It’s fair to say that the events of 2018 have overwhelmed healthcare providers. Not only have patients become the largest payers, but medical billing has also been through some significant changes. Embracing these changes in healthcare billing solutions is vital to improving the revenue cycles of practices. So, what does 2019 have in store? Let’s look at the year to come.
Improving the Experience of Making Patient Payments
Patient payment experiences weren’t something that anyone mentioned until recently. However, now that patients pay a larger amount of their costs themselves, times have changed. Patients now expect their medical service providers to live up to their expectations. No longer are payment expectations only a matter for retail stores. Medical service providers must treat their patients well throughout their collection cycles. It is important for patients to know how much they will have to pay upfront. They need convenient payment methods. They also want reassurance that it is possible to set up a payment plan. For providers that refuse to improve their healthcare billing solutions, disaster could be on the horizon. Sixty-five percent of consumers are happy to switch providers to obtain a better patient payment experience.
Considerations for The New Year
Healthcare providers must wake up to the needs of patients in 2019. Convenient payment tools that take patients from previsit right through to collection are vital. Putting in place estimation tools so patients can see how much they’re likely to pay is a good start. Online payment channels come next, with portals that allow payments via mobile devices, as well as computers. Options for payment plans will allow patients greater freedom in repaying their debts. While for providers, they have streamlined their collections and increased their revenue.
Absolute Automation – A 2019 Trend
Healthcare billing solutions are inevitably heading toward complete automation in 2019. The advantages are clear. Saving time through the elimination of manual processes allows staff greater freedom to interact with their patients. This, in turn, leads to better provider/patient relationships and improves loyalty. Better loyalty promotes faster payments, and, so, the cycle continues.
With absolute automation comes the opportunity for billing staff members to improve their skills across other areas. Automated processes allow for more efficient collection all around and enable the staff to focus on dealing with insurers.
What About Outsourced Billing?
The outsourcing market for medical billing looks set to exceed $16 billion within the next three years. Outsourcing looks more attractive than ever because of changes in healthcare regulations. Compliance and risk management concerns are worrying providers. It’s no wonder then, that in-house billing is becoming less common.
Nevertheless, while outsourced billing looks attractive, it’s possible to keep billing in-house with the right payment solutions. BillingTree’s healthcare billing solutions are innovative systems for all kinds of medical services providers. Fully compliant, BillingTree’s payment systems are simple, convenient, and tailored to the needs of each practice. Our solutions offer a host of benefits and allow patients to pay at times and in ways to suit them. With 24-hour-a-day payment processing online or via IVR, patients have greater flexibility. Meanwhile, patients can arrange payment plans to ease their minds about their ability to make payments. Providers improve their revenue and cash flow and boost patient relations. It’s a win-win situation all around.
The new year is just around the corner. There are countless new trends appearing in the healthcare billing solutions industry. However, when healthcare leaders embrace BillingTree’s systems, they can place themselves at the forefront of their sector. The future will be bright for medical providers and patients alike.