Leaders representing Florida's largest orthopedic umbrella group, Ortho Florida, joined their partners at Rectangle Health, a healthcare technology company, to share best practices and benefits of implementing modern patient payment technologies like Practice Management Bridge in the Feb. 10 webinar, "Providing a straight path from orthopedic payments to practice revenue."
The panel, moderated by Scott Becker, comprised:
Matt McCammon, executive vice president of enterprise and partner sales, Rectangle Health
Alexa Skalandunas, senior director of product, Rectangle Health
Toni McGillen, partner development manager, Rectangle Health
Dane Trask, CEO, Boynton Beach-based Ortho Florida
Adriana Weicht, COO, Boca Raton, Fla.-based Innovative Healthcare Business Solutions
Carroll Papajohn, care center manager, Gulf Breeze-based Florida Bone and Joint Specialists
Six key takeaways from the panel:
1. Ms. Weicht noted that outstanding accounts receivable balances were a challenge. She said ensuring patients can arrange to make their payments was one of the biggest objectives. Making the payment process as easy as possible was a priority.
2. Mr. McCammon said Rectangle Health was prepared to support its healthcare clients when the COVID-19 pandemic hit since the company had been focused on contactless payments for years. "COVID-19 didn't change our strategy," he said. "It simply highlighted the fact that we have the right strategy."
3. Ms. Skalandunas pointed out that, according a recent survey commissioned by Rectangle Health and pymnts.com, 53 percent of patients said they'd prefer having text or email notifications about payments. Contactless payments and the messaging component within Rectangle Health's software both gained traction amid the COVID-19 pandemic.
4. Another top feature was flexible payment options. Ms. McGillen, referencing the same study, said 2 out of 3 patients want access to payment plans, but in 2020 only 44 percent reported that their providers offered them.
5. Mr. Trask emphasized that practices need to offer patients opportunities to pay their bills at the time of service, before they walk out the door, or through payment plans. He encouraged practices not to hesitate to implement revenue cycle management tools to help facilitate these payments.
6. Mr. Papajohn said he did not realize how much of a morale boost it would be for staff to take a manual process and automate it, referencing the ability for payments to post directly into the patient ledger when using Practice Management Bridge.
To hear how Practice Management Bridge is helping healthcare organizations increase patient payments and create efficiencies, view the webinar here.