When it comes to impacting your business, OrthoFi is much more than a “payment slider company” or a labor replacement solution for insurance. OrthoFi is a practice growth engine! In fact, OrthoFi practices achieve 14% average annual growth and 2X higher same-day conversion rates than the industry average by providing the #1 Patient Acquisition platform on the market, including:
- Mobile-friendly forms
- Test message reminders
- Full-service insurance eligibility & benefits calculation, including same-day requests
- Patent-pending Open-Choice payment slider
- Pending management CRM & follow up tools
…all with game-changing Revenue Cycle Management services that free up the practice team to play OFFENSE instead of defense.
PREPARE FOR SUCCESS
Our well-known slider is a part of the growth, but the real magic comes from how OrthoFi sets the table for same-day new patient conversions and helps you get the most out of your opportunities.
Mobile-friendly forms get the patient engaged and give you all the intel you need to present a tailored offer with accurate fees. Our forms show >80% completion prior to exam date, so you know you’ll be ready when the patient arrives at your office.
Our eligibility software and services ensure you get the right number BEFORE the patient shows up, so you’re prepared to close the start the same day. Even more interesting is that 94% of checks are completed and returned by the exam time on these same-day starts.
SHIFT YOUR FOCUS
Angie Menendez, of Embrace Your Practice Consulting Services, comments, “One of the real benefits of OrthoFi is leaving the patient’s finances up to them. It gives the TC the chance to focus on the doctor and the practice.”
Meanwhile, your team isn’t locked up on hold with carriers. They’re interfacing with actual patients and providing referral-worthy service. Our top practices average over 60% same-day contracts! Just think about what that could do for your practice growth.
Then, in cases when patients don’t start in the office, the powerful combination of sending the slider home, along with active use of our pending management tool, ensures nothing leaks through the cracks. Recent analysis shows that active users of our pending management tool see 18% higher conversion rates than those who don’t!
THE FULL-POWERED TEAM
So far, we’ve focused on the direct benefits of our patient acquisition software. The powerful additive to this mix is how our services help to transform the focus of the entire practice team. OrthoFi takes on the clerical brunt of duties, including:
- Eligibility verification & benefit calculation
- Claim submission, processing & follow-up
- Insurance collection & reconciliation
- Patient billing & collections
By doing so, OrthoFi frees up the key players on your team to focus, once again, on playing offense.
“The beauty of OrthoFi is that it frees up your TC (or Financial Coordinator) to perform higher, better use functions, such as following up on pending patients and actually driving new starts,” commented Scott Caldwell, of Straight Consulting.
Instead of spending up to 20 hours per month on hold to get eligibility information, your administrative team can dedicate that many more hours towards effective pending management follow-up, which many consultants cite as the #1 leakage of production opportunity (see chart provided by Gaidge in a recent article by Bentson Copple & Associates).
“OrthoFi keeps Treatment Coordinators on target and schedules follow-ups—once identified, the pending patient is in the OrthoFi system and owned by the TC,” indicated Ms. Menendez.
The more hours on hold – following up on overdue claims and patient payments – that you eliminate, the more you can reallocate toward a new practice-building position for a team member, such as:
- Pending Coordinator – focus 100% on following up with pending patient opportunities to convert more starts
- Marketing Coordinator – manage patient relationships, nurture and build local referral practice networks, and spearhead community involvement, including advertising/events/sponsorships
- Digital Marketing Coordinator – focus on aggressively capturing new digital content in the office for social, designing & monitoring campaigns for Facebook and Instagram, SEO, and manage social media
In short, OrthoFi is built to drive more same-day starts. From the mobile-friendly intake forms feeding timely insurance benefit checks (i.e., get everything squared away beforehand so accurate fees and patient responsibility can be presented during the consult) to the patient cheat sheet providing the doctor and Treatment Coordinator with each patient’s unique preferences, to more tailored presentations AND post-consult pending management tools.
THE POWER OF OFFENSE
Redefining the new patient experience is an important benefit of the OrthoFi Playbook. In shifting your practice’s focus to playing OFFENSE, you’ll be able to measure well-considered time allocation in everything from pending management to practice marketing to referral nurturing. The slider opens the door, but putting the focus on offense keeps more new patients coming through it.
Even better, the new patient brings along an entirely new patient base, including family and friends. If each new patient refers just one friend or family member, you’ve essentially doubled your production. In this context, remember one thing: when you’re playing offense, your newest patient is also your best new patient resource.
Further commented Tracy Martin, Founder of Straight Consulting, “When you can take all the effort of mitigating financial risk and managing collections off your team’s plate, it frees them up to focus, as a team, on marketing. That kind of shift is transformational for your practice, and that’s what OrthoFi does.”
Have questions? Let’s talk! Click here to schedule a live demo or give us a call at 1.855.841.0030.