Easy Pay Provider Presentation

Confidential & Proprietary ©2009

EASY PAYThe Solution to High Patient Receivables

and Administrative Expenses


Easy Pay extends the practice management system…to

quickly & effortlessly collect patient receivables & put the money in your bank account!


#1 Problem

92% of business office managers at US healthcare facilities said that their number one problem was THE TIMELY AND COST EFFECTIVE COLLECTION OF PATIENT PAYMENTS – Average patient pays in 60-120 days after

billing Requires dunning notices and collections calls

to get payment – 15% of patients never pay

Source: Visa Study 2006


Consumer Payment Behavior

House Payment Car Payment Utilities Bank & Credit Card Payments Food & Clothing Kids’ Expenses Entertainment Doctor, Dentist Hospital



Collectability ofPatient Receivables

9385

73

56

28

0102030405060708090

100

% Collectable Over 5 Months

Month 1Month 2Month 3Month 4Month 5

Source: Commercial Law League of America


Healthcare Office Diagnosis

High patient receivables High billing and collection costs High bad debt expense High number of collection calls Slow cash flow (collection of cash from patients) Frustration


High Cost ofBilling & Collection

The billing and collection cost for a single patient payment has been estimated at $35-75 in a doctor’s office

Average collection time is 95 days after billing Billing & collection costs are a major

contributor to escalating costs in healthcare Without billing & collection costs and bad

debt expense, most Doctors could increase their take home pay 10+%



How to SolveHigh Patient Receivables

Write it off as bad debt expense Hire a collection agency Refuse to accept insurance and require total

payment at the time of service (patient collects from insurance company)

Get current and reliable eligibility information (not generally available)

Collect a large deposit at the time of service Easy Pay


What is Easy Pay? The Easy Pay concept was invented by Visa

and adopted by MasterCard Easy Pay is a credit card signature-on-file for

a future payment (like hotel check-in) The signature-on-file is obtained from the

patient at the time of service when the patient payment amount cannot be determined

When the patient payment amount can be determined (after the EOB is posted), the credit card data is recalled & a credit card payment is processed

Similar to hotel check-in and check-out process


Easy Pay is a Software Product


Easy Pay Process Flow

Patient Enters The

Doctor’s Office &

Checks In

Credit Card Swiped –

Data Stored In Easy Pay

Claim Sent To Payor

EOB Received

Back From Payor

EOB

Posted To The Patient Ledger

Patient Pay Amount

CalculatedPatient Credit

Card Data Recalled From Easy Pay And

Payment Is Processed

Doctor is PAID


What Does theEasy Pay Software Do? The Easy Pay credit card software will

provide:– Full credit card processing replacing the

your current credit card terminal– The ability to retain signatures-on-file and

to automatically process charges when the amount can finally be determined (allows you to operate like a hotel)

– Recurring/installment payments (no interest)

– Email receipts for all transactions processed


What is Easy Pay? 3 types of Easy Pay transactions

– One-time Easy PayFor one office visit

– Annual (time span) Easy PayFor a series of office visits over the

course of a year (or some other period of time)

– Recurring Easy PayFor a series of treatments or for an

installment loan to pay off the patient’s balance owing


Will Patients Like It?


Will Patients Like It? Using the “Magic Words”, 90+% of patients

will typically agree to use Easy Pay without an argument

“Magic Words” were developed by a group of psychologists and tested extensively

Explain to the patient that you are doing them a favor so they are beholding to you, then...

Present the patient with the alternative of paying a deposit now vs. providing credit card information for a future transaction, and the patient will gladly opt for Easy Pay


The MAGIC Words

We will be happy to file your insurance claim for you and collect on your behalf from the insurance company. However, we estimate your deductible/non-covered charges/co-payment for today’s visit to be $____. We’d like to collect a deposit for this amount NOW…or if you prefer, we can take your credit card information, which we’ll keep on file until we can calculate the exact amount that you will owe. At that time we will process an automatic payment to your credit card for the balance owing.


Patient Objection

“Can’t you just bill me, as on previous visits?”– “We are striving to maintain our fees at

their current levels. In order to do this, we have eliminated the high cost of patient billing and collection. Your deposit or credit card information will help us keep our fees at their current levels.”


Patient Acceptance

In 2007, more than 95% of people visiting healthcare facilities paid for at least one visit with a credit card (Source: Visa Study)

Credit cards have ALREADY been accepted by consumers as a favorable payment method at healthcare facilities

Consumers are always looking for more locations to earn free miles & credit card premiums


Benefits to the Patient

Most convenient method of payment Float time - no payment is made until the

patient receives their credit card statement Allows patients to time their payments with

their financial resources (can roll-over balance or pay it off)

Credit card premiums, such as free miles Provides a central record of payment

transactions


Is Easy Pay Secure?

Easy Pay has been independently certified that it meets the Visa/MC/Amex/Discover credit card software security standard– PABP (Payment Acceptance Best Practices)

Easy Pay has been tested and certified to run on the Paymentech credit card network (how the transaction gets from the doctor to the bank)

Easy Pay has been tested by our processing bank (HSBC)


Is Easy Pay HIPAA Compliant?

Section 1179 of HIPAA explicitly excludes credit cards from the Act– To the extent that an entity is engaged in activities of a

financial institution (as defined in section 1101 of the Right to Financial Privacy Act of 1978), or is engaged in authorizing, processing, clearing, settling, billing, transferring, reconciling, or collecting payments, for a financial institution, this part, and any standard adopted under this part, shall not apply to the entity with respect to such activities, including the following:

– The use or disclosure of information by the entity for authorizing, processing, clearing, settling, billing, transferring, reconciling or collecting, a payment for, or related to, health plan premiums or health care, where such payment is made by any means, including a credit, debit, or other payment card, an account, check, or electronic funds transfer.


Benefits to the Doctor

INCREASES TAKE-HOME PAY Eliminates patient receivables Eliminates billing expenses Eliminates collection expenses Eliminates bad debts Eliminates administrative expenses Expedites cash collection from patients Eliminates frustration and menial tasks for the

office staff Increases patient retention SURVIVAL


Benefits to the Doctor

Patient retention– Studies show that patients who owe their

Doctor money avoid going back to that Doctor until the balance is paid…and will instead go to a different Doctor (that they don’t owe money to)


Benefits to the Office Staff

No more collection calls No more pressure from the Doctor to collect

outstanding patient receivables No more patient statements (except zero

balance statements) No more check handling and lunchtime

deposits No more hassle reconciling credit card

deposits on your bank statements (the software has full reporting and an easy reconciling tool)


The Receivables Rule #1

As credit cardusage increases…patient receivables will decrease


The Receivables Rule #2

As patient receivablesdecrease…take-home pay will increase


Getting Paid

The Easy Pay software is the ONLY product on the market today that assures the timely and cost effective collection of patient receivables


Healthcare Prognosis

Increases in the cost of healthcare (estimated at 10% in 2009) will largely be passed on to the patient in the form of higher co-payments and deductibles, and non-covered charges…significantly increasing the percentage of revenues coming from the patient– Currently patient revenue averages 35% and is

rising– It is projected that doctors will receive 50% of

their revenues from the patient within the next 3 years

Financial survival will be difficult without automated collection tools, like Easy Pay, and firm patient collection policies at the time of service.


Easy Pay in a Nutshell

FasterPatient

Collection

FewerBad

Debts

LowerAdmin

Expenses

HigherPatient

Retention

Increased Take-Home

Income

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Easy Pay Provider Presentation

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