Name: jeff kuzmich - Migrate_Practice_Management_Bridge_03252025_4895809
Uploaded: 2026-02-26T06:25:14.112Z
Duration: 36 min 25 s
Description: jeff kuzmich - Migrate_Practice_Management_Bridge_03252025_4895809

Transcript for "jeff kuzmich - Migrate_Practice_Management_Bridge_03252025_4895809": Hello and welcome to Practice Management Bridge, a new way of managing patient payments. Before we begin, a few housekeeping notes. First, please note that the primary audio connection for today's session is streaming via your computer. Be sure to check your speaker volume to ensure your listening device is turned on and that the volume is at an audible level. To refresh or reload your webinar browser, on a PC you can press the F5 key or on a Mac you can press Command R. If you experience any technical issues during the webinar, click the help icon in the console dock. Our webinar console allows you to customize your view by enlarging or reducing the size of the slides in the media player using the tools at the top of each window. Let's take a closer look at some of these features. To download and print a copy of today's content for future reference and to access additional resources, refer to the Files and Resources window at the top right of your console available at any time during this event. If you don't see it on your console, you can turn it on by selecting Files in the dock. If you have questions during today's webinar, you can send them via the Ask Us a Question window or the Ask Us widget located at the bottom of your webcast screen. To submit a question, simply write the question and click Submit. Please note this presentation does not constitute legal advice and is for informational purposes only. And now I'd like to introduce you to Matthew Morabello. He is our product marketing manager at Rectangle Health. Matthew is an experienced product marketing manager with over six years in the healthcare technology, adept at developing go to market strategies and driving product growth. He enjoys cross functional collaboration and has a passion for helping practices drive efficiency and sustainability. And with that, Matthew, welcome. Thank you so much, Stephanie. I apologize. I am excited to kick things off with our agenda. We're going to first be looking at some statistics as it relates to provider and patient payment preferences and challenges. We're then going to do a deep dive into elevating pre point and post care payment experiences. There'll be some scattered polling throughout the webinar as well, primarily to keep me engaged, and then some Q and A at the end, and that'll transition us into what's next. So let's get right into it. Why should we be thinking of improving our revenue cycle? Well, let's focus on three things. First and foremost, unlocking operational administrative efficiency. Secondly, lowering accounts receivable and increasing revenue. And third, empowering more patients to say yes to treatment. These are all crucial when we think about revenue cycle management, which is really what we're going to be talking about today. The process in which we can track and collect patient payments throughout their journey. So let's go into some stats. Patients by the numbers. Fifty four percent of patients report having delayed or avoided care due to cost, with some even postponing treatment over a year. Now that's a pretty heavy statistic when we think about it because that means that cost is a barrier and it's impacting health outcomes. Ninety percent of patients say that their loyalty to providers relies on their financial experience with how and when they can pay. So now not only are patients experiencing apprehension as it relates to cost confliction with affording care, but also having those options made available to them that they prefer and that they want that's going to allow them to get the care that they need. And if a particular provider is not offering a patient that particular payment route, they will seek health care elsewhere. But now let's get into some provider stats. Seventy three percent of providers say it takes at least one month to receive a patient payment. 78% of providers primarily collect from patients with paper and manual processes. So what I get from that is oftentimes paying for healthcare can be overly complex. As a patient, it often takes us understanding what we're paying, how we're going to pay for it, if we can't pay for it, and that takes about a month. And then for providers who are still using manual processes, that could also be a contributing factor to that payment also taking a month to get back into their bank account. So the more options we make available to patients and the more that we empower them to pay that the way that they want to pay, not only did we see from the patient statistics that they are more inclined to be loyal to you, but you're going to get paid faster. So when we think about ways of improving our revenue cycle that we highlighted before, the first one was unlocking operational and administrative efficiency. What I want us to think about here is employing technology that is going to work for us rather than against us, being able to employ more virtual assistants that are going to have us do less keyboard clicks so that we can optimize patient care. That's going to be the big thing there. And when we think about what are some ways that we can implement digital transformation or automation into our healthcare processes, it's gonna be things like end of the day reconciliation, and also payment posting. Think about how many patient payments you're taking in a day. What if you were able to save 15 to upwards of forty five seconds per patient's payment. If you're taking 30 of the pills a day, that is roughly fifteen