According to BillingTree’s 2016 Healthcare Operations and Technology Survey, 93.3% of the surveyed healthcare providers collect payments in the form of checks or money orders. While this helps your patients make payments, it is adding significantly to your bottom line costs. A wise move for health care providers would be to begin to migrate their clients to online payment methods as quickly as possible. Why? Because accepting paper checks has several downsides.
Time spent by agents on accepting payments in-house or through the mail is one of the biggest factors that cause decreased agent productivity. Manual tasks that must be performed by an agent when processing a payment by check include bringing up the account, collecting the cash, recording the cash, recording the amount to be paid, printing a receipt and storing the check for later deposit. All of these tasks can be handled automatically online without the agent being involved which means the agents can devote their time to more productive activities.
When you deposit a check, it can take several days for the bank to reply, which means acknowledgement to the client is delayed. This can result in the client calling the agent every day to determine if the payment was applied to the debt, which means the agent’s time is being used unproductively.
Possibility of Non-Payment
One of the problems with accepting a paper check is that it can be returned marked Non-Sufficient Funds (NSF). A returned check means more time taken out of the day as it is re-deposited or the consumer who made the payment is contacted and asked to pay using a different method. Online payments eliminate that. When the patient makes a payment their account can be checked immediately to determine of sufficient funds exist. If they do, the payment is collected. If not, the payment is refused.
In short, if you accept mostly paper check payments for debt settlements, consider migrating those clients to your online payment capabilities. Doing so can have a positive impact on your business in terms of productivity, compliance and client goodwill.
For more than a decade, BillingTree has been committed to understanding the marketplace and growing payments with technology, to help clients grow their business. Contact us today to see how we can partner with you to bridge the technology gap and stay up-to-date on the latest in payment processing.