ARLINGTON, Virginia - A premier provider of physical therapy, occupational therapy, work rehabilitation, and fitness services, has successfully deployed the Velocity Virtual Terminal with Patient Profiles solution in 28 offices , and the Velocity Web Payments for Patient Self Service. Delinquencies in Medical Practices rose to over 48% early last year, and are expected to climb even higher in 2010. There is a growing need in the Healthcare Market to help patients remain compliant by offering flexible payment plans; either with the aid of staff administration, or on line through self service.
“Allowing patients to pay their bill online 24/7 from the web has resulted in greater patient satisfaction and faster receivables,” says the Vice President of Operations. “The onsite ability to administer payment plans through Velocity’s Virtual Patient Profile Terminal helps us to help our patients remain current. The ease of retaining and searching the Patient profile -where all sensitive payment data is stored securely in Velocity - saves our staff time and ensures we remain compliant.”
The Practice also benefits from the enterprise reporting capability that offers a consolidated view across all locations, allowing Corporate Finance to take a snapshot in real time of all transactions, and forecast of all scheduled payments, ongoing. All reports are then easily integrated into back and front end systems, thus eliminating the need for duplicate data input on the part of staff. Finance was also able to consolidate all locations to the Master Merchant Account, while remaining compliant with Card Processing rules requiring receipt representation of specific charge locations.
“The Velocity implementation team advised the best solution for my business objectives, which has really helped streamline our processes and meet our revenue management objectives.” continues the Vice President of Operations
About Velocity: Velocity is an electronic payment system and service provided by Govolution, LLC, a First American Payment Systems Company. Velocity has been honed to meet the strict technical, financial and security standards of the U.S. Federal Government. Velocity for Med Practices and Hospitals was developed in response to the request and compelling need from our Processing Parent, and Bank Partner’s Healthcare clients.