AdvancedMD, a Global Payments company and provider of cloud-based healthcare software for independent medical practices, announced the rollout of more than 30 new features for its 2024 summer product release, with updates to the AdvancedMD practice management, EHR, and patient engagement suite of tools. The updates are designed to increase efficiencies, drive productivity, and boost revenue.
Chief among the product updates is the newly released revolutionary Certified PAX A920 credit card processing terminal. The terminal seamlessly connects to the AdvancedMD Pay system, the company’s all-in-one healthcare payment processing platform that allows private practices to collect credit card payments in-person and online, enabling a fully unified revenue cycle management strategy. During the initial rollout, the credit card processing terminals will be available by invitation to existing AdvancedMD Pay clients and then extended to all clients.
In addition to the AdvancedMD Pay terminal, the AdvancedMD Pay platform can now process payment plans through the AdvancedMD Patient Billing Wizard for patients who have a credit card on file. It can also capture and disburse insurance virtual credit card (VCC) payments, enabling practices to process a VCC in the Payment Entry—all in a single transaction. The AdvancedMD explanation of benefits allows healthcare providers and their admin teams to distribute a payment to many patients and monitor how much of the VCC payment remains.
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According to a recent poll from the Medical Group Management Association (MGMA), more than a third of the medical groups surveyed automate less than 20% of their revenue cycle operations. Meanwhile, when asked what areas they plan to automate or outsource this year, one in five medical group owners said the “revenue cycle” elements of their practice.
“Health providers and private practice owners are up against a myriad of challenges when it comes to establishing successful revenue cycle management strategies. Claim denials, low reimbursement rates, late patient payments, and more can have a massive impact on a practice’s financial stability. That’s why we’re so excited about the launch of our credit card processing terminal that enables practices to easily accept in-person payments via a device that seamlessly integrates with the AdvancedMD Pay platform,” said Tim Costantino, VP and Head of Product, AdvancedMD. “It’s one of the many ways AdvancedMD is helping our customers by providing best-in-class payment solutions that drive more efficient, and more profitable, workflow processes. With this latest release, we are raising the bar on practice management, EHR, and patient engagement capabilities so that our customers have the tools they need to build a thriving practice.”
SOURCE: PRNewswire