Finding the Right Healthcare International Payments Solution for Medical Tourists
These days, more patients are traveling abroad to receive medical treatment. Therefore, finding a healthcare international payments solution is important for practices. Healthcare institutions that serve the ever-growing market of medical tourists need a solution they can rely on. The medical tourism market is worth around $40 billion per year. It is growing at a phenomenal rate of up to 25 percent annually. Around 11 million people look for healthcare outside their home nations every year. Some want to find specialized treatment. Others want to reduce their waiting time or even to find cheaper care. Finding a way for these patients to make secure payments is essential to tap into this market.
Remote Bill Paying
One of the problems that overseas patients have found is in making remote payments once they return home. Medical tourists are paying large amounts from all around the globe. They need to be able to make those payments securely and rapidly. Hospitals, however, are not set up to handle questions from international patients relating to payments. Consumers, meanwhile, end up paying high exchange rates and hospitals may have to pay cross-border fees. Finding a more convenient solution for both parties is essential, and BillingTree can step into the breach. By offering a localized paying experience, BillingTree’s solutions can streamline payment collection.
Efficiency in Payment Confirmation
Hospitals that treat patients from overseas are in a similar situation to educational institutions with international students. International patients are usually paying for their overseas treatment. There are no insurers involved. For patients, knowing a healthcare provider will take care of their payments is vital if they are to get better. Meanwhile, for hospitals, being able to quickly confirm payments ensures that cash keeps flowing.
Online Payment Options
One of the best solutions for international patients is an online payment solution. Patients are able to make payments quickly and easily through the devices of their choice when they return home. Time isn’t a factor since the portal is accessible 24/7. There is also no need to worry about sending a paper check in the international mail. Currency can also be easily converted through the portal. This offers patients significant savings over those offered by their home banks. Funds are also transferred safely and instantly. Patients are able to track their payments over the Internet in real time. Hospitals can receive the benefit of receiving the funds immediately to keep their revenue streams flowing.
When serving international self-paying patients, it is important to find a way to send invoices conveniently. Billing across international borders is not easy, especially when dealing in paper invoices. Electronic bill presentment is the answer. This allows patients to receive their estimates of costs and their final bills over the Internet. Practices save the cost of mailing their invoices overseas. It will also reduce the amount of time taken for patients to receive their invoices. Mailing systems can be incredibly slow when involving international mail. Being able to electronically send an invoice means hospitals receive payments more rapidly. Patients will not be able to cite nonreceipt of their invoices as an excuse for nonpayment.
BillingTree is leading the way in offering cutting-edge payment solutions tailored to the needs of the healthcare industry. Designed to facilitate the speed and efficiency with which hospitals get paid by patients, BillingTree’s systems are efficient and user-friendly. Simple to implement, providers can easily integrate our solutions with their existing medical practice software. They offer all the flexibility that international patients need. Both practices and patients can benefit from the streamlined solutions we offer.
Thanks to our online web payment portals, international patients can easily pay their invoices when they arrive home. They can also pay in their home currency knowing they will receive a more favorable exchange rate. They will have the peace of mind that comes with knowing their international payments are highly secure. They will also be reassured by the fact that they will receive real-time confirmations that their payments have gone through. For hospitals, meanwhile, the ability to receive remote payments means cost and time savings. With our electronic bill presentment solutions, it becomes possible to send invoices overseas instantly. There is no longer any need for hospitals to send paper invoices abroad. Hospital staff can rest assured that international patients cannot use nonreceipt as an excuse for nonpayment. They can also save the time and effort associated with producing and sending paper invoices.
In short, BillingTree offers optimal healthcare international payments solutions for hospitals in the U.S. treating international patients. By offering the flexibility and efficiency both parties need, BillingTree’s payment systems are a cost-effective option for today’s healthcare environment. Our solutions enable hospitals to tap into the lucrative overseas healthcare market with ease.