The struggle with healthcare debt appears to be all too real for the Millennial generation when looking at overall healthcare revenue collection. Many healthcare providers and practices have recently reported a continuing struggle when it comes to eliciting timely payments for all medical collection services, but for this particular article we will focus solely on Millennials.
Who Are the Millennials?
There are around 72 million Millennials in the United States today. Currently, they also outnumber the Baby Boomer generation. More than 70 percent of people in this generation want their healthcare providers to discuss payment options. They’re interested in finding out more about no-interest payment plans, and many of them have been introduced to third-party medical collection services. Healthcare revenue collection may be new to the Millennial generation, but they’re currently contributing to its coffers at historical rates. Yet, providers are failing to keep up with this demand. Only 14 percent of Millennials have reported being able to obtain the no-interest payment plan that they desire.
Millennials Want Options at Their Fingertips
The simple fact is that many millennials have never written, nor used a paper check to make a payment or purchase…ever! In today’s marketplace it’s now expected for merchants of all kinds to provide an omni-channel payment experience for all of their consumers or payers. Average healthcare patients these days are savvier consumers than ever. Demanding convenient payment options like 2-Way text pay, automated phone payments, and online web portals. It’s that constant demand for convenient healthcare payment options by consumers, and the demand for more efficient healthcare revenue collection systems for providers, that seems to drive continual advancements within the world of omni-channel healthcare payments.
Adopting an Omni-channel Payment Platform
Patients in this digitally-savvy generation want payment options, and they want convenience or payment flexibility. Not only do they want to pay online, but they also want a thoroughly technological solution. They don’t want paper bills and invoices. They prefer convenient online payment options. They want the ability to arrange a payment plan to budget more effectively. They want the convenience of NOT having to call in and update their credit card information on their recurring payment plan when the card expires, gets lost, or is re-issued by another bank. They want their payment provider to proactively update the card information on all recurring payment plans themselves, like that of the Account Updater service that BillingTree provides its customers
These technologies do not just improve the Millennial patient experience, however. They can also help healthcare providers. Payment technologies, such as those offered by BillingTree, streamline billing and payment processes effectively. They make it quicker and easier to receive outstanding sums without expending staff time and effort. Staff at medical practices can, therefore, focus their attention on the things that need it the most. There will be an overall reduction in practice costs and an increase in patient loyalty. With the right omni-channel healthcare payment solutions, both healthcare providers and Millennials can reap the benefits.