Stress levels are high in any medical practice, and that doesn’t just mean patients who have concerns about their health and well-being. Administrative teams in healthcare organizations must not only balance their everyday workflow and office tasks with patient scheduling but must keep on top of payment collections and invoices. Not only that, but all these financial tasks are governed by a raft of laws, procedures, and regulations that complicate matters further. Payment processing for healthcare organizations needs to be better streamlined, not only to improve the function of administrative systems but also to improve revenue and cash flow for the organizations themselves.
While billing and handling the receipt of payments is a key element in any practice’s existence, the entire process can be cumbersome, difficult, and time-consuming for the staff members involved. Spending excessive amounts of effort and time on handling payments means that less time and money can be spent on other valuable areas and functions of the practice. Streamlining those processes can be done in several ways and can revolutionize the way in which healthcare practices operate.
Reduced Costs, Optimized Payments
Here are four of the ways in which your healthcare practice can streamline its payments process to reduce the costs associated with this element of practice.
1. Increasing Efficiency
A manual transaction requires an additional half-hour of the healthcare providers’ time to process when compared with the time it takes to process a transaction electronically. By utilizing an online payment portal that accepts ACH payments, as well as HSA, FSA, and credit card payments, the process can be exponentially streamlined and made more rapid, thus reducing the burden on administrative staff for a more efficient use of their time. By allowing the opportunity to set up automated billing and the setting up of payment plans for larger balances, innovative billing solutions guarantee that searching for payments is no longer an onerous task.
2. Improving Convenience
Electronic online payment portals allow patients to make payments on their accounts through the Internet on their PCs or mobile devices, or via the telephone at a time and place of their own choosing. This improves the regularity and timeliness of the payments. This enables practices to achieve a strong bottom line and a boosted cash flow thanks to the reduced payment time and the immediate payment authorization, which ensures that there is no longer any waiting time. By accelerating payments, cash flow is streamlined and dependency on credit is significantly reduced.
3. Lowering Transaction Fees
Keeping costs down is important for any healthcare practice, but, especially for small, private organizations. An innovative online payment processing for healthcare services can reduce costs thanks to the elimination of processing fees for paper checks and competitive rates from the partner bank network. Healthcare providers find it more cost effective to accept a variety of payment methods through an online payment portal than to solely accept paper check payments.
4. Improving Security
Unfortunately, fraud, theft, and security breaches are issues that plague all organizations, including those in the healthcare sector. Using a reliable payment processing solution will guarantee that all transactions are secure for the peace of mind of both the organization and the patient, while also making sure that payments are made without any loss or theft.
BillingTree’s payment processing for healthcare organizations is the ideal solution to streamlining medical practice’s payment and collections processes. By offering a best-of-breed, cutting-edge omni-channel payment platform to patients post-care, healthcare practices can improve their cash flow and increase revenue all while reducing overhead and costly office hours.