A Golden Patient Payment Experience
It’s hard to make a good impression with your healthcare patients. The odds are pretty good they aren’t in the best of moods already. Struggling with an illness or even a routine checkup is always a hassle. Making the payment process difficult seems to add salt into an already profound wound.
So how do you improve the patient experience? It’s an important question to consider if you want to have a thriving medical business in the age of digital payments.
Patient Payment Experience: The Patient’s View
Let’s start by listing off some of the top grievances that patients might have with the current process and how you can work to make them better.
- Slow Billing Cycle
- Lack of Options
- No Simple Recurring Payment Methods
Speed it up!
Okay, so let’s take a look at the average billing and payment cycle of a hospital patient. Recent data suggests that nearly half, 44% of all patients in the US still pay their medical bills through the mail.
If you consider that it could take 2-7 business days even to see that bill and another 2-7 to send the check back, you’re looking at a massive delay in on-time payments, simply because you’re using an outdated system. Using an online payment portal to manage payments gives you the power to process them faster, averaging a 9-day improvement in your payment cycle. Your patients can even see real-time payments through their portal, making their experience more quickly, more convenient, and simpler than ever.
Options, You’ve Got’em, They’ll Use’em!
When it comes to providing your patients with options, the more, the better, it should come as no surprise that people will always choose what’s most convenient for them.
That’s why it’s crucial to offer more payment options to patients. You want to set your business apart from the majority of medical practices that still use outdated systems. This is the first step to making your business successful in the future and improving the patient payment experience.
More Often than Not
As you can imagine, medical bills in the US are steep, especially if patients have to use emergency care. The results are often that they need to break their bill down to monthly payments.
If you’re a smaller practice that still relies on mailed bills and checks, then you’re painstakingly aware of the time, money, and efforts that go into each payment for both your staff and your patients.
Easing the burden on both parties is what makes modern payment processing the number one choice for industry professionals looking to optimize their system. Through an online portal, patients can setup recurring payments without any of these hassles, freeing up your staff to focus on more important matters.
While there are many facets to the medical industry that require a lot of time and effort, payments shouldn’t be one of them.
You can use the various tools that payment processors offer to improve the patient experience and set yourself apart as a quality medical business.