Finding More Efficient Healthcare Industry Billing Solutions – The Key To Increased Revenue
There must be scarcely a single healthcare practice nationwide that is not wondering what to do about its cash flow problems in today’s healthcare space. At one time, hospitals and practices both large and small could depend on their patients’ medical insurance coverage to shoulder the majority of treatment costs. Unfortunately, the last few years have seen a significant change in the status quo. There has been an ongoing shift toward high-deductible policies, and with more patients than ever before facing huge outstanding bills for their care, the need for more efficient healthcare industry billing solutions is becoming more obvious as each year goes by.
The Revenue Problem
Evidence has shown more people than ever are struggling to meet their payment responsibilities when it comes to their medical costs. This is even more likely to be the case when patients have been struck with a sudden illness or unexpected accident. In these tough financial times, patients with no insurance coverage at all are facing the full burden of costs, while even those who do have insurance plans in place are finding that their payment responsibilities are still more than they can afford.
This is bad news for all types of healthcare settings since there is no less reliance on cash flow than there was in the golden age of comprehensive medical coverage. As practices and hospitals alike struggle to find ways to address the shortfall, staff time is increasingly taken up with chasing down invoices, calling patients, and processing payments manually. None of this is an effective use of time and resources.
The Streamlined Solution
BillingTree can offer an alternative that is a much more cost-effective and time-effective way to deal with billing and payment processing within the healthcare sector. By offering tailored solutions that are customized to the needs of healthcare organizations, BillingTree can help to increase the amount of money received from patients, reduce the number of delinquent accounts, and free up staff time through automated processes and online payments, which eliminate the need for time-consuming manual processing.
BillingTree offers one of the leading healthcare industry billing solutions that has been designed specifically to address the cash flow shortfall being experienced by hospitals and practices across the United States. Harnessing the latest innovative technology to provide a seamlessly integrated solution that works perfectly with all the top existing software packages, BillingTree ensures the patient payment experience is enhanced for improved patient relations and guarantees that more payments are received in a timely manner.
Offering Choice As Standard
When it comes to facilitating convenient payments, it is clear that the more choices a patient has, the more likely he or she is to make an effort to meet his or her payment responsibilities. By giving patients access to a 24-hour portal, BillingTree allows them the opportunity to make payments outside of office hours and from the comfort of their own homes for added convenience. By offering a choice of payment options, from credit and debit cards to ACH payments, FSA, and HSA, BillingTree also gives patients the flexibility that they require. This gives practices the edge over those that solely offer manual forms of payment. Patients who are directed to a website to make payments have been shown in research to be more inclined to pay more of the amount that they owe.
BillingTree also offers debt negotiation tools that improve the experience for those patients who cannot pay their debts in a single lump sum. By offering the ability to arrange a payment plan that meets their financial needs, BillingTree guarantees the process of healthcare collections can be sped up and cash flow improved across the organization.
Security And Compliance
Making sure all payment systems are fully compliant with legislative obligations can be a challenge, especially in the field of healthcare where patient data are highly sensitive. By utilizing a payment systems provider, such as BillingTree, organizations can be confident that the payment options they are offering their patients are fully compliant and highly secure to ensure full protection from any form of cybercrime or identity theft.
Since BillingTree also boasts customer support centers in the United States, organizations can rest assured that they can obtain the essential help they require if and when an issue arises. Being able to obtain essential support in a timely manner is paramount, especially for healthcare practices that need to put patient well-being and protection at the heart of everything they do. BillingTree is proud to offer an outstanding level of customer service that is second to none.
BillingTree is a leading provider of healthcare industry billing solutions. And, with more than a decade of experience in the industry, healthcare practices of all sizes can depend on us to provide payment processing solutions that are tailored to the needs of today’s organizations.