Five Reasons Your Practice Needs A Healthcare Payment Portal
The healthcare industry is famous for lagging behind the crowd when it comes to changing with the times. However, these days more than ever before, failing to keep up with the pace of change can be fatal. Practices that are using antiquated systems are finding their revenue dropping year-on-year. Patients are now responsible for more of their own costs out of pocket. As a result, they’re demanding more efficiency, better value, and more convenience. Practices that cannot offer patients these things are falling behind financially. Patients will look elsewhere to get the level of service they desire now that they are becoming consumers. For these reasons, a healthcare payment portal is becoming a popular choice among healthcare organizations.
An Antiquated Sector
If your practice is still manually entering figures to calculate and create paper invoices, it isn’t alone. However, this level of manual input is putting your practice at a distinct disadvantage. You are wasting your staff members’ time, which you could put to better use elsewhere. Not only that but, more importantly, you’re losing money. Manual invoicing costs money in terms of paper printing and mailing. Meanwhile, online automated bill presentment cuts those costs out of the equation. Simple to implement, this solution can streamline the functioning of your organization. However, it’s an option many practices have not yet chosen to take.
Saving Your Practice Money
If your practice is manually handling payments, the chances of errors are substantially higher. You cannot avoid human error. Therefore, there is a much greater likelihood that someone will omit a code or enter it incorrectly into the system. This means your practice will not be properly reimbursed by insurance companies for any treatment it delivered. When submitting claims, it’s essential to make certain that every code is correct. This becomes much simpler with an automated system. You can almost entirely omit human error from the equation. As a result, your practice will be more profitable.
Improving the Patient Experience
Patients today are increasingly demanding a first-class healthcare experience in all respects. When their insurance company was covering the lion’s share of the costs, this wasn’t so important. However, now that patients are becoming more like customers, practices must adapt to their needs. Of course, offering the highest quality treatment remains paramount. Yet, there are other aspects of healthcare that practices must address to retain patients. One of these is improving the patient payment experience.
Of course, no patient looks forward to paying a potentially large medical bill. However, if there are sufficient and convenient payment methods to choose from, patients will be more satisfied. More than half of all the people in the United States make bill payments online today. This is especially prevalent among the Millennial generation. Younger patients demand the convenience of online payments from their healthcare providers that they enjoy elsewhere. If they can pay utility bills online, they should be able to pay their medical bills in the same way. Therefore, an online healthcare payment portal represents the best solution. Easy to implement, it simplifies the process of paying for patients who are going through a potentially difficult time. It also makes it quicker and easier for them to make payments on time.
Keeping Patients in The Loop
Patients rarely put paying their medical bills at the forefront of their lives. Therefore, it’s likely that they’ll forget the dates on which their payments are due. Simply putting a due date on an invoice doesn’t necessarily mean a patient will pay by this date. He or she often needs a little extra coaxing, encouragement, and reminding. That’s where automated reminders can come into play. Automatic SMS reminders keep patients in the loop. They receive notifications that they must make payments soon. As a result, your practice is more likely to receive its money on time.
Implementing A Healthcare Payment Portal
There are a number of companies offering online payment services for healthcare practices. However, you need to select one that can offer your organization outstanding value for money and high-quality service. BillingTree is leading the way in this sector with our impressive healthcare payment solutions.
We can offer a cutting-edge healthcare payment portal that seamlessly integrates with existing systems. This means you can streamline your systems and increase your revenue collection exponentially. We can offer you a fully integrated online payment portal so patients can pay using their preferred methods. We can also offer you electronic bill presentment solutions to save money and staff time. All our solutions are also fully compliant so you and your patients can enjoy complete peace of mind. With years of experience in the industry and an excellent reputation for customer service, BillingTree is your number one choice. We take the hard work out of making healthcare payments for your benefit and the benefit of your patients.