Encoda and Inbox Health Join Forces for Financial Health
In the evolving landscape of healthcare, physician practices face increasing challenges in managing their revenue streams. With rising patient responsibility and pressures from payers, ensuring financial health is more crucial than ever. Recognizing this need,
Encoda, a leader in financial health management, has formed a partnership with
Inbox Health, known for their innovative patient billing and engagement solutions. This collaboration brings a new level of efficiency to revenue optimization, addressing both insurance claims and patient payments.
Encoda specializes in providing a comprehensive financial health management platform designed specifically for physician practices. Their system addresses common revenue cycle issues such as inefficient workflows, incorrect insurance reimbursements, downcoding, and denials. With an impressive track record, Encoda boasts a first-pass insurance payment rate of 95% or higher and an average accounts receivable (AR) period of just 27.5 days. This level of efficiency greatly benefits practices, giving them the ability to focus more on patient care rather than billing troubles.
On the other hand, Inbox Health focuses on transforming the patient billing experience. Their platform employs automation and artificial intelligence to streamline communication between billing teams and patients. With features like clear medical statements, a variety of payment options, and responsive support via phone or chat, Inbox Health has significantly improved collection speeds—reporting a fivefold increase shortly after implementation.
Enhancing the Patient Billing Experience
The synergy between Encoda and Inbox Health allows practices to tackle financial health on both ends of the equation: payer reimbursements and patient responsibilities. Lisa Taylor, CEO of Encoda, emphasizes the importance of an integrated approach to financial management. “Practices cannot achieve true financial health if insurance and patient AR are treated with disconnected strategies,” she noted. The partnership aims to bridge this gap, creating a unified strategy that enhances financial outcomes.
Blake Walker, CEO of Inbox Health, echoed this sentiment, asserting that a modern billing experience benefits both patients and the billing teams. By offering a cohesive platform that connects both parties, practices can improve their financial performance, leading to better patient satisfaction and financial health.
Joint Solutions for Greater Financial Health
Through this collaboration, clients of both Encoda and Inbox Health will now have access to favorable commercial terms when integrating these complementary solutions. This partnership empowers practices to maximize insurance reimbursements while capturing more patient revenue efficiently. It also provides clearer visibility into overall financial performance across both payer and patient accounts receivable (AR).
The Future of Financial Health in Healthcare
The combined strengths of Encoda and Inbox Health represent a significant advancement in healthcare financial management. By leveraging sophisticated technology and a clear understanding of the challenges faced by practices, they are enabling a transformation in the healthcare billing landscape:
- - Greater Revenue Capture: Practices using both systems can expect to see improvements in their revenue collections from both payers and patients, creating a healthier financial ecosystem.
- - Enhanced Visibility: With a unified approach, practices can monitor their financial performance more effectively, allowing for data-driven decisions.
- - Improved User Experience: Both billing teams and patients are set to benefit from a more seamless and user-friendly experience, ultimately fostering satisfaction on both sides.
As healthcare continues to evolve with technological advancements, such collaborations will be key to ensuring that practices not only survive but thrive in a competitive environment. For more information on how Encoda and Inbox Health can transform your practice's financial health, visit their respective websites today.