Streamlining Account Receivable Management For Healthcare Industry Clients
Having a more efficient system for managing revenue cycles within any healthcare setting is essential to guarantee financial solvency and successful operation. With a drive toward more streamlined modern solutions that are more suited to a 21st-century operational environment, it is important to choose the right technology when it comes to account receivable management for healthcare industry clients.
By putting in place the most efficient and innovative systems, healthcare organizations of all sizes, from the smallest community practice to the largest hospital, can reduce their aged accounts receivable and streamline their workflow. The key is finding a cost-effective solution that not only preserves the organization’s brand and culture but also facilitates the process of healthcare ARM across the board.
Healthcare ARM and Revenue Cycle
Account receivables are one area of healthcare management that must be efficient in order to maintain the organization’s financial solvency and improve patient relations. With the right system in place, practices large and small can improve their presence, retain more patients, and preserve their good reputations.
Today’s healthcare industry stands at the crossroads. Organizations are under more pressure than ever before to be at their absolute best, but with reduced cash flow and an exponentially heavier workload. Harnessing the latest innovations in terms of payment solutions can help to smooth the patient payment experience and maximize the amount of revenue collected, even in difficult circumstances.
Gaining More And Doing Less
One of the best features of the latest solutions for account receivable management for healthcare industry clients is that fact they have been designed to allow staff to achieve more while spending less time on manual processing. Automation speeds up the rate of cash flow through increased online and IVR transactions and frees up staff from time-consuming payment handling and invoice chasing tasks. This allows both patients and staff to benefit because everyone can focus more on the elements of patient care that remain central to the healthcare industry instead of being distracted by financial matters.
Easily Activated Payment Plans
With more patients owing more money on their medical bills than ever before, it makes sense to have the facility to put in place a payment plan to suit the needs of the individual patient in order to make life easier for those who are struggling to meet their payment obligations. This not only improves patient relations, but it also reduces the likelihood of no payment being received at all by the organization.
Convenient Payment Solutions
Modern healthcare practices are beginning to recognize the need to offer patients the flexibility that they demand when it comes to making payments. In a world where consumers are used to paying for goods and services online in the blink of an eye and managing their accounts through Internet portals, healthcare organizations are realizing that they need to find ways to accommodate the changing payment needs of society. The latest innovative payment solutions for healthcare clients offer payment portals and IVR systems. These can be accessed 24/7 all year-round so that patients can make payments at a time that is convenient for them and use their preferred method of payment, whether it is a credit or debit card, ACH, HSA or FSA.
Full Compliance And Optimal Security
Security is always vital for any modern organization. Within the field of healthcare, however, it is always of paramount concern, especially when the most sensitive information of patients is at stake. By putting in place a reliable leading healthcare payment solution, organizations can rest assured that all details will be well-protected from cybercrime, and all transactions will be made in a fully secure environment for the patients’ peace of mind. Compliance is another key issue that faces healthcare practices and hospitals today. Cutting-edge payment solutions always make sure that their systems are fully compliant with HIPAA, SSAE16, and PCS-DSS so that organizations have no need to worry about how they are going to meet the regulations in this respect.
Real-Time Payments For Better Cash Flow
By waiting for paper checks to be mailed and cleared, healthcare organizations waste valuable time when cash isn’t flowing through the system. However, with a high-quality system in place, practices can receive real-time authorization of patient payments and, as a result, see exponentially better cash flow to keep the organization afloat.
BillingTree is a specialist in providing solutions for account receivable management for healthcare industry clients. Our cutting-edge systems can easily be integrated with existing software, and all transactions are secure and fully compliant. By giving patients the flexibility that they demand and the convenience of a choice of payment methods, BillingTree helps to enhance the patient payment experience, boost the practice’s reputation within the healthcare sector, and increase the rate of patient retention for greater success even in today’s most challenging working environment.
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