The challenge
For medical testing facilities, collecting payment is often a critical operational challenge. Labs typically receive only a small percentage of the amount owed to them by patients, and as insurance deductibles continue to increase, the issue is becoming more severe.
Pinnacle Services, a leading Houston-based medical consultancy and solutions provider, set out to build or license a comprehensive platform that could help labs address their specific A/R challenges. The technology would need highly customizable, multi-channel collection capabilities; advanced billing functionality; and a complete set of API endpoints for building tailored solutions for Pinnacle customers.
The solution
Pinnacle Principal Vitali Khvatkov knew that modern billing, collections, and payment technology could considerably increase patient collections within the first 45 days of a lab’s A/R cycle. But he also realized that Pinnacle would need to be thoughtful in formulating a solution with the right capabilities to drive the improvements its customers required.
Khvatkov chose to work with the Invoiced platform based on its comprehensive feature set and proven performance in volume-heavy billing environments. Key capabilities put to the test for Pinnacle clients include:
- Advanced medical billing. The Invoiced solution’s powerful API tools ensure that the correct line-item-level billing information is imported from complex data in various systems.
- Multi-channel billing reminders. Invoiced’s innovative Smart Chasing Engine sends customized messages via email, postal mail, and text to different groups of patients.
- Lab-branded customer payment portals. Pinnacle quickly sets up separate online portals that allow patients to pay lab bills, download account statements, and view other invoices on the horizon.
- Template customization. Invoiced technology allows custom invoice, statement, and receipt formats tailored to industry and client needs.
The results
By partnering with Invoiced, Pinnacle successfully expanded its portfolio of medical billing solutions, establishing a key differentiator for its business in the marketplace. And with Invoiced A/R technology, the company delivered dramatically improved results for its clients:
- Increased early payments. Using Invoiced’s integrated reminder and payment acceptance capabilities, Pinnacle enabled its client base to boost early credit card payments significantly.
- Reduced administrative burden. In making the billing and payment experience both digital and completely self-serve, Pinnacle helped its clients reduce requests for paper bills to less than 0.1% of all patients.
- More mobile payments. With text-based billing, 80% of patients with a balance of less than $50 are paid via mobile device.
- Increased on-time collections. Participating Pinnacle clients increased the number of bills paid within 45 days by 200%.
