The healthcare industry is worth trillions of dollars. Yet, healthcare payment solutions are often still antiquated. For this reason, the healthcare sector wastes more than $700 billion annually. The industry spends almost $200 billion of that total on excessive administration. Despite the recent technological advances, the healthcare payment sector is stuck in the past. However, just because things have always been done one way doesn’t mean you can’t change it. Here are just a few reasons why healthcare providers should consider upgrading their payment solutions.
Reducing High Costs
Even today, payers still frequently pay healthcare providers by ACH or paper checks. These are both some of the oldest systems that businesses can use. They’re also both very inefficient. Payers incur the expense of printing and mailing checks. However, providers also spend more than $30 per paper check and invoice processed. Not only that, but human errors are common. Coding mistakes, unbalanced books, and missed opportunities to recoup revenue lead to losses in profit.
A modern healthcare payment system will avoid waste of this sort. Digitized healthcare payment solutions make payments easy to process. Practices will not waste staff time and electronic payments will also cost less in terms of processing.
Receiving Payments More Quickly
ACH payments and paper checks aren’t just expensive to process, they’re very slow. They take a long time to get to the provider and, then, even longer to process. Consumers today are used to sending payments instantly through their laptops or smartphones. It makes sense to harness this power for healthcare payments, too.
With a modern payment system, real-time transactions are possible. These speed up the process of reimbursement exponentially. Even better, these speedy payments are secure and HIPAA compliant.
Offsetting Healthcare’s Rising Costs
Nobody wants to pay more for medical services than he or she already does. Costs are increasing, and this can cause patients to avoid seeing the doctor until their illness has advanced. This, in turn, costs patients more than ever. Insurance premiums have increased by almost a fifth over the last five years. Costs in the healthcare sector are increasing more rapidly than the economy as a whole. As a result, patients cannot avoid these increased fees. Making it easier for patients to make payments for services rendered is important for practices that want to maintain cash flow. Streamlining transactions is, therefore, essential.
Integrating Business Environments
When you fragment data, it’s difficult for patients to enjoy a seamless user experience. Using ACH or paper checks only makes recording and tracking transactions more complicated. Payments are frequently only trackable with manual spreadsheets. These can be unreliable. Electronic remittance files may be sent separately, and, therefore, lack any context until the data is manually matched up. When a modern payment system is put in place, the process becomes more collaborative and benefits patients and practices alike.
Payments that you can track simplify the task of administrative teams. There is no longer any need to match up data with the payments themselves. This also allows for easier analysis of data so you can make more efficiencies. Integrated systems cut costs and reduce providers’ workloads. Ultimately, they also lead to a more streamlined and cheaper service for patients.
BillingTree’s Healthcare Payment Solutions
BillingTree is leading the way in healthcare payment systems that meet the needs of practices in the 21st century. Fully integrated, HIPAA compliant and simple to use, they streamline the way in which practices collect payments. By offering a large number of modern payment methods, including mobile card payments, BillingTree’s solutions reduce administrative burdens. Practices can easily track data, receive payments in real-time, and receive revenue more quickly.