Choosing the Right Healthcare Payment Provider – A Practice Guide
Healthcare practices are being faced with more complex payment systems than ever before, and handling patient payments is becoming increasingly difficult for medical staff. With higher deductibles and larger co-pays, responsibility is being placed ever more firmly on the shoulders of the patient when it comes to paying for his or her care. This means that invoicing and processing payments has become a lot more challenging. When it comes to handling patient payments, choosing the right healthcare payment provider is the key to success. Medical organizations are now being faced with a wealth of different options. So, how do they choose the right one that will facilitate their payment processing needs while meeting their compliance obligations and improving their patients’ overall experience?
A Proven Payment Solution
When choosing the right healthcare payment provider, it is vital for practices to choose a solution that has already been successfully implemented in a healthcare setting, and that has been proven to be effective and efficient. Patients will be directly encountering the practice’s payment provider, and, therefore, user-friendliness, paired with a strong brand identity and functionality, is key to smoothing the practitioner/patient relationship and ensuring that payments will be received on time.
BillingTree offers a proven healthcare billing solution that meets the needs of both large and small healthcare organizations. Designed specifically to accommodate all types of medical practice, BillingTree’s payment processing systems are highly functional and usable while offering an impressive level of performance.
Future-proofed against adaptations thanks to the dynamic codebase that can handle future enhancements, BillingTree’s healthcare payment solution is fully functional and QA tested and has been created to be a comprehensive way of ensuring a smooth and dynamic patient payment experience.
Offering Flexible and Versatile Payments
Today’s patients demand flexibility in their payment options. Facing high medical bills and bearing a larger proportion of the costs, they require a variety of methods through which they can facilitate their payments and the chance to pay at a time and location to suit their schedule and requirements.
BillingTree can accommodate these needs. It offers both IVR systems and advanced online payment portals that have been designed with the healthcare industry in mind. Allowing patients to interact with an automated online or telephone system at any time of the day or night without needing to deal with a human operative, BillingTree’s payment solutions guarantee that payments are more likely to be received within an appropriate time frame and without the need to chase after debtors.
As an added benefit, BillingTree’s healthcare payment systems allow patients to use their preferred payment methods to settle their outstanding accounts. And, whether those methods are credit cards, debit cards or ACH payments, these can all be accommodated easily thanks to the versatility of the payment portal. When patients can choose a method that suits their circumstances, they are more likely to pay quickly than if they have to write a paper check or attend the practice in order to make a cash payment.
Meeting Compliance Regulations
All healthcare providers must make sure they are in complete compliance with regulations when implementing a payment processing system. However, yet again, BillingTree can deliver on this front, too. Offering a fully PCI-, SSAE-16-, and HIPAA-certified system, both healthcare providers and patients can enjoy peace of mind and complete security when it comes to the processing of financial transactions.
Automation and Payment Plans
Thanks to BillingTree’s convenient healthcare payment system, the need for manual processing is eliminated. This means that the possibility of human error is greatly reduced, and staff time is freed up, allowing them to concentrate on other tasks that are essential to the healthcare organization.
BillingTree also enables patients with large outstanding balances the opportunity to set up their own convenient payment plan in order to make settling their accounts more manageable. This will help to improve patient relations while also ensuring that the practice continues to receive regular revenue that will keep the cash flow going in the long term.
Cost Reduction for Great Value for Money
In today’s tough financial climate, finding better value for money has become essential for all businesses, and healthcare providers are no exception to the rule. Therefore, finding a payment processing system that allows organizations to save money is key. BillingTree can meet this need by providing a cost-effective way of processing payments, especially when compared with the relatively high cost of processing paper checks. Thanks to BillingTree’s ongoing partnership with a network of established financial institutions, it is possible to keep processing costs low when processing high volumes of transactions.
When choosing BillingTree’s healthcare payment provider, healthcare providers can enjoy all of the benefits that come with better cash flow and easier receipt of revenue, as well as the advantages of more positive patient/practitioner relationships.
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