The business of Healthcare Payment Processing is evolving. More and more collection points that represent money collected and owed can no longer be done manually. Improper Collection Procedures could be costing you a lot of money.
Yes, the old ways are tried and true, but it is time to change to a different way of thinking.
If part of your job is to protect company assets and to find ways to thicken your revenue stream, then you will have to find ways to reduce cost, find more supervisory efficiency, and streamline the financial part of the operation.
Just a couple of years ago the patient pay portion amounted to 15% of their total bill, it’s currently 26% and rising which means more risk as well as cash and checks.
The only reason to do any of that is to maximize your margin over cost.
With each clinic or medical facility acquired, they bring with them the problems that made them ripe for acquisition.
Most hospitals still use a manual, paper based system for recording patient payments. Typically hand-written receipts may be used, which are collected, sent to accounting and hand keyed into their Practice Management System.
Counting and reconciling the cash, checks, and credit cards at the end of a shift or day is typically non-existent or manual. This makes plenty of room for errors, theft and embezzlement. Look at the elements: Big Money, little risk, and a daily temptation. Our system keeps track of all transactions and issues an over/short report, by cashier, every day. All they need to do is count in and count out.
Here is where Net Terminal POS comes in. First, it is PC based so it is easy to install into any location and sends that locations daily business right to your report. You know everything right away, from how much money was made, what patient’s paid, which cash register is over or short. You catch a lot more employee theft by proper accounting than you ever will with a costly new supervisory level.
Or call us and let us explain the advantages you will gain by implementing such a powerful financial tool.
Toll Free: 877-767-7638
Contact Physicians Payment Services LLC for more information about how our system works for you.