Patient Estimation and Payment Plans
ZirMed’s Patient Estimation and Payment Plans enable providers to accurately identify and collect patient responsibility – increasing revenues, improving cash cycle, and reducing bad debt.
In a 2010 survey* providers reported that around 10% of their revenue was collected directly from patients. However despite this low percentage, those same organizations indicated that more than half (58%) of all bad debt came from outstanding patient balances. The revenue that providers are missing out on is increasing, with recent estimates indicating that as much as 30% of all provider revenue is coming out of patients' own pockets.
The good news is that many patients are willing to pay their bills sooner than they currently are – and in some cases, they would even like to pay up-front. More than half of patients (52%) are willing to pay at least some of what they owe at the point of care using a credit card or debit card, according to a study by McKinsey Quarterly**.
Providing financial visibility for your patients before a visit or service not only improves the likelihood that you will be quickly and fully paid, but it also increases patient satisfaction. With ZirMed's innovative Patient Estimation solution you can now estimate a patient’s responsibility within just a few dollars. Additionally, you can enroll a patient in an automated payment plan right from the patient estimate to start collecting revenue at point of care.
Advanced Medical Imaging implemented ZirMed’s Patient Estimation and increased revenue by 315% on point of care patient collection. Download the full case study.
ZirMed’s Patient Estimation solution uses the vast amount of data and information already contained in your claims and remittance history to create an accurate, customized estimate of patient responsibility - before you render services. This means that you and your patients will have reliable information from which to make informed, planned decisions.
- Real-time benefit information for over 650 payers
- No loading of payer contracts required
- Cost-effective and simple implementation process
- Historical data lookup based on provider’s payment history
- Substantiation of patient responsibility
- Supports self-pay patients
ZirMed's solutions allow you to enroll patients in automated payment plans. The plans enable providers to get secure, reliable patient payments by setting a dollar amount and frequency of payments to be made. ZirMed supports payments by credit card, debit card, or ACH transaction. The solution is fully-secure and PCI-compliant, storing card and financial data "tokens" for each subsequent payment.
- PCI-compliant data storage
- Flexible options for timing and amounts
- Easy-to-use enrollment screens, which can be accessed directly from
- All payments recorded in the ZirMed system and noted as payment
- Payments can be banked based ACH transactions, or tied to credit
or debit cards