to thirty minutes you can be saving the front office and back office staff so that again we can optimize and reinvest that time into other patient or revenue accelerating initiatives. So having technologies that are system agnostic, work with our EHRs or EMRs, our electronic medical record systems, electronic health record systems, and also eliminating the need to toggle between screens. The more time we can be with patients adhering to their care rather than doing some of the admin work on the back end, the more effective and productive we're going to be. Another thing we talked about why we want to improve our revenue cycles is lowering accounts receivable in order to increase revenue. The big thing there is going to be reducing administrative burden because now we're not having to retroactively chase payments, but we're proactively getting payments at the time of service or even beforehand. And what that's going to subsequently do is decrease accounts receivables, cut costs associated with paper billing, but also billing companies and collection agencies and end of the year write offs as well. And all this, when you're revenue accelerating tools, is going to enhance the patient's payment experience. Because again, patients want it and they expect it. Now we just got to deliver And in empowering more patients to say yes, when patients are informed and they are engaged, are more likely to utilize services and adhere to treatment plans. When they are being aware of their options, now they have the ability to say yes to treatment. And when they say yes to treatment, what that means is organic cash flow growth and organic increase in operating margins. So now what I want to do is take us into a quick little poll. Stephanie, do think you can help us out with that? Absolutely, I would love to. So our first poll question is, of these three challenges, what would you say is your biggest opportunity at the practice? Is it A, to unlock operational and administrative efficiency, B, lower accounts receivable and increase revenue, or C, empower more patients to say yes to treatment. And with that, Matthew, I will hand it back to you. I'll be mad also. Hey, what are we trying to avoid? Just really kind of just submit this slide here. We are trying to avoid staff burnout and manual collections, having those collections inevitably go into collections. So being able to increase time of service payments and increase, payment optionality for patients so that we can then get paid faster, get paid more timely, and reduce staff burnout. So how do we solve for these challenges? Well, I think before we can talk about how we solve for them, where are they occurring? We talked about where are our opportunities for implementing a lot of these revenue accelerating tools. It's going to happen pre care, it's going to happen at the point of care, and it's going to happen post care. But one thing for us to remember is from the moment a patient is intentional about wanting treatment, accessible payment methods and patient centric conveniences should be made available in order to deliver the best payment and patient health care experience possible. Online payments. Let's talk about this. It's something we've been familiar with for decades, but in health care, it's really only been the past decade that this has really been leveraged. And as we saw earlier, with 78% of providers still collecting through manual and paper processes, there is still a big opportunity to implement online payments. And it might be simpler than you think, especially with practice management bridge, which we'll get into in the next slide. But some brief benefits of online payments, when you think about the speed of the transaction, right? We pay for things online all the time, whether it be for healthcare products or it be for beauty products or other services or memberships. We're paying online. Those transactions take thirty seconds. It's a lot easier than having to make a two minute phone call, unsafely give your information over the phone, and then have to have that information manually transcribed on the provider's end into the corresponding patient ledger. So transactions are quicker online. It helps providers with improvement in revenue cycle management when you're talking about visibility and flexibility into those transactions. And also fewer bills, so thinking about faster payments. So the speed of the transaction is one thing, how fast a patient can input that payment, but also in terms of the provider receiving payment. Now it's not taking thirty days anymore, it's taking hours, minutes even. Enhanced patient convenience, being able to empower patients with the way that they want to pay is going to inevitably get you paid. And in the streamline of processes, thinking about that automated side, thinking about digitally transforming your practice and fostering that contactless digitally modern payment environment. And what that's going to ultimately do is increase patient satisfaction. So what are some ways that you can use online payments? Well, I kinda wanna put it into the practice management bridge paradigm because we're a little different with what we do, compared to some other folks that might be out there. Making a payment online should be easy. I shouldn't have to remember a username and remember a password. If you're anything like me, you have to always click forgot password and reestablish your passwords every time you need to sign in to something. So being able to have a link that is open, it's not gated with a username and password, and it knows who's paying based off of the patient ID. So all a patient would have to do is input their patient ID, put in their card information, and they're done. This link can be