In Depth

Faster Healthcare Payments A Royal Charm

A New York-based company has launched a service for health care providers designed to help improve cash flow by accommodating faster payments at the time of service.

Royal Solutions Group LLC on June 5 announced the service, Royal Payments, which is supported by card processor Chase Paymentech. It allows providers to accept credit card payments from patients on the date of service, during scheduling and remotely after the exam.

“This solution is truly groundbreaking,” Rafal Pisarski, Royal Solutions chief marketing officer, said in the product announcement. “It works to increase cash flow, promote patient engagement and add large efficiencies to the front, middle and back office of our valued health care customers.”

The system also automates paper mailings using electronic notifications, and it automatically handles posting to any external financial system.

Royal Solutions is delivering the Royal Payments module as a stand-alone service or in combination with Royal Kiosks, the company’s patient-kiosk platform. Patients may use the tablet-based kiosk to pay their co-payments, deductibles or co-insurance at home or from the point of care.

Algorithms deployed alongside the traditional fee schedules help to increase accuracy and automate eligibility checks, thus enhancing revenue cycles, the company said. Royal has partnered with several health care clearing houses to gain access to the payers’ systems.

Royal Solutions claims its Royal Payments customers will benefit from low credit card processing rates. “With the lowest rates in the industry, most effective point-of service hardware and integration with financial systems, customers realize cash-flows improvements earlier in the revenue cycle,” the company said in its announcement.

Securing payments at the time of service also can help to reduce invoicing costs. One of the latest trends in that area is e-Invoicing, which takes costly paper out of the process.

Earlier this week, for example, online B2B networking specialist Tradeshift partnered with the UK’s National Health Service (NHS) to allow Tradeshift’s platform to electronically connect NHS hospitals, pharmacies and surgery centers with their suppliers. Also, Avon and Wiltshire Mental Health Trust said it had reduced its invoicing process by 80 percent by integrating new document-management software from V1 that automates the capture of invoice data from both paper and PDF invoices. Previously, the organization had staff members manually enter invoice data.

 

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Digital Fraud Tracker Report

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