Zotec Partners’ End-to-End Healthcare Billing Solutions
Regardless of your organization’s size, Zotec can help patients take control of their health finances and optimize your revenue management from top to bottom.
In today’s healthcare environment, high-deductible insurance plans are quickly becoming the norm rather than the exception. With patients now the industry’s biggest payer, it’s time for providers to reexamine their revenue cycle management efforts with an eye toward transparency and simplicity. The goal should be to create a patient financial experience that helps people make the right care decisions for themselves while still ensuring bills are getting paid in a timely fashion.
At Zotec Partners, we believe that better healthcare billing solutions for patients and providers will only come from a true transformation in the industry. It’s time for healthcare companies to harness technology that meets the modern needs of patients. One of the best ways to do this is to partner with someone who can offer providers the infrastructure necessary to take revenue cycle management to the next level.
In many healthcare organizations, there’s a lack of integration between various departments. Electronic medical records usually exist within their own silo, separated from other parts of the business. This separation leads to a variety of problems and inefficiencies, including a lack of transparency when it comes to patient data and revenue information. The experts at Zotec have recognized how this disconnect can harm revenue management and have worked to employ modern solutions to an age-old problem.
Zotec’s revenue cycle management bridges the gap between these disparate data sources and further analyzes it all for a clearer, more cohesive picture of what that data says. With a transparent system in place that makes information easier to see and share, healthcare providers can see where their inefficiencies lie, making it easier to improve productivity, reduce costs, and improve the patient experience.
Ultimately, our goal is to help usher in the future of consumer-driven healthcare with healthcare billing solutions that meet the needs of today’s patients and providers. We accomplish this through a full suite of back-end and front-end tools that create an RCM experience superior to other top competitors. Let’s examine how Zotec Partners can help providers create a comprehensive and fully integrated patient financial experience that will improve revenue and create a healthier, happier provider-patient relationship.
Back-End Patient Billing
Zotec takes a fragmented set of platforms and services, including EMR solutions, payer services, and outside labs, and turns them into a scalable, interoperable system that more effectively meets the needs of patients and providers. Regardless of the size or type of provider, Zotec makes it possible for organizations to simplify the conversation around patient collections and billing.
We’re able to do this effectively thanks to a set of custom-built features and processes, including:
• The Z-TOSS Portal
This full-featured portal performs a variety of important tasks, including analyzing payer payment history, figuring out the impact of deductibles, and calculating the likely co-insurance amount a patient will owe at the end of the day.
Within the portal, providers can also more accurately determine how likely a patient is to pay using a built-in propensity tracker. With this information, providers can collect a higher percentage of amounts owed upfront. This translates into a simpler and clearer billing process for patients.
• Comprehensive Zotec Analysis and Reporting
We provide an intelligent analytics service that works around the clock to actively monitor and analyze a provider’s entire revenue cycle.
• Intelligently Timed Claim Holds
By holding select claims for 30 days to allow for a greater payment from insurance carriers, we increase the likelihood of patients paying their deductibles for previous services.
• A Custom Analytical Reporting Interface
Our custom interface uses big data to collect different sources of information, such as historical experience and analytics, to create meaningful stories out of complex algorithms. These stories can then be acted on by medical practices.
• An Interface for Physician Productivity
In addition to analytical reporting, we also make it easy for physicians to manage workflows, track productivity, and better serve hospital partners.
• Revenue Cycle Management Automation
To truly revolutionize healthcare billing solutions, you must incorporate automation that will help streamline repetitive processes and redundancies. This frees up healthcare employees to focus on high-level tasks and increases employee satisfaction by removing cumbersome busywork from the equation.
• Predictive Analytics
Old and inconsistent data makes it impossible to forecast with any certainty and can result in decisions that end up doing more harm than good. Zotec ensures providers receive digestible real-time data that helps them make predictions based on a complete picture. We do this by examining different sources of information, such as contract variance, guarantor analytics, and carrier opportunities, to confirm that each maintains its integrity and operates with one another seamlessly.
• Price Transparency
This might seem small, but it can make a big difference in the patient financial experience. By providing transparent pricing before registration and during check-in, providers and patients can make informed care decisions ahead of time.
The goal of Zotec’s back-end services is to reduce the complexities of revenue cycle management so healthcare practices and patients can better understand the financial reality of their care. By creating a simple, connected experience, patients feel more in control of their treatment options, which increases the likelihood that bills will be paid.