placed on providers' websites. It can generate a QR code that can be laminated in office or watermarked on statements. It can also be texted out via text to pay, which we'll talk, I think, on the next slide about. But also it can be, implemented into your emails and even your social media. There's a there's a, a bio section that you can incorporate links into throughout your social media. So LinkedIn, Facebook, Instagram, TikTok even. Always give your patients the ability to understand when and where they can make a payment because this link is 2065. It's an open revenue collection, agency for you, and it's at your disposal to leverage. And what about text to pay? So online payments is one thing, but being able to now take that payment link and text it out to a patient, this is where we're able to engage with patients a lot more effectively. And what we know is that text messages are more engaged with than emails and phone calls, and I even have some stats to prove it in a short while here. But what can you use Text2Pay for? You can use it for outstanding balances, which is going to help improve collections. You can use it for co pays and deductibles, which is going to help speed up the revenue cycle. What about no show or late fees? I once got hit with one of these before I had to pay $20 for missing an appointment. But what that does is that it helps ensure that calendars are full and you're protecting revenue. You can use it also for pre care, point of care, post care in order to expedite the check-in and checkout processes. But most importantly, you use it for patient preference, which is going to increase patient satisfaction. Again, get you paid by enabling patients with the way they want to pay. So just a couple of quick ways that we can implement Text2Pay throughout our day to day kind of workflows. Before the visit, if you are getting that appointment through an online scheduler or you're getting that appointment through a phone call, simply saying, Would you like to receive a text with your copay amount? That way you can optimize patient care during their appointment and not have to worry about payment collection. That's one less kind of, you know, frictiony conversation that you have to have, having to collect a patient payment during the point of care. You can do that before care. But if you did need to do that at the point of care, it's another way to say, Hey, by the way, you can also get texted a link where you can submit your copay amount or your deductible amount. Would you like to do that? And then thinking about after the visit, post insurance adjudication, especially for balance billing, being able to send a text to pay that takes a minute rather than having to send a bill that's gonna take you at least thirty days to get paid, but there's also mailing and overhead account before during those processes as well. So just some quick stats. 98% of text messages are opened. Ninety two percent of US adults carry a text enabled phone. I love this stat. 90% of companies say they leave voicemails, while only 29% of patients or consumers I should say, say they listen to voicemails. So right off the bat, we know that with a text message you are going to engage at least three times more effectively with your patient than if you are sending out a mailing or giving a phone call. So just to kind of just go over what we talked about, especially with online payments and Text2Pay in particular, The benefits are faster payments, improved payment security as well. When you think about encryption and tokenization, encryption is being able to kind of mask out all the numbers. When you always see those asterisks that are applied, you always see the last four digits, that's encryption. Tokenization is when you're able to take payment information and mumble up the numbers so that outside Infiltrator will never be able to get the real number. So we utilize those methods when we're taking payments to our online payment link. Better revenue management, again, talked about enhanced patient convenience, streamlined processes, and increased satisfaction. Stephanie, I think we got one more poll for you and you know what, there might be a couple more down the line as well. Yeah. I was gonna say this is poll number two, and it's of the choices below, which is not considered an effective way to share your payment link? Add a payment button to your website, post QR code around the office, add payment links in your text messages to patients, or handwrite the link on a note. Matthew will get the answers later, but go for it. Hey, but you know what? Even for folks who did choose D, any way that we can let patients know that they can pay online, I'm all for it. So if it's on a post it, hey, go for it. There are more automated ways to do so. But awareness, payment awareness is the biggest thing, that payment optionality for patients. Just to wrap up online payments, what we know is that 85% of patients would rather pay for services using an electronic payment method such as an online portal or a mobile app. Again, what that link is providing, a way for patients to pay 20 fourseventhree 65 when it's convenient for them. So what are some other ways that we can talk about, being able to inject revenue accelerating tools? The biggest one is honestly card on file. So if there's one thing that we can take away from this webinar, of course, online payments is pivotal in today's day and age. But another proactive way to ensure that we are collecting pre or at the time of service, it's with card on file. You can use it of course for outstanding balances and you can use it for co pays and delayed fees and for no shows and cancellation costs. But these are my two favorite to use on my I'm sorry, a card on