How Do Practices Choose the Best Healthcare Payment Solution for Them?
For any medical services provider, it is paramount for him or her to find the best healthcare payment solution. It can have a major impact on your organization’s bottom line. While fees and rates are important characteristics to consider, the functionality of your chosen solution is often more relevant.
Old-fashioned solutions may still be working for your organization. If your patients seem happy to make payments via check, why change the status quo? This question is the one many medical practices are currently asking. Is it really worth adopting a modern healthcare payment solution, and, even if it is, is it worth doing now?
The problem is medical practices that do not adopt the newest solutions will soon find themselves lagging behind. Modern consumers want flexibility and choice. With more patients having to pay higher out-of-pocket expenses, shopping around for service providers is becoming more common. If patients can’t get the experience they’ve been looking for, they’ll go elsewhere. That means a loss of revenue for your practice when patients transfer to a competitor’s service. Choosing a technologically advanced solution via which patients can make payments can literally keep your practice afloat.
How Is Your Practice Processing Payments?
Is your practice still stuck in the past? Is it relying on paper checks and cash payments? Or, does it offer credit card processing via a front desk terminal? While offering the ability to accept cards at the front desk is a step forward, it isn’t the best solution. While these terminals work well for retail merchants, they are not necessarily the best healthcare payment solution.
Modern healthcare providers need specific functionality when it comes to payment processing facilities. They need products that can solve their problems in managing their revenue cycle. More specifically, they also need solutions that can resolve the challenges presented by increased patient responsibility.
So, how do you choose the right processing solution for your healthcare organization’s needs? Here are some features to look for.
The top priority when selecting any payment processing company is the level of efficiency it can bring to your organization. Will its solutions integrate seamlessly with your existing software? Will it streamline your processes? Will it save your staff time and effort in the long run? The best solutions are those that make it quicker and easier to receive patient payments in full and on time.
Security and Compliance
Compliance is a major issue facing all healthcare providers today. It is essential to be able to reassure patients that their personal information and financial information are secure. Therefore, it is vital to find a provider that can guarantee security certification and full HIPAA compliance. Providers can collect more revenue when patients trust the payment solution they’ll be using.
Recurring Payment Plans
If patients can’t pay for their treatment, they’ll forgo it to the detriment of their health or just not pay. This is something you can avoid by offering a flexible payment option. A payment plan gives the patient more control over his or her finances. The patient can find a monthly recurring payment that fits his or her budget. Therefore, he or she has no need to worry. Meanwhile, practices benefit from a steady revenue stream.
Online Bill Payments
More patients these days want to pay for their treatment online. By offering a web payment portal, practices can facilitate that demand. It can be difficult for patients to make payments during office hours. They don’t want the hassle of writing and mailing paper checks. They are also used to making online payments for other areas of their lives. Being able to pay online for their treatment is becoming essential. A web portal facilitates this. Patients can make payments from their chosen devices at their chosen time.
Telephone Payment Systems
IVR payment systems can also prove beneficial for practices looking to improve their patient payment options. Allowing patients to make payments over the telephone at a time of their choice smooths the patient payment experience.
Adopting the Latest Technology
It is crucial to find a healthcare payment processor that can offer all these features. When it comes to finding the best healthcare payment solution, however, your practice’s needs must come first. The first step is to evaluate your organization’s unique requirements. Once you have determined your practice’s needs, you can then seek out a provider that can accommodate them.
BillingTree tailors its payment processing solutions to meet the needs of healthcare service providers. The solutions help medical organizations to meet the challenges of the modern competitive healthcare marketplace. By offering flexible payment options and a fully compliant solution, BillingTree meets the needs of both patients and practices. Many medical practices aren’t keen to embrace change. However, when it comes to processing payments, the time is right. Adopting the most advanced solutions is the way forward and to keep practices afloat.