Using Cloud Services to Increase Practice Collections

Unless you live in an isolated mountain retreat or a Tibetan monastery, you’ve probably heard of the Cloud. Honestly, even if you do live in isolation or off the beaten path, you’ve probably heard of it. Cloud-based software systems have infiltrated every industry, allowing for more efficient processing and data storage for a variety of purposes.

The healthcare industry, along with so many others, has taken to cloud-based systems with gusto. In fact, according to a 2014 HIMMS Analytics Cloud Survey, 83 percent of healthcare organizations were using cloud software at the time of the survey—and today’s numbers are likely even higher.

Healthcare cloud software comes in many forms and can provide support or augmentation of IT systems in various capacities, from record storage to financial data management. Cloud-based systems are essentially any software that houses the main program infrastructure and data in an off-site location, allowing users to simply download an application or install a program that connects with the main system via the internet. In this way, information and processes are centralized, allowing for a main server to be the base of all software operations. This centralization requires fewer resources and can be easier to manage and physically secure.

Especially useful to the medical field are cloud-based financial management programs, such as PaymentCare. This type of healthcare cloud software provides assistance with more efficient management of various financial functions, including:

Payment plans – set up a plan for patients to pay larger out-of-pocket costs.
Recurring, Save-on-File options – save patient payment information on file and set up automated payments for ease to both patient and practice.
Patient statements – easily print statements and billing invoices for both patient records and internal record keeping.
Verifying eligibility – automated eligibility verification allows for easier revenue management and payment plan estimations by assessing insurance coverage and care eligibility up-front.
Online payments – easier online payment capabilities open up more options to patients to cover their bills in a secure online format.

Healthcare cloud software like PaymentCare has the potential to help practices reduce costs, increase patient satisfaction, lower outstanding debt or bad debt, and create a more efficient operating infrastructure within the practice.

For those who have managed payment plans, bad debt, or general revenue cycle concerns in the past, the benefits of an integrated system for financial management, particularly one that includes automated payment functions, are clear. A healthcare cloud software program that can make life easier for both patients and practice staff, especially at a time when so many changes are taking place in the overall healthcare climate, is something to consider—particularly when the end result could be higher profits and less stress.

If your practice is one of the few not currently using a healthcare cloud software system for revenue cycle management, consider your options and your current workload. The right cloud-based system might be just the solution you’ve been needing.