Benefits of Mnet's 1st Party Patient Billing Solutions

As patient payments continue to take up a larger share of provider revenue, healthcare executives need to deploy new strategies and build better financial experiences to increase patient collections and improve patient billing solutions.

The pandemic has magnified many of the challenges patients face when it comes to paying for their healthcare.

An unprecedented number of patients are now facing new financial pressures.

Many are struggling with job loss or disruption, leaving millions of Americans without health insurance due to unemployment. Even those employed are thinking about job security and how they would cover the costs of themselves or a loved one getting sick.

Patients are now approaching their health and finances with new levels of urgency and concern.

With an increasing number of patients engaging in self-pay because of high deductible health plans and the pandemic aftermath, many healthcare providers are struggling to collect from patients.

Self-pay accounts have their own associated risks. The cost to collect could reach up to three times higher than on commercial insurance accounts.

The longer a self-pay balance goes unpaid, the harder it is to collect it.

At the same time, the pandemic created a huge backlog of unresolved claim denials and ballooning 30, 60, 90, and 120-day accounts receivable buckets.

Handling this backlog in addition to current caseloads can become very challenging for healthcare providers resulting in problems collecting accounts.

By utilizing Mnet’s first-party patient billing services, many healthcare facilities have realized better account collections, better cash flow, and better debt management.

At Mnet, we believe every patient deserves a helpful, transparent, easy to navigate financial experience in healthcare. This is why working with Mnet, healthcare providers were able to increase collections while improving the patient experience.

Here are the benefits of Mnet’s first-party patient billing solutions:

The goal of our first-party billing services (early-out) is to increase cash flow and resolve accounts receivable before they are written off to bad debt.

From insurance balances to self-pay, our first-party patient billing services are designed to be a true extension of your billing office, providing the highest customer service and improving the patient experience.

For example, utilizing Mnet’s 1st Party Patient Billing Solutions, one surgical hospital reduced their bad debt by $1.1 million and increased patient collections to $1.86 million in the first year alone (a 121% increase!).

Patients today are looking for straightforward and supportive conversations about their healthcare costs and payments. They want prompt resolution of their inquiries.

They are also particularly receptive to exploring options and payment plans that could help them find a path forward with the care they need.

Mnet helps providers tap into the consumer-driven mindset of today’s patients, empowering them to take charge of their financial situation.

For a seamless extension of a facility’s business office, Mnet’s 1st party patient billing provides the following:

• Integration with the patient accounting system and merchant services provider
• Dedicated patient billing service center available nights & weekends catering to over 200 languages
• Daily inbound and outbound patient communications
• Payment Monitoring
• Custom online patient portals and mobile Text-to-Pay solutions

These solutions help patients speak with live agents, set-up approved payment plans, or select from additional financial services to settle their balance.

Implementing these solutions will reflect your facility’s high regard for every patient’s concern, ensuring that professional help is promptly available regardless of the nature of their query.

Mnet offers providers Patient Financial Advocates as part of our patient billing solutions. Often a slight nudge or a simple explanation is all that is necessary to resolve past-due accounts.

With Mnet’s patient financial advocates, your employees won’t have to make those difficult calls with patients.

Having accurate account information also better serves patients and reduces delayed payments over bill confusion. Patient financial advocates “educate” patients on what they owe for treatment and why they owe this amount whether in advance of receiving care (providing an estimate) or even aftercare.

Mnet has learned that patients will be much more likely to pay if patient financial advocates reach out and explain their bill and answer patients’ questions about their financial responsibility.

Before we offer financing or payment plans or anything else — we offer to explain their balance!

This has been key to Mnet’s huge success in helping patients pay their medical bills.

Time and resources that were formerly tied up with billing and collecting payments can now be spent on patient care, patient scheduling, or ramping up case volumes.

It will also allow your employees to focus on payer accounts. This division of responsibility equates to faster recovery on both types of accounts receivable (AR)—payer accounts and self-pay accounts.

Mnet’s focus is to increase recovery across patient billing which will significantly reduce bad debt—less to write off each month.

The process of billing and collections can be time consuming and frustrating for healthcare providers – especially when they should be focusing that time and energy on providing quality care and outstanding patient experience.

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.