Health Payment Solutions That Really Work
Healthcare providers are facing incredibly difficult times, both financially and administratively. Changes that have come about over the last few years have led to insurance companies raising their deductibles and making patients responsible for a higher proportion of their own treatment costs. The result has been a headache for medical practice staff who have been left with the challenge of dealing with nonpaying patients and large outstanding debts. The need for health payment solutions that really work is greater than ever.
Outdated Manual Processing
One of the root causes of all the problems facing healthcare organizations is the lack of automation in their systems. Manual processing has long been a way of life for medical practices. However, now that the health payment system has become increasingly complex, dealing with the many facets of the system has meant that human error has become a greater risk, and a considerable amount of staff time is wasted in chasing after debtors and processing manual payments.
Staff members could be better utilized in handling other aspects of the medical practice. Instead, they are caught up with contacting nonpaying patients to try to elicit outstanding amounts. This is nonproductive, a poor use of time, and an even poorer use of money.
Why Do Patients Not Pay?
The obvious reason why more patients are not paying for their treatment is that they simply cannot afford the rising costs of care. However, there are other reasons to bear in mind, too, that have serious implications for medical practitioners. If patients feel overwhelmed by the medical expenses that they have to pay, it is less likely that they will make any payments at all toward their debt. It is, therefore, essential to have a system to make payments a more manageable possibility, by whatever means that takes.
Making payments more convenient can go a long way toward making sure more patients settle their accounts. If cash or check are the only options available for making a payment, it can be difficult for patients to pay. Having to write a paper check, when fewer people have checkbooks and having to go out to the post office to mail it, especially if the patient has an illness or condition that makes leaving the house difficult, is hardly a convenient option. It is clear to see that if patients are able to make a payment in a manner that better suits their circumstances and via a payment method that they prefer, they are much more likely to make an effort to keep up with their payments.
The Electronic Solution
By offering patients the chance to make their payments online through a payment portal, or over the telephone through an automated IVR system, healthcare practices make it as easy as possible for patients to meet their payment obligations. With the ability to make payments by day or by night, and through a range of devices, including a telephone, PC or mobile device, it becomes much more convenient for patients to settle their accounts. This is, even more, the case when they can use their favorite credit card, debit card, HSA, FSA or ACH payment method.
The Problems with Electronic Solutions
Although electronic solutions are appealing, some patients are worried about the security of their financial data and healthcare practices have concerns over whether they will meet the required compliance standards. These problems can easily be rectified, however, by ensuring that the payment processing solution chosen is fully compliant with PCI, SSAE-16, and HIPAA certification, and is also incredibly secure for the peace of mind of all parties.
The Benefits of Automation
With an electronic payment processing solution for healthcare practices, processes that were once time-consuming and tedious when carried out manually become streamlined and automated. This frees staff up to handle other more pressing matters rather than having to concentrate on dealing with outstanding accounts and nonpaying patients. By automating systems, practice staff can also be confident that human error will be eradicated from their processing, guaranteeing more accurate and efficient billing.
One further benefit of adopting effective electronic health payment solutions is that the cost of processing payments will be significantly lower. Processing paper checks can lead to high costs over time. Yet, by working with an established network of banks, payment processing providers can offer the lowest processing costs for a more cost-effective solution that will benefit healthcare organizations and lower spending.
BillingTree’s Healthcare Payment Solutions
BillingTree is leading the way in offering outstanding health payment solutions for medical practices of all sizes. Fully compliant, highly reliable, and proven to be successful thousands of times, BillingTree’s innovative software allows for convenient payments, full automation of processes, and a centralized reporting functionality that will take healthcare practices into the 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