What Is Healthcare Payment Processing and Does Your Practice Need It?
We live in a digital age where it’s easy to have anything delivered–simply, quickly, and conveniently. Healthcare is no exception, as the rise of healthcare consumerism indicates. There is a growing expectation that healthcare services of every kind will be delivered with the same kind of convenience as other kinds of products and services. This is nowhere more true than it is with healthcare payment processing.
What Is Healthcare Payment Processing?
Payment processing refers to how transactions occur between a service provider and a client. Healthcare payment processing is, quite simply, how this transaction takes place within a practice.
For many, payment processing brings to mind something like a credit card terminal or a point of sale system. This is the most common method of payment processing, but the payment processing industry is seeing innovative new solutions crop up. If you’ve ever:
- Paid a friend back via Venmo
- Received an invoice via Paypal
- Used NFC technology (tap-to-pay) or a digital wallet like Apple Pay
- Made a payment through an online portal
You’ve experienced this new wave of payment processing options. In fact, as these become more normalized, they’re also becoming the expectation. In one study by JP Morgan, it was found that 73% of consumers would decide to make a purchase based on whether or not a business accepted their preferred method of payment.
Benefits of Healthcare Payment Processing Options
Cash is no longer king. Convenience is. And while patients may rarely ever have been paying with cash, they’re also less likely to pay with card; or at all, as indicated by an AHIP study that revealed 68% of patients do not pay their medical bills in full.
This is largely because insurance companies are paying less and patients are shouldering more of the financial burden of their healthcare bills. Offering a variety of payment processing options can help alleviate this burden.
We live in a time where consumers want things on their terms, and their time. This is magnified in the healthcare industry, where a growing number of patients are actually struggling to pay their medical bills in full. By offering a variety of healthcare payment processing options, you increase the avenues through which your patients are able to pay.
In fact, one urgent care in Tampa Bay implemented an auto-pay feature that increased their collections by over $150,000 per month.
An increase in patient collections is a typical result of offering various healthcare payment processing solutions. You’re helping your patients and your practice.
So, what solutions are available to you?
Healthcare Payment Processing Solutions
Whether you work in the medical, dental, chiropractic, or veterinary field, there are a variety of healthcare payment processing solutions that your practice may benefit from. Among them are:
Mobile Pay. These days, it’s important that everything is mobile friendly. We like having the world at our fingertips. Being able to pay from a mobile device or tablet means that patients can make payment from anywhere. Some solutions will even enable a practice to send payment reminders and notifications.
Interactive Voice Response (IVR). IVR is a technology that allows a computerized system to interact with callers and gather the appropriate information. This unique healthcare payment processing solution grants support to your patients 24/7/365, which dramatically improves efficiency and lowers overall customer service costs.
Account on File Technology. As previously mentioned, automated payments are another way to improve patient satisfaction and patient collections. Most practices struggle slow manual workflows and delayed or unpaid balances. You can streamline the entire patient payment process by capturing patient payment data upfront.
Online Bill Pay. An online portal is another convenient way to help patients make payments. With electronic statements, you can cut down on paper costs and deliver information in an eco-friendly way.
There are a lot of payment processing providers out there, but ClearGage provides a proven consumer-centric technology that can revolutionize the way you engage with and collect from your patients. With a suite of tools and payment options that turn your collections process into a consumer experience, you can quickly increase collection rates and provide your patients with the convenience they have come to expect.