HTP Expands RevRunner Hospital Revenue Cycle Enhancement Suite To Increase Revenue From Self-Pays
New HTP Advocate Module Streamlines Patient Payment Cycle to Boost Cash Flow
Orlando, FL - HTP, a developer of software solutions for the healthcare industry, announced the addition of HTP Advocate to its HTP RevRunner suite of hospital revenue cycle enhancement software. HTP Advocate is designed to simplify and improve financial interactions between healthcare providers and their patients, resulting in improved cash flow and patient satisfaction.
"The HTP Advocate module will enable our customers to more efficiently and effectively manage the patient payment cycle," said HTP CEO Ray Shealy. "Since the majority of healthcare organizations operate on razor-thin financial margins, finding ways to increase cash flow is critical to their continuing ability to provide quality care."
Although healthcare providers traditionally have obtained the bulk of their revenue from insurers and government health programs, today individual patients are responsible for more than 10 percent of all hospital billings – a figure that is expected to grow to 30 percent by 2012, according to research by Zimmerman and Associates. This reflects an increase in deductibles and co-pays for patients with insurance as well as the growing number of uninsured patients.
HTP Advocate helps the healthcare provider to identify the optimal payment path for patients through an automated, Web-based solution that uses a range of hospital, third-party and government data to assess each patient's insurance coverage, financial resources and ability to pay. It easily integrates with existing hospital patient financial systems, enabling hospitals to collect co-payments at the time of registration and to gauge the percentage of charges not covered by insurance. Depending upon the patient's ability to pay, the hospital can assist the patient in applying for government or charity programs, set up a payment schedule, or decide to write off the charges as uncollectible.
Through its enhanced tool sets and unlimited data transactions through electronic data interchange (EDI), HTP Advocate can:
- Reduce denials with streamlined verification of patients' insurance coverage, ability to pay and debt scoring prior to delivering healthcare services
- Automate financial aid application and qualification processes
- Accurately calculate patient out-of-pocket expenses at or before time of service
- Advise patients on their financial obligations and options for payment
- Increase collection of payment at time of visit
- Minimize bad-debt write-offs by monitoring payments
With the addition of the HTP Advocate module, HTP RevRunner provides a comprehensive, automated solution that allows healthcare providers to develop a community-sensitive patient financial advocacy program, efficiently identify insurance eligibility and proactively monitor the status of claims.
HTP Advocate is available as a stand-alone module or as part of the HTP RevRunner suite of Revenue Cycle Enhancement software.
SOURCE: HTP, Inc.