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Allscripts, Intuit Team to Speed Patient Bill Payment for Physicians Nationwide
Partnership helps reduce the problems, questions and paper
CHICAGO and MOUNTAIN VIEW, CA – Oct. 12, 2009 – Allscripts (Nasdaq: MDRX) announced today an agreement with Intuit Inc. (Nasdaq: INTU) to become the first to offer Quicken HealthSM Bill Pay. The online service integrates with Allscripts’ practice management and revenue cycle management solutions, used by 110,000 physicians, to help patients understand their medical bills and pay them online while helping physicians get paid faster.
A breakthrough in medical billing, Quicken Health Bill Pay alerts patients more quickly that a payment is due and helps them understand their medical bill by presenting it in common language with easily understood math. It shows how the amount due was calculated after insurance payments are posted and enables them to easily pay the bill online. Because patients finally have the confidence that what they are asked to pay is what they owe, they are making their payment an average of 18 days faster with Quicken Health Bill Pay - and feel better about the transaction.
Quicken Health Bill Pay is available to any patient, regardless of insurance carrier or coverage, and creates a seamless workflow for physician practice billing staffs. Payments are received faster while the effort and cost of the collection process are reduced and accuracy and patient satisfaction are increased.
As the U.S. healthcare payment system shifts to a consumer-driven model, patient payments are becoming the fastest growing portion of a provider’s revenue stream. Direct out-of-pocket payments from patients to providers are expected to total $660 billion by 2013, more than doubling payments made in 2005. However, many practices write off as much as 50 percent of patient payments as bad debt, and research shows that 40 percent of patients don’t pay their medical bills simply because they don’t understand the bill or didn’t think they were responsible for the amount due.
“When patients have the knowledge and confidence that a bill is correct, payments are made faster and billing managers spend less time, money, and effort repeatedly sending paper statements, answering questions, and calling patients about payments due,” said Peter Karpas, president and division general manager of Intuit’s Quicken Health Group. “With Quicken Health Bill Pay, Allscripts can offer its clients the unique ability to present absolutely clear online statements and the 24/7 convenience of receiving fully protected online payments.”
While American households with computers increasingly are paying bills online, more than 90 percent of medical payments are still received by providers in the form of a paper check. Quicken Health Bill Pay brings the convenience of electronic payments to medical bills, enabling patients to send payments anytime, from any computer, using any debit or credit card, Flexible Spending Account or Health Savings Account. It benefits providers by improving accuracy and reducing the time and effort billing managers spend taking payments over the phone or keying in payment information sent through the mail.
Allscripts practice management solutions combine sophisticated billing, scheduling and revenue cycle management tools to help physician practices become more productive while improving service to patients. A pilot program conducted by Allscripts and Intuit in the fall of 2008 showed that patients using Quicken Health Bill Pay paid their medical bills an average of 17.8 days faster than patients using other payment methods. Every practice participating in the pilot program has continued to offer the bill-pay solution to their patients.
“Physician practices want to spend their time providing great patient care, not collecting patient bills and posting paper checks to their system,” said Glen Tullman, Chief Executive Officer of Allscripts. “Allscripts has the solution to one of our clients’ most pressing needs by providing clear, convenient online billing and fully secure online payments for patients via Quicken Health Bill Pay.”
A 2008 Medical Group Management Association/Celent study showed that a bill sent within 30 days has a 90 percent chance of full payment. The study also showed that the longer billing is delayed, the lower the chances of full payment. Quicken Health Bill Pay helps the provider reduce the time between service and billing by alerting patients immediately after the insurance payment is posted and the balance due becomes their responsibility – no waiting for paper statements to be printed and mailed.
To sign up, practices apply for an Intuit Patient Payments SM account through either their Allscripts sales representative or directly at www.intuitpatientpayments.com/Allscripts. Providers that sign up for an Intuit Patient Payments account can begin offering Quicken Health Bill Pay to their patients in days.
Designed to work together, the physician’s office views, tracks and posts the payments online through their Intuit Patient Payments interface, while their patients view and pay bills with Quicken Health Bill Pay. Because billing clerks now see the same view of the bill that the patient sees, it is easy to answer patient questions.
For more information, visit www.intuitpatientpayments.com/Allscripts
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.2 billion in its fiscal year 2009. The company has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
Follow the Quicken Health Group on Twitter at: http://twitter.com/QuickenHealth
Allscripts (NASDAQ: MDRX) uses innovation technology to bring health to healthcare. More than 160,000 physicians, 800 hospitals and nearly 8,000 post-acute and homecare organizations utilize Allscripts to improve the health of their patients and their bottom line. The company's award-winning solutions include electronic health records, electronic prescribing, revenue cycle management, practice management, document management, hospital care management, emergency department information systems and homecare automation. Allscripts is the brand name of AllscriptsMisys Healthcare Solutions, Inc. To learn more, visit www.allscripts.com.
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This news release may contain forward-looking statements within the meaning of the federal securities laws. Statements regarding future events, developments, the Company’s future performance, as well as management’s expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, actual results may vary materially from those anticipated by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: the volume and timing of systems sales and installations; length of sales cycles and the installation process; the possibility that products will not achieve or sustain market acceptance; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; competitive pressures including product offerings, pricing and promotional activities; our ability to establish and maintain strategic relationships; undetected errors or similar problems in our software products; compliance with existing laws, regulations and industry initiatives and future changes in laws or regulations in the healthcare industry; possible regulation of the Company’s software by the U.S. Food and Drug Administration; the possibility of product-related liabilities; our ability to attract and retain qualified personnel; our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; the ability to recognize the benefits of the merger with Misys Healthcare Systems, LLC (“MHS”); the integration of MHS with the Company and the possible disruption of current plans and operations as a result thereof; maintaining our intellectual property rights and litigation involving intellectual property rights; risks related to third-party suppliers; our ability to obtain, use or successfully integrate third-party licensed technology; breach of our security by third parties; and the risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including our 2009 Annual Report on Form 10-K available through the Web site maintained by the Securities and Exchange Commission at www.sec.gov. The Company undertakes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.