Trends in Healthcare Payment Processing for Specialty Medical Care

Specialty medical care, like radiology, can cost patients hundreds or even thousands of dollars out of pocket. If patients cannot pay these bills, then the responsibility is transferred over to the healthcare provider, which can end up hurting their bottom line.

Right now, one in five working-age Americans with health insurance cannot afford their bills. Plus, uninsured hospitals have a whopping $49 billion in bad debt each year.

One of the solutions is to offer patients some different ways to pay their bills, even if said bills are past due. Healthcare providers should look at the payment trends happening, and meet patients on their level to ensure they are paid in an efficient manner.

The following are trends that healthcare providers can pursue to get paid:

Patients want to pay online

Everyone wants the option to pay their bills on their terms in these busy times. Most people have a smartphone or Internet-connected device these days, so giving them the chance to pay their bills through an online, easy-to-access patient portal is key. On this portal, they should be able to pay through debit and card cards, eChecks, HSA and FSA cards, and ACH withdrawals from their checks and savings accounts. They may also need to set up and negotiate payment plans through their portal for their large specialty medical bills. All of these options need to be present on the portal.

They need payment plans

Along with payment plans via the portal, healthcare providers should also allow customers to call up and enroll in payment plans with the help of friendly phone agents. After all, 46% of consumers prefer to talk to customer service representatives on the phone about complicated issues.

They need payment reminders

Before bills become past due, healthcare providers should send out payment reminders to their patients. They can be sent through email or text message, and include simple messages like, “Your bill is due soon,” or “Don’t forget your next payment.” Since everyone has so many bills to pay, they need a gentle nudge that their healthcare payments are approaching their due date.

If you are seeing a downward trend in patient responsibility for specialty medical care, and you want to reverse it, get in touch with BillingTree.

To learn more about how BillingTree can help you, contact BillingTree or call us at 877-424-5587.