New Payment Tools from Phreesia Help Medical Practices Maximize Revenue
Phreesia deploys Payment Plans, Online Payments and Card on File capabilities to boost cash flow both in and out of the office
New York, N.Y.—September 6, 2011—Phreesia, the patient check-in company, has expanded its payment services suite with the Phreesia SmartPay Package—a set of tools that helps medical practices maximize cash flow both inside and outside of the office. Recent studies show that 30 percent of patients leave their clinician’s office without making any payment, and in the 2010 fiscal year, practices reported writing off an average of 11.3 percent of total accounts receivable.* However, reports also indicate that patients are more willing to make payments if they have flexible options.† Phreesia SmartPay provides those options to practices, with Payment Plans, Online Payments and Card on File.
With Payment Plans, practices can offer patients the opportunity to split large balances into manageable monthly payments. Payment plans are offered to patients directly on the wireless, self-service check-in kiosk, the PhreesiaPad, which replaces traditional clipboards in doctors’ offices. Practices can customize plan offerings, allowing patients with large balances to choose the payment amount and frequency that makes sense for their budgets. Phreesia’s solution automates the administrative processes involved in managing traditional payment plans, allowing practices to get paid in full and on time.
Phreesia’s Online Payments capability gives patients the ability to pay from home or via mobile device. “When we started developing Phreesia SmartPay, we surveyed our practices and found that while 60% of practices already had a website, only 5% had the ability to collect payments online,” explains Phreesia CEO Chaim Indig. “We developed our Online Payments application to be built right into a practice’s existing website, providing convenience for both the practice and patient.” With Online Payments, practices can email payment reminders to patients with outstanding balances, reducing the time and resources required to send out paper invoices. Practices can track and reconcile all payments in their Phreesia Dashboard, a secure online tool that helps office staff manage patient flow in the waiting room, as well as access and manage patient data.
“Our practice has been using Phreesia since 2008, and we feel that the company has continuously enhanced its offerings to meet our specific needs,” says Shari Crooker, RN Practice Administrator, Gwinnett Center Medical Associates. “We are taking full advantage of the Phreesia SmartPay Package, and in just a few weeks since updating our system, our billing process has been vastly improved, with much less manual work required, and our cash flow has markedly increased! Our patients are happier, too, because we’re now able to give them payment options that are better suited to their individual needs, and they love the convenience of online payments.”
Used by thousands of medical practices nationwide, Phreesia automates the patient check-in process. Patients use the PhreesiaPad to enter their demographic, insurance and clinical information, as well as to pay their copayments and balances. “Two years ago, we built our core payment application to eliminate the challenges practices faced with collecting payments, including calculating copays and asking patients to pay upfront at each visit,” Indig states. “With the Phreesia SmartPay Package, we’re empowering practices to break down the physical barriers of the office and collect payments anytime, anywhere. We’re also providing patients with the convenience and security to pay from home or their mobile device. This flexibility creates more opportunities for practices to maximize their cash flow, and get paid in full and on time.”
Phreesia, the patient check-in company, automates patient intake, allowing medical practices to collect patient information effortlessly, verify insurance and collect payments at the point of care. Phreesia delivers fully-interactive content directly to patients, and is designed to interface with clinicians’ existing and future technology. Phreesia is committed to enhancing the patient experience and enabling clinicians to stay at the forefront of patient care.
*Margolis, J. & Pope, C. (April 2010). “Perspective on Patient Payments.” MGMA Connexion, 36-41.
†Pellathy, T., & Singhal, S. (May 2010). “The next wave of change for US health care payments.” McKinsey Quarterly. Retrieved from www.mckinseyquarterly.com.