Health care billing and payments firm Navicure announced on Monday (Aug. 18) that it had launched a software platform dedicated to the patient payments process. Called Navicure Payments, the new system lets healthcare organizations estimate patient payment amounts.
According to a company statement, organizations can reduce bad debt and the costs associated with patient collections with Navicure Payments. Additionally, firms will be able to accelerate cash flow from patient accounts, Navicure executives explained.
Specifically, Navicure Payments lets users estimate patient financial responsibility at the time o service, secure patients’ commitment to pay at the time of service, collect previous balances or co-pays before service and collect balances after insurance adjudication.
“Patients are now among the healthcare industry’s largest payers, in some cases surpassing Medicare and Medicaid,” Navicure co-founder and CEO Jim Denny said. “To continue to thrive, healthcare organizations must collect patient payments at or near the time of service and no longer rely solely on patient statements, which can come months after care and long after the patient remembers what procedures were performed. Throughout our history, Navicure has been dedicated to helping organizations collect more revenue from payers faster and with less effort. Now we’re doing the same with regards to collecting from patients with the launch of Navicure Payments.”