Thank you for giving us the opportunity to serve you in 2023. We appreciate your confidence in us and we value your business. It's been a great year so far and we are proud that during 2023, we continued to deliver on our commitments to create value for our clients, our people, and our partners. CollaborateMD was able to release over 80 amazing software enhancements in 2023 and we wanted to take a moment to review the top 10 changes we have made to better service you.
10 Major 2023 Enhancements.
Patient Estimates: CollaborateMD understands how important it is for some of our customers to provide their patients with a responsibility estimate. The Patient Responsibility Estimates feature allows you to easily create Good Faith Estimates from an Appointment or a Claim as required by the Federal No Surprises Act. Providers and billers can now create estimates of patient responsibility at the time of service for uninsured, self-pay patients, or high deductibles and copays. Once an estimate is created, users can print the estimate, send a statement, collect payments in the patient payment portal, create payment plans for the estimate, and much more. For more information, please reference our Patient Responsibility Estimates Help Article.
Patient-Directed Payment Plans: Save time and get paid faster by letting your patients set up their own Payment Plan from within the Payment Portal! Our new Patient Directed Payment Plans allow patients to make arrangements to pay off high balances over a period of time directly from the Patient Payment Portal. By allowing patients to set up their own payment plan for outstanding balances it will significantly increase the chance that a bill is paid, due to the simplicity of charging the agreed-upon amount each period until the balance is paid in full. Please reference our Patient Directed Payment Plans Help Article for more information on enabling and using the feature.
Prompt Payment Discount: We understand that as Patient A/R ages, providers become less likely to get paid at all. With Automatic Prompt Payment Discounts, patients will pay faster because they are incentivized by receiving a reduced rate. Practices can set up a Prompt Payment Discount code that automatically applies if patients pay within a certain timeframe after their first statement (electronic or paper). A prompt payment discount encourages patients to make payments quicker since it will be at a discounted rate and reduces the chances of needing to send additional statements, call the patient, or even send the debt to collections. Want to learn more about setting up Prompt Payment Discounts? Take a look at our Prompt Payment Discount Help Articles.
Provider Level Adjustments: CollaborateMD now supports managing provider-level adjustments. Provider Adjustments are additional amounts added to or withheld from payments, such as Interest, recoupments, and transaction fees, and are now available on ERA payments applied. Previously these amounts would show as Unapplied Amounts on ERAs and insurance checks. Now these amounts are shown under a separate total and are reportable as separate positive or negative deposits on some reports (for example, the Daily Deposit report).
Additionally, certain types of provider adjustments, like Interest amounts, will automatically create a Claim Note indicating the amount of interest associated with that claim. Users can also manually link provider adjustments to claims to have the system create these notes. For more info visit our Provider Level Adjustment Help Articles.
- Analytics Dashboard Enhancements: Over the past several months,
CollaborateMD added many new enhancements and updates to the metrics and analytics available on your interactive dashboards and reports. These enhancements will help you to better identify trends, sort out quantities, and measure the impact of activities in order to have better visibility into the financial performance and health of your account. We added over 10 new or enhanced gadgets as well as corresponding reports associated with these gadgets. Some of the new available gadgets are Days in A/R, Net Collection Rate, First Pass Resolution Rate, Lag Time, and Clean Claim Rate. With these new metrics, you can now get deeper insights into your claim submission performance, billing performance, collections performance, and A/R. For more information about our available dashboard gadgets, visit our Dashboard Gadget User Guide Help Article.
New Option to Automatically Include Amount in the Memolines: We've added an enhancement to our existing option to “Use the Memoline on the Activity and Statements” within the Remittance Codes section. This enhancement now allows you to select an option to “Include the amount in the memoline.” Once selected, when a remittance code is added (either in a manual insurance payment or an ERA) the info line that is included in the statements and activity will now display the amount associated with the code at the end of the info line.
Use this new option to show the amount of coinsurance, copay, and deductibles on your statements and activity! Take a look at our Add Remark or Adjustment Reason Code Help Articles for more information about including an amount in the memoline.
Support for International Addresses: Do you ever have patients who are international travelers? CollaborateMD now supports the entry of international or foreign addresses in select areas of the application (Patient, Insured, Emergency Contact, Guarantor, and Ambulance Pick-Up Address). These addresses can be submitted on electronic claims, user-printed statements (automated statements are not supported at this time), labels, and more. To learn more about international addresses, please see our Add a New Patient Help Article.
Support Credit Card Payments on ERA: Some payers are now sending their payments by Credit Card (for example, using VPay). We updated our ERA workflow so that you can now process those credit card payments at the same time that you apply the ERA. Now you can just click the Edit button and change the Source to Credit Card while you're reviewing the ERA, then when you apply the payment, you'll be asked to enter the credit card details.
This feature is available for users of our In-App Payment Processing feature. If you want to take advantage of this time-saving integration, have your authorized representative start the process in the Services section today, or see our In-App Credit Card Processing Help Article for more details!
Add CPT Codes Automatically from the Claim Section: The CollaborateMD application already provides access to the entire 2023 CPT® List to add the codes that you use directly to your local list. Now, whenever you send a claim from your EMR/EHR to CollaborateMD, any new CPT® codes will be added to your list automatically. You can also add new codes if you're manually entering a claim into the claim section with a code that is not on your local list. Reference our Add CPT Codes From The Master List Help Article for more information.
QR Code for Payment Portal on Enhanced Patient Statement: If you have the Payment Portal set up, Enhanced Statements now include a personalized QR code that takes patients directly to their personalized sign-in page on the portal. To learn how to enable the Enhanced Statements feature for your account, which includes full-color statements, the ability to review past statements in Statement Tracker, and customizable messages throughout the statement, please see our Manage Enhanced Statements help article.