Investing in Medical Payment Solutions to Reduce Patient Worries
If you’re working in the healthcare field, you know that patients are often very worried. Surprisingly, those worries aren’t always about their treatments or medical conditions. While they may have concerns about the procedures they’re about to undergo, they’re more likely to be worried about money. The cost of healthcare is going up all the time. More people than ever before are worried about their medical bills, especially in the case of an unexpected illness. Around half of all people have admitted to being worried about their medical expenses. This is bad news for practices that need cash to keep flowing in. With patients struggling to meet their payment obligations, practices are suffering. Therefore, investing in the right medical payment solutions could be the answer.
The Worrying Statistics
Fifty percent of all patients are genuinely concerned about how they would pay an unexpected medical bill. Therefore, it’s fair to say healthcare providers have the right to be worried as well. Practices are concerned about patients avoiding essential treatments and appointments. However, they’re also worried about a lack of cash flow. If a patient has a treatment and, then, can’t pay for it, the situation becomes untenable. What can caregivers do?
Putting Policies in Place
Physicians and practices are having to find new ways to handle patient payments. They are realizing that policies need to be put in place that can help patients to meet their outstanding balances. When it comes to billing, it’s vital to explain to patients how much they’ll be expected to pay. These conversations must happen upfront. Patients don’t enjoy paying medical bills, but they’re happier if they know the possible cost in advance. Front desk staff members have a key role in helping the patients to navigate their way through their medical expenses. They can help by discussing practice policies upfront before the patient arrives for his or her appointment.
This early conversation should include a discussion about copays, co-insurance, and insurance coverage. It should also involve eligibility discoveries to find out how much the patient is responsible for. At this time, the practice can give an estimated cost for the visit and any ongoing care. The staff members can also tell the patient at this time about any payment options.
Implementing Payment Options
Times have moved on in the healthcare industry. It’s no longer enough to expect patients to pay with cash or a check. With higher deductible plans, patients must find larger sums to cover their care. This means they need a wider range of payment methods to pick from. If practices are to receive money on time, or, indeed, at all, they need to be flexible.
The latest healthcare payment solutions accommodate this need. Designed to offer a better patient payment experience, these solutions are also HIPAA compliant for peace of mind. They allow providers to collect payments on-site and post-care. A provider can tailor it to meet the patient’s needs and payment preferences.
Payment plans can be put in place to enable patients with higher balances to meet their obligations. Also, online portals allow payments to be securely accepted at any time of the day or night, any day. With fully scalable payment solutions, they can accommodate the needs of both hospitals and small practices. Meanwhile, patients can pay with ACH, FSA, HSA, credit cards or debit cards. They can pay using their preferred online devices or even via the IVR system. There are even options for mobile-enabled text payments.
Choosing BillingTree’s Payment Solutions
BillingTree specializes in offering high-quality payment processing solutions. With years of experience in the healthcare industry, BillingTree understands the challenges facing medical practices. By offering a wide suite of solutions, we make it easier for healthcare organizations to receive payments. All solutions are streamlined, convenient, and, above all, secure. Also, pricing is highly competitive and is paired with outstanding customer service.
By choosing BillingTree’s solutions, practices of all types and sizes can improve their patients’ experience. They can also improve their own cash flow and revenue collection. When the right payment solutions are paired with a more organized approach to patient policies, practices see the benefits. Patients, too, can see the advantages. They will be able to receive essential care while being reassured that they’ll be able to make payments.
It is becoming the duty of healthcare practices to reassure their patients about financial obligations. This is becoming just as important as reassuring them that their health is in safe hands. Financial worry only worsens medical problems and makes conditions worse. Therefore, practices that put the right medical payment solutions in place and reassure their patients are doing the best thing. They are helping to put their patients’ minds at rest, as well as treating their medical problems. Essentially, this is caring for the whole patient. Isn’t this the point of the medical profession?