Payments by healthcare consumers is increasing rapidly. A recent study by the InstaMed Network revealed that during the period of 2011 to 2014, payments from consumers to healthcare providers increased 193%. This presents a challenge for providers. Previously they primarily relied on payments from insurance companies and only small amounts from patients. Now they need to collect payments directly from hundreds or even thousands of patients in greater amounts due to higher deductibles.
In addition, how the providers get paid by the patients is also expanding. The days of “the check is in the mail” are fading and are quickly being replaced by a number of other payment methods. Now there is a need for multiple payment solutions for healthcare providers in order to accommodate these changes. Let’s take a look at some trends in payments.
Preference for Card Payments is Growing
Research shows that card payments represented 81% of the gross dollar volume of healthcare payments in 2012 and expanded to 85% in 2014. As patient payments become a larger portion of provider revenue, the providers would be wise to offer card payment options over the phone or through an online portal as part of their payment plans.
Increase in Automated Payments
Data shows that the total number of transactions from automated payment plans grew by 314% from 2011 to 2014. Therefore, smart providers give patients the ability to pay larger balances over time through an automated payment plan. The advantage of this type of plan is that they reduce collection time and costs by eliminating paper statements and follow-up phone calls.
Increase in Mobile Payments
The growing use of mobile devices has given patients access to online services 24/7, and accordingly, the number of healthcare payments made from a mobile device is increasing. In fact, online payments made from a mobile device comprised 11% of gross dollar volume of online payments in 2014. So when medical providers consider their billing solutions for healthcare payments, they should include accepting mobile payments.
The Leader in Billing Solutions
In keeping pace with the payment trends of the times, Billing Tree offers many solutions for healthcare providers. Virtual terminals, interactive phone, card services and mobile payment solutions are all part of Billing Tree’s offerings. So when you’re adding to your services, let Billing Tree help you with your collections.
While you’re considering the payment methods, here are some tips on what look for in a payment solutions provider and the advantages of automation in a payment provider.