Financial Management Software for Billing and CollectionhCentive’s WebInsure Financial Management provides the next generation financial management system, empowering you and your members with a technology solution to simplify healthcare.
WebInsure Financial Management addresses billing and collection challenges faced by the health insurance industry.
With the advent of web-driven, exchange-based enrollment, the health insurance industry must modernize operational processes and move member-facing processes toward a retail-centric business model. In this model, your product offerings will be why members enroll, but how you manage that relationship will be key to retaining members.
Many health plans have entrenched billing systems that are functional but the processes are complex and result in confusion and poor member experience: multiple bills from different carriers, lack of automation, poor understanding of expected subsidies, inadequate delinquency and unfriendly payment processes.
hCentive’s WebInsure Financial Management (WFM) allows you to simplify your processes, remove confusion and enhance member interactions. WebInsure Financial Management was developed by a team of industry and technology experts to specifically meet the financial management needs of health and dental plans and exchange entities. The system breaks down the complexities of financial management and provides transparency needed to create a full understanding of your premium revenue streams. So what does our solution offer?
- Comprehensive Financial Management: WebInsure Financial Management is designed with flexibility to handle all of your products and services in all your target markets. Do you have multiple partner and/or subsidiary carriers? It will produce a single consolidated bill for your members and track the expected revenue for each carrier. Do you have multiple billing systems for government, commercial or other lines of business? WebInsure Financial Management is your single solution for all your billing needs.
- Transparency into Revenue Streams: WebInsure Financial Management creates, distributes and tracks liabilities at a level of detail that is simply not available in any other billing system. Powerful, dashboard-based reporting keeps you informed by allowing data to be “sliced-and-diced” at multiple levels: groups, plans, products, LOBs, etc.
- Configuration to meet Business Needs: WebInsure Financial Management allows you to have control over the billing, collections, and payment processes. Set up and assign rules at various levels of your operational hierarchy and the system applies the business logic that you’ve built. When your business logic changes, update the date-driven rules and it will be processed appropriately.
- Automation of Operational processes: Organization/User-created business rules and reconciliation exceptions create “Work Items” in the work queues. The workflow-driven exception processing streamlines and simplifies operational activities. The queues, processes and rules are controlled directly by the organization to allow for processes and procedures that best meet their needs.
- Online Member Interaction with WebInsure eBill* (online bill presentment and payment portal): Initial binder and ongoing payments are collected online. WebInsure eBill provides portals for members, employers, carriers and brokers, simplifying and enhancing the online billing and payment experience. Members can set up automatic recurring payments, choose how they are notified of billing activity, or even handle the entire interaction on their mobile device.
*WebInsure eBill is also available as a stand-alone solution that interfaces with your current Billing system.
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Read whitepaperWebInsure Financial Management and Private Exchange
The Health Plan industry is responding to the post-ACA world in various ways.
- Full ACA/HIPAA compliance
- Intuitive user-friendly interface
- Reduced implementation costs
- Shorter implementation cycle
- Product customization capability
- Seamless system integration
- Per Member Per Month (PMPM) cost model