The healthcare payment processing industry is booming, yet so many healthcare providers are struggling to collect payments from their patients effectively. So, what’s the problem? Technology has come a long way, and now there are more ways than ever to pay. Still, the payment experience is long, arduous, and all-around terrible for most patients. In a booming industry like healthcare, you need to stand out among the competition.
The solution is automated payments. These platforms can offer providers the ability to collect large balances and reduce administrative costs at the same time.
Why Use Automated Payments
Automation Is Crucial with Payment Plans
Not everyone can pay a $1500+ bill all at once. Many need the option to pay their bills over time. BillingTree’s software allows your patients to pay their bills in increments. Without these systems, payment plans that you have to monitor yourself are a drain on your resources. Automated payments make the experience for your customers even better and more efficient for your staff. Statistics have shown that automated payments increase sales productivity by 14.5%.
This data reinforces the idea that patients WANT to pay you on time. However, it’s on you and your medical business to provide your patients with the tools to make paying simple
Everyone Else is Automating . . . and for Good Reason
From furniture stores to vacation booking sites, the key to success seems to be convenience. Automated payments will help you manage costs without taking on debt.
Consider that the average consumer probably wouldn’t pay $2000 for a new TV. However, they might pay 85 dollars a month over the next 24 months. You’ve seen the offers flying about, providing special financing. Now, you can provide the same thing!
Financing plans make large sum payments more palatable to the average person. The patient that would rather take on lousy credit than pay their bill might change their mind if they have more options. GIVE THEM MORE OPTIONS!
Best Practices for Automated Payments
The overall goal for providers is to make large-sum balances more manageable for their patients. BillingTree’s robust set of reporting tools can show you: outstanding patient payments, a breakdown of their individual payment plans, and an overview of your general collections. You’ll have a straightforward platform to monitor everything that matters to your business.
Healthcare payment plan automation is the future of large and small medical providers. These tools allow you to save money by reducing administrative costs and promote a higher probability of on-time payments.
If you’re looking for a portal to process automated payments and set up payment plans, contact us today or request a free demo below to see what BillingTree can do for your business.