A Patient-Centric Experience
A major reason Zotec is a leading player in RCM is our unique approach that puts the patient front and center in the healthcare experience. Consumer-driven healthcare is the future of the industry, and healthcare billing solutions need to embrace that reality.
We make sure patients are in control throughout the patient financial experience, from pre-registration to post-discharge. We have extensive understanding of the industry, so we fashioned our services to optimally engage patients based on their preferences. That means going the extra mile to make it easy for patients to choose their own scheduling, be informed of insurance eligibility in real time, and have price transparency for treatments. Our goal is to attract customers to experience satisfactory transactions so they’ll return.
There are several reasons this consumer-centric approach is more important than ever. Historically, insurance companies would cover about 80% of patient medical expenses, an approach that is more carrier-centric. Now, with high-deductible health plans having increased tenfold over the past seven years, the average patient deductibles are higher than the average cost of care. This means that the responsibility to pay now lies with consumers. This has led to debt increases, clearly proving that the traditional way of payment is no longer sufficient.
The future means treating the healthcare revenue cycle more like a large modern retailer, with providers offering a financial experience that works on the patient’s terms, not the insurance company’s. In order to accomplish this, we provide many useful features that put the power in consumers’ hands, making it easier for organizations to collect directly from the patient:
• A Robust Patient Portal
We’ve created a portal that works with any electronic health record system and makes scheduling simple and convenient. It makes the experience easier and much more pleasant by taking patient information, providing them with check-in notices, and verifying insurance.
This portal also calculates the likelihood that a patient will pay, determines how much they’ll owe out of pocket, and obtains authorization for treatment beforehand. After treatment, it can also be used to check out using a variety of payment options.
• A Proactive Mobile Platform
In addition to an online portal, we also utilize the MyDocBill mobile platform that provides another way patients can stay informed and have more control of the entire process. The platform
sends patients text notifications about upcoming appointments, e-statement links, and even options to pay their bill.
• PAYperless Giving
Customers can pay bills through this service and save money by not using paper, such as a check or money order. They can donate that savings to a charity of their choice. It’s a simple way to make patients feel good and contribute to a good cause in the process.
While payment is the only part of the process that doesn’t involve treatment, it’s a defining part of the patient experience. Getting it right can be the difference between a satisfied patient and someone who won’t return.
A key ingredient to Zotec’s successful formula is offering both active and passive avenues for customer engagement. Not only do we offer mobile apps and web portals that patients can use at their convenience, but we also provide all the information they need upfront. Patients should be given information about cost estimates or eligibility as soon as it’s available. An informed patient is a happy patient, and the earlier they have important financial information, the more confident they’ll feel in their care.
How This Translates Into Provider Savings
Zotec is uniquely positioned to maximize provider savings, regardless of the organization’s specialty or size. We don’t offer a one-size-fits-all solution. Instead, our systems are custom-built around the needs of each specific practice. Our focus is to deliver the simple, transparent experience modern consumers want while optimizing providers’ healthcare billing solutions to maximize revenue and cut costs.
Through our web application, providers can expect more patient interaction, easier scheduling and billing, and straightforward data insights delivered on a regular basis. With the help of our proprietary technology, healthcare systems can expect net revenue to increase by as much as 5% while patient collections costs will decrease by 30%.
Our processes are specifically designed to address the challenges of patients with high-deductible health plans, improving the financial outlook of this increasingly large demographic. Meanwhile, our revenue cycle management automation services help improve collections practices, provide faster claims processing and direct-to-carrier claims filing, and use reporting and analytics to catch any issues with claims as they come in.
Our technology can help cut costs and save time, but that doesn’t mean we cut corners when it comes to security. All of Zotec’s services are in compliance with security standards SOC 1, SOC 2, and PCI DSS. This means providers can rest easy knowing their data is protected.
Zotec is built around the idea that the best revenue cycle management partner is one that’s set to lead healthcare into the future rather than just help them manage the present. This approach generates savings now while also making it easier to develop a model built around the patient
financial experience that will continue to improve processes in the future.
Zotec Partners has two decades of experience in revenue cycle management. Our expertise has made us a leader in the field, working with 17,000 providers to manage over 80 million medical interactions. Whether you’re a massive enterprise, a midsize hospital-based organization, or a smaller independent medical group, we can deliver a solution that will help your patients take more control over their health finances and, at the same time, optimize your revenue management from top to bottom.
To find out how we can help you transform your organization and provide you with truly modern healthcare billing solutions, schedule a free consultation today with our team of experts.