ZirMed, Inc., a leading provider of software-as-a-service (SaaS) revenue cycle management solutions, today announced the availability of ZirMed Patient Estimation, a web-based solution that enables provider organizations to accurately determine a patient's financial responsibility prior to providing service or care. Patient estimation is a critical best practice that enables provider organizations to get paid faster and more accurately, while reducing days in A/R and ultimately improving cash flow.
Because ZirMed's Patient Estimation solution leverages the company's massive, national database of healthcare payment information, ZirMed is able to accurately predict patient financial responsibility based on data that is largely already within the ZirMed platform. While traditional patient estimation solutions require extensive contract loading and calibration with content from multiple payer organizations, ZirMed's solution enables provider organizations to get up and running quickly and easily. ZirMed's Patient Estimation web-based architecture also means that there are no costly capital outlays or consumption of valuable staff time to implement, operate and maintain the solution.
"For many provider organizations, the ability to accurately estimate a patient's financial responsibility prior to submitting a claim is not realistic, as this has traditionally been a very time consuming and expensive process. However, with ZirMed's Patient Estimation solution, our organization was up and running within a few days," said Jyl Nieto, billing manager, Advanced Medical Imaging. "Since implementing Patient Estimation just a few months ago our practice has been able to get paid significantly faster; in fact, our point-of-care patient collections have already increased over 300%. Additionally, and perhaps most importantly, our patients have expressed that they like knowing exactly what a test or scan will cost prior to receiving it, so that they can budget and make clinical decisions accordingly."
ZirMed's Patient Estimation solution reduces the time it takes a provider organization to collect revenue from the typical 120 days to an average of only 30 days. Patient Estimation has the following unique features:
- Multiple payment collection options: Patient Estimation allows any provider the ability to collect patient financial responsibility prior to providing services via cash, check, credit/debit card or payment plan
- Automated workflow: the flexible solution can be run by anyone in a provider's office with internet access, from back office billing to patient facing staff
- Ease of use and ease of implementation: Patient Estimation's intuitive workflow does not require any specialized user training or expensive contract management system implementations
"Because of the size and depth of our data network, we are able to perform the patient estimation function without loading contracts or setting up communications with payers – which is something that is still required by our competitors," said Tom Butts, CEO, ZirMed. "This means that the time to value for provider organizations is fast, making this critical functionality accessible to almost any provider in the country, which will ultimately help ensure the profitability of provider practices."
ZirMed® is a nationally recognized leader in delivering revenue cycle management solutions, serving more than 150,000 healthcare providers. ZirMed leverages the power of technology to cure administrative burdens and increase cash flow, enabling providers to not just survive but thrive. ZirMed solutions include eligibility verification, credit/debit card processing, check processing, claims management, coding compliancy and reimbursement management, electronic remittance advice, patient statements, patient e-commerce solutions, and lockbox services. ZirMed is rated amongst the top in KLAS, and has been a multi-year recipient of Inc.magazine's 500/5000 fastest growing companies and Healthcare Informaticsmagazine's Top 100 Companies awards. For more information about ZirMed, visit www.ZirMed.com.