Simplify the patient refund process
Managing patient refunds is a complex, time-consuming process. There is an easier way. PreferPay® takes the hassle out of patient refunds. It simplifies the process for staff and enhances patient experience.
Patient Refund Optimization
Patient refunds create a unique challenge for healthcare providers in an environment of increasing out of pocket payments for patients. Most organizations are seeing a significant rise in refunds post adjudication with their insurance companies. Patient Refund Optimization, as part of our disbursements platform, enables health systems, hospitals and physician practices to lower costs, enhance workflows and improve patient experience and satisfaction.
PreferPay®, by CommerceHealthcare®, is a faster, easier way for healthcare providers to refund patients. It eliminates the need to collect, retain and/or manage payment information, while giving patients faster access to refunds on our disbursements platform.
A better approach to patient refunds
How PreferPay® works
PreferPay® makes patient refunds easy. The process is simple, saving healthcare providers time and money and delivering an optimal patient experience.
Patient Payment Options
Patients identify their preferred method of payment.-
Direct to Debit Card -— payments are credited directly to a bank account through a patient’s Visa® or Mastercard® debit card. Funds available in as little as 30 minutes.
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Direct Deposit — funds in patient’s bank account within 2-3 business days.
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Check — mailed to a patient’s home address.
Patient Benefits
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Patients choose their preferred method of payment.
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Electronic refund options put money in patient hands faster, in as little as 30 minutes.
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Patients authenticate their information for a more secure payment experience.
Provider Benefits
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Electronic refund options save money, costing a fraction of issuing traditional checks.
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Increase efficiency by remove time-consuming, manual refund processes for staff.
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Reduce escheatment processing for unclaimed property from uncashed check payments.
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Eliminate the need to collect, retain or manage patient payment information.
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Maintain existing banking relationships.
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Taking a strategic view of payments
For most providers, the goal to achieve robust automation in payments to suppliers and patients remains elusive. Further progress depends heavily on adopting a strategic approach to AP payments. The five components of a strategic view delineated in this article help guide this effort.