file for. Recurring payments and memberships and also for future visits. So it's being able to do something today that's going to help you tenfold down the line. And what it helps with is improved revenue cycle management, speed up balance billing, reduce chargebacks as well because this is something that's unique to what Practice Management Bridge offers as well. Anytime a card is vaulted, what we call a pre authorized healthcare form is established. What that does is it creates a form of documentation that is acting as a signed receipt between the provider and the patient to say, Hey, there's a card on file. That card on file is on file with particular purpose to be charged for up to $100 for either this visit or for all visits this year. And what that does is that it allows for the provider to run payments in the name of the patient up to a certain monetary threshold. So now when you think about it, the provider, front office Betty or back office Fran, they don't have to go out and make phone calls or send emails or send out even text messages. They already have the pre authorization to charge that particular patient's card on file up to a certain amount, which is fantastic. So that's what you can do with card on file. Now another beautiful thing about card on file, which we'll talk about, is recurring payments. So it enables another feature. That's why I love this feature so much because it's a catalyst to other revenue implicating features. But just some best practices for keeping a card on file, hey, make it a standard policy. You know, we should start thinking about card on file in health care the same way we think about card on file in retail industries. You can't go on vacation without having a card on file. So what's the difference between healthcare? Healthcare, you should be able to have a card on file in order to get services rendered to you. It's just a simple expectation that needs to be placed. In order to receive services, a card on file needs to be, administered. So make it a standard policy. We talked about that pre authorized healthcare form, essentially acting as a signed receipt between the provider and the patient saying this card is on file and it's on file with intentionality. Address concerns with relatable examples. Again, thinking about Netflix, Uber, Amazon, hotels. Place a promo flyer in the waiting room letting patients know that there's options made available to them. Set expectations before the appointment, especially if it's already in your standard policy, which we covered. And then notifying patients before charging as well. Even if you have that pre authorization, Practice Management Bridge also allows you to send customized text messages. So you can say, Hey, by the way, patient Morabelle, we're going to go ahead and charge your card $50 that you already pre authorized us to. So what card on file also leads way to is recurring payment plans. And really it's just flexible payment plans. Thinking about a provider being able to offer in house financing because we are going to talk about financing later on. But in house financing between the provider and the patient setting up a payment plan, whether it's every two weeks, every three weeks, every month, bimonthly, biannually, you have that flexibility to do that with practice management bridge now. And payment plans in general, they help of course with hefty outstanding balances. It helps with, and you can use it for installments and memberships, for reducing costs. It's a substitute for financing, third party financing, again, which we'll get into later. And you can also use it for patient needs and all that to help and increase revenue, reduce AR, decrease bad debt and write offs as well, but also being able to inject some personalization and some compassion into healthcare as well. Being able to understand that we saw this data earlier, fifty four percent of patients are apprehensive to receive care due to costs. Well, having payment plans made available to them is going to levy that concern. So how can we go about informing our patients of payment plans and throughout which phase of care can we do that? Well, throughout any phase of care we can do that. Being able to promote payment plans, I think is so vital, especially if you do it, through in office promos or even on your website. So that way, think about how a patient is just like a consumer in retail. We're shopping for healthcare online nowadays. So I was to go on Doctor. Morabell's website and I see that, oh my goodness, he offers financing payment plans. I can pay with a card on file. He offers text to pay. I'm more inclined to go to Doctor. Morabell than Doctor. Suzy who only offers point of care payments via a terminal. So that's where we're able to talk about revenue cycle management tools versus merchant services, which you're just taking point of care payments. There's a lot more we can do with credit and debit cards nowadays than just run them through a terminal. And at the point of care as well, thinking about financial empathy, I think there was a stat out there from 2023 from payments.com that said $400 seems to be that threshold for a patient where it gets really uncomfortable. So once you know you have an amount that's close to $400 being able to simply say, Hey, patient, we have payment plans made available to you. Would you like to take advantage of them? And then post visit as well, post adjudication, if you see that there's been a balance of 373 that's been lingering around for sixty days, being proactive about that, reaching out to the patient to say, hey. We have payment plans made available. Would you like to take advantage of them? So some successful tips for getting a yes. We talked about proactivity and