Healthcare Billing Technology That Drives Practice Revenue
More patients today have high-deductible insurance plans, which means they are paying a larger share of their healthcare bills. In fact, three-quarters of providers report they notice an upward trend in what patients pay out of pocket. In an environment of record spending and shifting attitudes about purchases and payments, the implementation of patient-centric billing solutions has never been more important.
The majority of patients (65%) say they would consider switching doctors because of poor payment experience. Implementing the right technology, however, has the ability to transform these experiences and drive greater practice revenue.
Improving Medical Billing Experiences Through Easy Online Payment Options
Online payment options aren’t a new technology, but patient interest in using these options is growing. People want to view and pay accounts online, quickly, easily and without the hassle of making phone calls or interacting in person.
A simplified process is providing greater access to streamlined options that improve the overall patient experience. This is critical since more 71% of patients report wanting to pay all healthcare bills in one place. However, over half of practices still collect outstanding balances using traditional paper statements.
The right technology is enabling more advanced payment options and allowing billing practices to quickly capture more revenue. Easy online patient billing features are designed to allow people to make quick payments, view statements, and set up payment plans – all designed to support revenue growth.
Driving Greater Revenue Through Mobile Payments
Now more than ever, patients want to go digital. They want to experience the same ease of use when paying for medical services as with digital payment options at their local coffee shop. In fact, 65 percent of patients reported they would download a mobile app to pay healthcare bills.
The majority of patients (70%) connect their level of patient satisfaction to mobile billing and payment options, yet only 20 percent of healthcare providers deliver these capabilities. Providing the services and features that patients want helps build stronger customer relationships and drives loyalty, repeat visits and referrals –which helps grow your bottom line.
Mobile payments allow patients to pay for services directly from their mobile device or tablet. You can send a customized text or email message where patients are presented with options to pay now or to enroll in a facility-approved patient payment plan to simplify the experience.
Simplifying Payments and Improving Cash Flow With Automated Settlement
Patients want to simplify their lives and one area where they demand that simplification is bill payments. Most people already pay bills online. Americans report paying over half of their bills online; the proportion of bills paid by check declined by 20 percent between 2010 and 2016.
People are also gravitating to storing payment information with businesses to make transactions faster and easier. For example, consumers store credit card details with retailers such as Amazon and enable features such as “one-click shopping” for faster transactions. These expectations are spilling over into other industries, including healthcare.
Billing technologies and features, such as automated settlement, allow practices to safely store and use billing details to pay balances after insurance adjudication. Payment accounts are tokenized and stored in an encrypted payment vault for security.
These types of payment solutions allow for recurring payments and subscription plans. For example, a patient might decide to set up a biweekly, semimonthly or monthly payment plan on a larger account balance. Having this ability allows a practice to give patients flexible patient payment options while also improving cash flow.
Moving Into The Future With a Greater Revenue Cycle
The patient experience is a hot topic in healthcare right now. Practices that capitalize on improving the patient care experience have the potential to grow revenue and improve cash flow. A key element to doing this successfully is having the right partnerships in place.
Billing solutions are an extension of your practice, and if patients get poor service, that directly affects how they feel about your practice. A billing technology partner that puts high importance on patient engagement and delivers high-quality, courteous and professional experiences can serve as an extension of your organization while helping improve your bottom line.