Today, patients have to shoulder the burden of even more of their healthcare costs. It is for this reason that they’re now becoming more selective when choosing providers. Practices that can’t provide a positive patient experience will inevitably fail. Patients are making no secret of their willingness to abandon their existing providers should their experience fall short. With this in mind, practices are increasingly having to look for ways to satisfy their patients. Could automated payment solutions for healthcare organizations be the answer?
Today’s Consumers Want Digital Payments
Online and mobile technologies have fostered a culture of immediate consumer gratification. Increasing numbers of businesses are adopting real-time payments. More people than ever before are using their smartphones to handle all elements of their lives. Almost 90 percent of people in the United States have cell phones. Of those, almost 80 percent are smartphones. It’s no wonder that consumers are now expecting a new standard to make payments. Online shopping and immediate web payments are commonplace in most areas of modern life. Therefore, healthcare practices need to keep up with this demand.
Today’s consumers expect fast settlement periods. They want consolidated reporting and regular notifications about payment transactions. Smartphone owners already use their devices for mobile banking. They are used to receiving SMS messages and e-mail notifications when it comes to their banking transactions. It goes without saying that consumers want the same level of convenience from their healthcare providers. Being able to make payments online is an essential part of supplying this convenience.
Mobile and Online Banking Has Exploded
In 2017, a survey revealed almost half of consumers were choosing to only use digital options for banking. Those numbers are increasing all the time. Ninety-five percent of all consumers have reported in recent polls that they would be willing to pay healthcare costs online. This means that providers must be aware of this need and cater to it. When patients are in the market for convenience, they will automatically gravitate toward providers who offer what they want. Practices that want to stay afloat and competitive must comply by offering dedicated payment solutions for healthcare organizations. As yet, only around a fifth of providers is currently offering an electronic option. Therefore, if your practice adopts the latest solutions, you will have an advantage over your competitors.
A Patient-Centered Experience
It isn’t too surprising that recent surveys show 85 percent of patients desire a financial experience centered around their needs. They need to understand their costs. After all, they are now expected to shoulder more financial burden. Transparency is, therefore, becoming even more important. On top of that, it is vital to have the additional flexibility of online and telephone-based options for payment. Not only that, but the ability to set up and manage payment plans is also key. Customers with large outstanding balances are the least likely to pay with traditional options. By putting in place the facility to manage payments conveniently to suit their budgets, practices can satisfy their patients.
BillingTree Helps Provide A Patient-Centric Payment Experience
The satisfaction of patients is becoming more important than ever before. Therefore, it becomes essential to cater to their demands. It is necessary to find the right provider to achieve those goals. BillingTree is a leader in payment solutions for the healthcare industry. With considerable experience and understanding of the sector, BillingTree offers easy-to-implement, effective solutions that facilitate patient payments. With our tailored systems in place, practices can offer patients the convenience they seek when making payments. Patients enjoy the benefits while practices enjoy a more streamlined approach to collections.