Medical debt in the United States outpaces student loans, auto loans, and credit card debt. And with more financial responsibility falling on the patient than ever before, healthcare practices are being forced to come up with new ways to collect money owed — for profitability, but also for patient flexibility in order to incentivize patients to seek the care they need without fear of how it will affect their pocketbooks. Below are some successful, reliable methods for improving payment processes while providing convenience and options for patients.
Flexible Payment Options Are a Post-Pandemic Reality
The Covid-19 pandemic accelerated the move to more digital payment options for patients. Contactless payments were safe during the height of the pandemic, but they’re also convenient. Online portals, mobile apps, and mobile wallets allow patients to pay their medical bills quickly and safely without needing to stop by the office or wait on a phone call during specific business hours. Here’s how flexible payment options help greatly in retaining satisfied customers.
They Address Patient’s Financial Needs While Also Benefitting Providers
Flexible payment options include methods like splitting large balances into manageable monthly installments, and offering lump-sum discounts or automatic recurring payment plans. Not only does research back the success of these methods in collecting payment from customers, but flexible payment options also reduce bad debt and boost patient loyalty.
Digital Payment Options Translate to Quicker Payment Collection
Digital payment methods are fast and simple, and research backs that patients pay their medical bills more quickly when prompted via digital notification such as text, email, or automated phone call rather than through regular mail. When you send quick reminders through familiar digital platforms that patients already use, the result is typically quicker payment collections and fewer outstanding balances.
Reduce Paper Waste
The cost of healthcare billing can be cut drastically by moving from paper statements to digital reminders. Flexible payment options eliminate the need to over-send paper billing statements. For instance, implementing a card-on-file option can provide a way to process an outstanding balance with a patient’s stored credit card once insurance claims are determined. Additionally, many online payment solutions include email billing reminders, giving providers the opportunity to prompt collection of payments from one platform.
By leveraging technology to implement digital and automated payment methods, healthcare organizations can boost efficiency, cut billing expenses, and allow staff more breathing room to concentrate on improving patient experiences.