transparency. Another thing is going to be ensuring that we are encouraging and promoting payment optionality. That's going to be the biggest thing as well. And if there's ever any concerns about security, ensuring that we are PCI compliant, HIPAA compliant, we have point to point encryption through tokenization as well. SOC two certified, HITRUST certified. So, all of the compliance levers to pull, they have already been pulled for secure patient payments for your practice. Key findings: Adoption starts with trust. Patients are more inclined to adopt processes from providers that they have a trust filled relationship with. Alignment drives success. Train your staff to use and to speak to processes the same way so that concurrency and our articulation of our offering is going to be vital. And then practice makes perfect. Even going from today to tomorrow and implementing some of these tools, You still have to refine and go through your workflows, right? There's going to always be practice to be had in order to perfect our workflows. And with that, Stephanie, we another poll for you. Yep. So this is poll three of four and our question is, Recurrent payments and keeping a card on file can be used to help with A, improve collections, B. Prevent identity theft C. Reduce AR D. Keep your practice compliant or E. It says E, A, and C. Nancy, are you ready? Am ready. What are some of the biggest roadblocks to care? We've already highlighted them, but we're gonna go over them one more time. It's going to be cost. It's going to be cost. Thinking about the rise of high deductible healthcare plans, the rise of uninsured patients, and the rise of out of pocket costs. What that does for the patient is that it leads to stress, it leads to anxiety, it leads to fear. But hold on, providers, I haven't forgotten about you. You're also dealing with the rise of cost as well. Of course, inflation, but also think about overhead costs. Think about mandatory PPE. Think about supply chain issues. Think about systems operations costs. It's all adding up, And that's why we need to be cognizant of providing other avenues to get around these roadblocks. That's where financing comes into play. The same way we would go about shopping for a car, guess what? Patients are going about and shopping for health care that same way. Can I charge it on the card? Can I pay it straight cash? Or can I have some in house or third party financing options made available to me? What are the practice implications? Well, declination rates, loss of revenue, difficult conversations, retention issues, and poor patient experiences. And for the patient, unaffordable care. We saw earlier that patients are delaying treatment for up to or even over a year because of costs. So thinking about opt outs as well, still having those difficult conversations. Reduced in loyalty. Remember, we also saw that stat how a patient can pay for 90% of patients. That's where their loyalty resides in, where their provider with how and when they can pay. So just kind of quickly going over some patient financing benefits. This is something that's also offered through Practice Management Bridge. We'll go through summating our Practice Management Bridge offering in a couple of slides, but some patient financing benefits, increasing revenue, attracting and attaining new patients, building trust and simplifying billing, and then for the patient's affordable healthcare by being able to seek the care that you want and need and even for elective treatments as well. So now as you think about organically growing not only your patient base but your revenue base, being able to offer up optionality, that's going to increase elective services as well. So that's what we have there for just from patient financing benefits. I just want to bring it all together. I know we've been talking for half an hour, just to kind of bring it all together. What are we looking at? Well, we want to build a strong technology stack and the first thing is going to be through automation. So ensuring that we are working with vendors that work with our current system. So payment posting, end of the day quick reconciliation, compliance, right? Ensuring that systems are PCI and HIPAA compliant, but also they're SOC two certified, HITRUST certified, and they utilize encryption methods such as tokenization. But also is this particular vendor going to cost me something or are they going to help grow revenue? When we think about merchant services versus true payment healthcare companies like what you're dealing with with Practice Management Bridge, it's not only taking that payment, but what else can you do with that card? And what else can you do with that payment? So it all comes down to return on investment as well. The four powerful Cs, I like to call them, of a tech stack, cash flow, convenience, compliance, collaboration. That's going be the biggest thing. Cash flow for solutions that help increase revenue to improve cash flow. They're necessary for operating efficiently. Convenience, it's all about options, options, options. This reminds me of that Oprah Winfrey kind of segment where it's just you get something, you get something. Well, hey, there's options made available for everyone. Collaboration and compliance are going to be huge as well. We talked about ensuring PCI and HIPAA compliance, but also ensuring that there is a, that we are using technology that effectively promotes collaboration and it is fostering a dynamic conducive environment for not only our staff but for our patients. And then here we have, this is another poll. Yes, this is our last poll. And then hopefully you have time for a couple of questions that we have for you. So our last poll for our audience is, would you like a