The healthcare payments industry is continuing to evolve and change at a rapid rate. This change is influencing the way that many in the industry, including billing services and their clients, conduct business.
Consider this interesting fact: Approximately 74 percent of insured consumers who opted to not pay a healthcare-related bill said that a lack of payment plan options, poor timing of bills and challenges dealing with complex statements were major obstacles to paying, according to a recent McKinsey study.
As with most everything else in the digital universe, consumers today want to take the reins, with the opportunity to manage, pay and understand their healthcare and medical bills in one, easy-to-navigate, convenient place.
With this said, it’s pretty clear that healthcare providers are in a position to lower the many barriers for payment.
One obvious solution is to adopt new approaches to make payment more convenient and less confusing. In fact, today’s payment technology offerings can streamline the payment process, close existing gaps or delays and better connect its components.
A Slow Adoption Process
The healthcare industry continues its struggle to address the increasing role of consumers in the payments process – and more than 30 percent of healthcare dollars are considered to be wasted due to inefficient, fragmented payment processing and costs associated with paper-based billing and admin processes, a recent Electronic Health Reporter article stated.
These costs are expected to continue to increase unless the healthcare industry starts to recognize the critical role of consumer choice and the impact of the digital economy on payment options, according to the article.
Smart healthcare providers who do offer patients the latest consumer-preferred payment methods – like card payments and online payments – can reduce confusion and ultimately increase their collections. And as newer electronic channels continue to emerge, such as mobile payments, organizations can further accommodate consumers’ expectations for simple billing and convenient ways to pay.
How to Get Started
When determining where to invest in payment technology, it’s always important to ask these two key questions: Does the solution simplify our patients’ lives? Can it save our patients (and our organization) money? The best solutions should answer ‘yes’ to each.
By focusing on streamlining the consumer payment experience, healthcare providers can ultimately improve overall collection rates, increase consumer satisfaction, and enhance profitability and cash flow.
Learn the benefits that come with joining the BillingTree Family. We offer cutting-edge payment technology solutions that meet the specific needs of agencies collecting on healthcare . Contact us today for details.