A recent study carried out by TransUnion has revealed that the Millennial generation is officially the slowest paying of all time. In fact, the research proved that almost three-quarters of all Millennial patients failed to pay their balances for healthcare received on time and in full, with some only making partial payments, and some failing to pay any of the money that they owed at all. This clearly means that healthcare organizations need to adapt to the needs of this new and up-and-coming generation and find ways of tailoring systems for healthcare patient payments that meet their needs.
Why Adapt to Millennials?
Some medical practices may be wondering why things need to change for this new generation, which seems so incapable of making payments on time. However, the fact remains that this generation is the one that will be next to give birth, to experience stress, and to have a host of other medical issues. In the very near future, it is this generation that will be making increasing use of healthcare facilities. And if the trend continues among this generation for slow payment, healthcare organizations are going to struggle to cope with the challenges that this will present. It is clear, then, that finding a route to handle these cases should be high on practices’ agendas.
Offering Convenient Payment Methods
Perhaps the best way of helping to promote on-time payments is to offer Millennials their preferred payment methods. The TransUnion survey also revealed that this generation strongly prefers to use their credit and debit cards when they make payments. It’s interesting to note, also, that 20-somethings want to try to avoid getting into debt, as revealed in a Money Under 30 poll and healthcare organizations can use this fact in their favor. By offering a variety of different payment options, including cards to settle healthcare bills, providers can give themselves the best chance of receiving a steady stream of revenue.
Millennials are a generation that will benefit greatly from the ability to set up a payment plan, especially for those with large balances to pay. BillingTree’s healthcare patient payment solutions allow for the setting up of such plans to ensure that regular months’ amounts are received to pay off outstanding sums. This takes the onerous chore of chasing down payments away from staff, leaving them free to concentrate on more relevant and valuable tasks while guaranteeing the peace of mind of knowing that payments will be forthcoming. Millennials are very familiar and comfortable with the concept of regular payment plans, and already have them in place in the form of cell phone contracts, among other things. They will appreciate the opportunity to store their card information in their file in order to increase the ease of making recurring payments.
By implementing these strategies, it is possible to help to encourage Millennial patients to make their payments at the right time and in the right amount and to avoid getting into debt. By helping this generation to see a way forward and to make their essential healthcare payments affordable and convenient, medical organizations can not only improve the lives of their patients but can also bring their own benefits in the form of an increased cash flow and consistent revenue stream. Online healthcare patient payments and the ability to set up long-term plans are one of the most effective tools that practices can implement to ensure that this crucial generation develops a responsible and healthy attitude to paying their healthcare debts for their own long-term well-being and that of their medical practice.