U.S. Bank has launched a new physician-focused payment tool that enables doctors' offices to collect more patient self-pay balances - such as co-pays and deductibles - at the time and point of care.
The new solution - Healthcare Payment Management Essentials - is based on Minneapolis-based U.S. Bank's Healthcare Payment Management program, but is tailored to the needs of the private practitioner.
Ralph Bernstein, senior vice president of U.S. Bank Healthcare Payment Solutions, said users of the new HPM tool can accept and track payments via credit card, debit card, check or cash. They can also select additional functionality to meet the specific requirements of the facility, such as real-time insurance eligibility verification, out-of-pocket payment estimation, and payment plans.
"At a time when bad debt can run as high as $159,000 per provider office, the healthcare community is hungry for payment solutions that support both good business and good care," said Bernstein. "Physicians understand that with the right tools, they can significantly reduce bad debt and the associated collection costs."
Bernstein said more than 8,200 healthcare professionals at 1,300 outlets nationwide currently use Healthcare Payment Management.
U.S. Bank, the 6th-largest commercial bank in the United States, is a subsidiary of U.S. Bancorp, which has $264 billion in assets.