Improving The Patient Payment Experience – A Priority For Practices
Healthcare practices are going through a tough time at the moment. In the past, the greatest burden of medical bill payments rested squarely on the shoulders of the medical insurance companies. In recent years, however, there has been a dramatic shift toward high-deductible policies, a larger patient responsibility, and, more worryingly, more patients who have no insurance at all to cover them should they become ill. All this is bad news for the healthcare industry, which needs to find ways to keep cash flowing through its coffers while dealing with patients who are struggling more than ever to make payments. Although no single solution on its own can resolve all the issues that face healthcare practices in the modern era, improving the patient payment experience can help to alleviate some of the pain associated with medical billing and make revenue collection less challenging for a practice’s staff.
Simplifying Payment Management In The Healthcare Sector
It is fair to say that the focus of healthcare practices is, quite rightly, on their patients’ welfare and overall well-being. That means that dedicating excessive amounts of staff time to chasing after nonpaying patients is something that is best avoided for the benefit of the practice and its patients. A key element to improving the patient payment experience is making sure that a practice’s staff members are able to do their jobs properly while all payment processing is handled effectively and smoothly without causing excessive disruption to the running of the organization.
A system that can automate routine tasks and can facilitate convenient and speedy payments from patients will allow staff to concentrate on the day-to-day running of the facility and also give patients the opportunity to benefit from a streamlined healthcare payment system that allows them the freedom to make payments in the way that best suits their needs.
Online Portals For Convenient Payment
Today’s patients are used to enjoying the convenience of online access when it comes to handling various elements of their lives, from managing their banking online to paying for utility bills over the Internet. The healthcare sector needs to make the move into the increasingly digitized world of today. The most forward-thinking practices are working on integrating digital solutions into their existing systems and software for a user-friendly and simpler way of receiving outstanding balances.
Patients who are directed to the organization’s website to make payments will not only have a more positive impression of their healthcare provider but will also be much more likely to pay on time when they can access the system 24 hours a day and seven days a week, and pay using their preferred method, whether it is a credit or debit card, ACH, FSA or HSA.
Compliance, Security, And Safety
Of course, anyone working within the healthcare field knows that compliance with all current regulations couldn’t be more important. Practices are charged with handling vast amounts of sensitive patient data, of both a personal and financial nature, and that means adhering to legislation is vital. However, fears about this need not prevent practices from adopting online payment portals, as long as they choose a reliable and trustworthy provider that can promise complete compliance and a high level of security to protect all transactions and details.
Payment Plans A Possibility
For patients who are facing a high level of medical debt, especially those who have incurred charges unexpectedly as the result of an accident or injury, a payment plan is often the only way in which they can make any headway toward clearing their outstanding debts. When faced with overwhelming amounts to pay, many people simply make no effort to reduce their balances. However, when they are given the option to pay in installments, patients are increasingly likely to keep up with their payment schedule. While nobody wants to pay large amounts of medical debt, a patient can enjoy a better payment experience when he or she is given manageable options to cope with his or her outstanding debt.
BillingTree’s Healthcare Payment Solutions
BillingTree is a market leader in the healthcare payment solutions industry. With more than 15 years of experience within the sector, BillingTree can offer your practice, whether large or small, solutions that are dedicated to improving the patient payment experience. From offering IVR systems and web portals to offering the ability to negotiate payment plans to make debt more manageable, BillingTree’s cutting-edge systems integrate seamlessly with today’s most popular software packages and offer a user-friendly experience that meets the needs of a wide variety of organizations. Because all solutions are fully secure and compliant, organizations have nothing to worry about. And, since all customer contact centers are based in the United States, practices can be confident that any issues they have will be dealt with rapidly, efficiently, and knowledgeably.