ARLINGTON, Virginia - Velocity, the electronic payment solution powered by Govolution, announces today that one of the nation’s leading diagnostic clinics deploys Govolution’s Velocity for Medical Practices electronic payment solution. With a network of 118 physicians representing 24 medical specialties across six offices, patient collection channels and consolidated reporting requirements that can integrate with back office systems were a challenge. The revenue cycle management team’s objective was to decrease the back-end expenses associated with the collections of self-pay dollars. The goal was also aimed to increase customer service, decrease the bad debt ratio for all clinics, and alleviate compliance concerns.

“Issues surrounding uncompensated care and patient payment processing are among the most critical facing healthcare providers in all settings,” says Greg Gentile, President of Govolution. “Consumer driven healthcare and increased out-of-pocket expenses demand that medical facilities take a closer look at ways to improve revenue cycle management relating to self-pay.”

Towards that end, more and more medical practices are requiring up-front payment at not only the point of service, but at the time of scheduling. Many clinic patients require multiple visits in a designated time frame. The ability for office administration to establish automated future payment scheduling helped to ensure patient compliance towards both procedures, and payment.

Given the spike in delinquencies, office administrators were spending more time facilitating collection calls and negotiating payment plans. Velocity not only supports multiple payment plan profiles, but offers reporting so that office managers can maintain staff accountability. Data Compliance was also of great concern to the clinic. The handling of sensitive credit card data on paper forms and internal computers left the Finance and Legal Departments uneasy. Velocity for Medical Practices is HIPAA, PCI/CISP and SAS-70 compliant.

Increasing consumer demand for 24/7 web self-service options was also addressed, eliminating the need for multiple paper-based invoicing of patient co-pays. Given that invoices are mailed as much as 3 times; the cost of print, mail, and administration often incurred a cost greater than the actual amount collected.

With Velocity, all collection channels for the clinics now have an enterprise payment solution including POS, IVR, phone payments with stored patient profiles, web payments and recurring payments - supporting both an administrative/call center or self service model. All payments processed through Velocity are then consolidated into a robust real time reporting engine, ready to transmit to both back office accounting systems, or front office Practice Management systems.

Velocity for Medical Practices has helped physician practices, clinics and hospitals across the nation streamline patient self-pay revenue cycle, enhance customer service, reduce administrative overhead, consolidate front and back office data, decrease delinquency rates, and lower transaction costs - with peace of mind that patient credit card and banking data remains secure.