ATLANTA--(BUSINESS WIRE)--Elavon, a leading global payments provider and subsidiary of U.S. Bancorp (NYSE:USB), is improving the healthcare bill payment process for hospitals, health systems, and patients alike with the launch of One Bill, a consumer-friendly, electronic billing solution available through Payment Navigator®, powered by InstaMed.
One Bill improves transparency for consumers by presenting a single consolidated statement to a patient, even if several services are provided during a visit or if multiple visits occurred during the same billing cycle.
According to the Medical Group Management Association (MGMA), patients generally receive an average of three statements per visit when it is time to pay medical bills. One Bill modernizes healthcare billing practices by consolidating all the balances from services across a large health system and eliminating multiple statements in a billing cycle, helping healthcare providers decrease patient confusion about what they owe and why, while also making it simpler for patients to pay.
An add-on feature for Elavon’s web-based Payment Navigator healthcare solution, One Bill also enables patients to make multiple payments for all balances across a household, so hospital staff members don’t have to bill and process payments separately for different family members. Payments post to existing systems and funds are deposited into established provider bank accounts, which streamlines posting and reconciliation.
The One Bill solution not only makes paying bills easier for patients, it also helps providers collect those payments at a time when patients increasingly are responsible for healthcare costs. In 2016, 73 percent of providers said it took one month or longer to collect from a patient, according to InstaMed’s Trends in Health Care Payments Seventh Annual Report.
“One Bill makes it quick and easy for patients to pay, so it increases the likelihood of payment for providers,” said Jana Franks, senior vice president and general manager for Elavon’s healthcare business. “Plus, staff can spend less time fielding patient billing questions and focus on assisting patients with more complex inquiries.”
To learn more about Elavon, please visit www.elavon.com or @elavon.
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