representative to reach out to you following this presentation? If you click yes, we will have somebody reach out and follow-up and answer any additional questions you may have. With that, we do have a couple of questions for you, Matthew. So thanks for sharing everything you've shared so far. As providers, we get pitched all the time by merchant companies. So what's the key difference for your offerings? Well, think that's, you know, I'm glad that we touched on it a little bit, but now it gives us a little bit of a limelight to kind of talk about it. It's not only talking about what are our processing rates for collecting and processing a card, but it's being able to talk about return on investment. So yes, we can still process those same terminal payments and those card not present transactions, but being able to help you providers get paid not only on time, but also post adjudication as well to reduce some of that outreach. So it's being able to do things like text to pay, like QR code payments, like third party financing, in house payment plans, card on file. You can do that with your run of the mill merchant service provider. Wonderful. Thank you. So based on what you just shared, what do you actually hear from your clients as the biggest improvement to their payment processes? Is there one thing that actually stands out for them that is kind of stuck in your head that you'd like to share? Oh, really would. And it's kind of like a little testimony as well. Implementing Text2Pay. So remember that stat that we saw where 73% of providers say it takes thirty days to get a patient payment. Having implemented Text2Pay in a forty eight hour turnaround, we had a practice collect more payments than they did all of the week prior within those forty eight hours of implementing Text2Pay. So think about 117 transactions that they took the week prior, they collected 123 transactions just with Text to Pay in forty eight hours. So I think that's a true testament to what you can do with revenue collection through payment optionality. Is an amazing stat. And I think something that everybody would want to change in their practice. So a question about online payments. Wondering how that works. So is it as simple as just putting a button on our Web site or is there more technology behind it? You know what, that is the technology in and of itself. It's just the link that we provide. And the cool thing about it is that link, it's up to the provider to use it at their discretion. They can leverage that link however they want. If they do want to put it on a notepad and just simply have a little sticky note on the wall, we can do that. But you can put that on your website. So whoever designed your website, you simply throw them that link. They'll create a make a payment button that can be implemented on your website to be available 20365. During office hours, you can always text out that link. It's right in practice management bridge for you to text out when you're creating a text message to a patient. It generates that QR code. So what I've had providers do as well, they've created sticker decals of that QR code and put it right on their windowsill, which I thought was pretty interesting. Or they laminate it and put it right there at the countertop. So as you're maybe treating patient Ramon, patient Tony can scan the QR code and submit payment and that just automated payment collection and expedited the check-in and checkout processes for the provider. So being able to take that link and leverage in multiple ways, it's fantastic. I'm thinking about, as you were speaking, my last experience at my doctor's office, and I was waiting in the line of three people to check out. And had they been able to point and go, hey, scan that, and you can leave, it would have made the checkout process so much easier. We do have one last question. So it says, we use a basic terminal right now. Would we get to keep our current terminal? How difficult would it be to switch it out? You know what, so if you don't keep your current terminal and the only reason why is because it's not coded to practice management group, guess what? During our onboarding process, we will personally, well, hope personally, but we will ship out our our terminals to you. It's plug and play. It's already coded to us. All you gotta do and we'll have someone run you through it is plug it in, stick it into your computer, and it's ready to play. Matthew, thank you so much for your time. This was a wonderful conversation today, and I learned so much, so I'm sure all of our participants did also. With that, Practice Management Bridge. So it's a safe and secure payment solution trusted by thousands of health care practices for more than thirty years. They can help you reduce administrative burden, decrease accounts receivable, cut costs associated with paper bills, and enhance the patient payment experience. Did you have any last thoughts, Matthew, to share? I think we covered it pretty well in today's webinar. So excited to see the traction that we get from this and looking forward to helping improve the revenue cycles for providers out there. Great, thank you so much. And with that, thank you again for joining us today for Practice Management Bridge, a new way of managing patient payments. As a reminder, you can find the printable version of today's deck in the files and resources area in the upper right side of your console. It should be the first resource listed in that window. As we close today's session, you'll see a short survey pop up, and we invite you to contribute feedback to help us ensure that our resources continue to meet your needs. If you can spare a few extra moments, please let us know what you think. Thanks again and have a great day.