Automate Healthcare Payments to Resolve Non-Payment Issues
Today’s medical practices are having a tough time now with the changes that have taken place in the past few years leading. Insurance providers have had to raise customers’ deductibles and patients are now being made responsible for more of their treatment costs than ever before. The result is a nightmare for staff at medical practices of all sizes. They struggle to deal with patients who do not pay their bills and huge outstanding debts lay on the account. However, if practices automate healthcare payments, they could find an easy solution to the problem.
Manual Processing – The Outdated Method
One major cause of the issues that healthcare organizations are facing is that many of them have yet to automate healthcare payments in their settings. Medical practices have been processing payments manually for years. However, since the complexities in the health payments system have increased, handling the multiple facets of the modern system has led to more human errors, as well as more staff time being wasted in manually processing payments and chasing outstanding debts.
While practice staff members would be better used in handling the many other elements involved in running the practice, they instead find themselves dealing with debtors in an attempt to elicit the outstanding sums. This is clearly not a good use of money or time and is extremely nonproductive.
What is The Cause of Nonpayment?
Although the most obvious reason that patients cannot pay for treatment is the lack of financial resources to fund the increasing cost of their care, there are more reasons behind nonpayment that have serious implications for practices. When high medical bills are paired with difficult payment terms and conditions, patients are much less likely to make a payment of outstanding amounts. However, if payments are made more manageable, this can be remediated.
By facilitating the making of payments in a more convenient way, healthcare practices can help to guarantee the higher numbers of patients make the effort to settle their account. It stands to reason that if patients can only choose between payment by check or by cash, they are less willing to make a payment. This is especially the case when they have been suffering from a condition that limits their physicality or that makes going to the bank or post office a challenge. However, when patients can pay in a way that is more convenient and that suits their individual circumstances, they will usually make a greater effort to make their payments
An Electronic Solution
When patients are offered the chance to make payment online via a payment portal or an automated telephone IVR system, medical practices simplify the process by which patients are able to make their treatment payments. When patients can make payments at any time of the day or night, and when they can use a range of different devices, such as their telephone, desktop PC or their mobile device, patients can more conveniently settle their accounts. It becomes even easier to make those payments if they are also able to use their favorite debit or credit cards, FSA, HSA, or ACH payments.
The Perceived Problems in Using Electronic Solutions
While electronic solutions may be appealing, many patients have worries about their financial data’s security, and healthcare practices also have their own concerns about whether they can meet the necessary standards of compliance. It is possible to rectify these problems easily, however, by making sure that the solution for payment processing chosen is entirely compliant with SSAE-16, HIPAA, and PCI certification, and ensuring that it is secure for all parties’ peace of mind.
The Benefit of Automation
When healthcare practices adopt an electronic solution, processes that once were tedious and time-consuming when manually carried out become automated and streamlined. This allows staff to be freed up to manage other pressing matters instead of having to focus on handling debtors and outstanding accounts. By implementing an automated system, medical practice staff members are also able to be confident that there will no longer be human errors in their processing and guarantee more efficient and accurate billing.
Another benefit of using an effective electronic payment solution is that processing costs of payments will be significantly lowered. Manually processing paper checks leads to a higher cost over time. But, through an established banking network, payment processing companies can offer lower processing costs and a more cost-effective solution that benefits healthcare organizations while lowering spending.
BillingTree’s Automated Payment Solutions
BillingTree leads the way in the industry by offering an outstanding way for practices to automate healthcare payments. Highly reliable, fully compliant, and successfully implemented thousands of times, healthcare organizations can depend on BillingTree’s advanced payment solutions to enable convenient payments, completely automated processes, as well as centralized reporting that can take medical practices into a more profitable and successful future.
BillingTree offers a unique opportunity for practices to manage your patient’s payment acceptance and statement services has substantial benefits including staffing realignment, cost savings and performance improvements.
What Your Medical Practice Should Know About Healthcare Credit Card Processing
While many people benefit from some form of health insurance coverage, the majority of patients at any medical practice will have to pay for at least part of their treatment out of their own pockets.
The proportion of payments that must be met by patients is rising all the time. Whether they are co-payers or are paying for the entire cost of their visit, patients report that they find it easier to make the necessary payments when their provider offers healthcare credit card processing facilities.
BillingTree offers a suite of services and payment solutions that help you collect electronic payments through credit, debit, checks and ACH processing. Our services ensure safe, secure, competitively priced payment acceptance supported by in-house, top-tier customer service.
- PCI-DSS, SSAE-16, HIPAA compliant
- Integrated with the top software solutions
- Live, US-based customer support including fraud prevention and transaction monitoring
- Charge-back reduction
- Competitive pricing delivered by a comprehensive banking network