way to pay online 24/7/365
Payment Plans:
Ability to setup installment, recurring or "save card on file" payment plans (including ACH/echeck)
Electronic Claims:
Real-time claim processing includes payer specific edits, eligibility edits, HIPAA validations and robust reporting
Remittance:
Receive electronic remittance advice in a variety of formats
Claim Status:
Process Claims Status requests in real-time or batch including HIPAA claim status codes, rejection reasons and paid date

*1 Source: McKinsey survey of healthcare consumers, 2009

The Prescription

Vantiv Healthcare Solutions. We bring to the table a number of solutions based on the needs of your practice – addressing both the revenue cycle and the healthcare transactions. Backed by a dedicated Healthcare team, we know the challenges you face with the shift to Consumer Directed Payments. We'll focus on your patient payment solutions so you can focus on your patients.

InstaMed

InstaMed offers a single platform for real-time healthcare clearinghouse and payment transactions. They process all healthcare and payment transactions in the healthcare revenue cycle and offer patent pending solutions that help increase payments and reduce administrative costs.

TransEngen®

TransEngen delivers an intelligent transaction-based engine that integrates both healthcare and financial transactions to transform the healthcare payments process.

mPay Gateway™

mPay Gateway offers healthcare providers a secure payments solution that enables collections from patients at the point of care, regardless of the patient's third party payer affiliation.

The Cure

With Vantiv Healthcare solutions, you can experience a healthier revenue cycle and improved accounts receivables for your practice.

What Others are Saying

“We’re very pleased with our partnership with Vantiv so far. Our Instamed patient payment portal is working beautifully through our website and we are capturing lots of payments that way. Now I am interested in checking out Instamed’s solution for patient paper statements and eligibility. My Vantiv contact has been very responsive and seems truly concerned about making sure we have the right solution in place.”

--Stephanie Herrick, Urology Specialists of West Florida, LLP

“As we’ve grown, Vantiv has taken care of our needs along each step of the way. We have several locations and they’ve been able to help us with tailored solutions for each location. In a world where you’re often a number, this has been a great relationship from the very start.”

--Ginger Edwards, Asthma & Allergy Specialists, PA