The goal in reimbursing providers is to provide affordable care for patients while encouraging quality care through best care practices and cutting down the time required for physicians to receive their payments. These delays only drive up the cost of healthcare, while streamlining payment methods serve to benefit all involved. Unfortunately, until now, electronic payments, the fastest form of payments, has been the missing component in the provider payments process.
Healthcare providers from hospitals and medical practices, to workers compensation managers and even government benefit coordinators, are under extreme pressure to reduce operating costs while expanding services and maintaining superior levels of care. In response, their financial managers have an opportunity to play a vital role in promoting efficiency and cost cutting through the innovative management of payments.
A recent report sponsored by GHX found the majority of large healthcare suppliers distribute 20% or more of their invoices by paper and more than three-quarters of respondents (78 percent) say that fewer than half of the invoices they deliver are paid electronically. 83 percent of respondents confirm that their companies would realize “meaningful financial benefit” if they were to receive more payment electronically.
Managing all that paper requires hours of manual intervention and leads to inefficiency and higher processing costs. Often providers receive a check that holds payments for multiple processes. They depend on a through EOB to be provided so that they can determine which payments are for which claims – a process that takes even more time and manpower. Reconciling payments like this show why this process can often take weeks to complete. Time is money and this added time only adds to the overall cost of healthcare.
BUT QRails OFFERS A DISRUPTION TO THIS PROCESS – QRails offers innovative electronic payments that will provide suppliers and providers a fast and cost-effective means to improve the efficiency of today’s highly manual payment processes. Along with our back-end data sources and business processes that will decrease labor and transaction costs that result in higher fees. Robust portals allow payers to easily launch payment per the pre-defined method chosen by providers. Not only does the offer the healthcare agency flexibility but it also offers the providers a choice in how they are paid.
Each year the healthcare industry spends billions on an antiquated provider payment data system. Isn’t it time for a change? We need to utilize proven payment technologies to strip costs inefficiency out of this antiquated system and create improved relationships between all industry partners.
QRails is your best choice as a payment partner – we are both the financial program manager and issuer – giving you the best of both worlds. With our strong 24/7 customer service, based in the USA as well as our dedicated USA based support team we can offer you the relationship you seek in a payment provider.
Let us tell you how the QRails difference is the profitable change for your company.