With the healthcare industry in the United States under greater pressure than ever, providers are having to find ways of better managing their payment revenue cycles. While practices with efficient processing systems average approximately 27 days between treatment being given and payment being received, those that have the poorest quality systems average around 106 days. With payments being trapped in accounts receivable for as long as five months, this is clearly not an appropriate payment cycle. Enter high-quality healthcare receivables solutions – the ideal payment solution to facilitate speedy receipt of post-care payments and a more positive patient experience..
The Causes of Payment Delays in Healthcare Settings
There are several factors that play a part in delaying payments to healthcare providers. Often the problems begin with patient registration. If the intake staff members fail to check and verify the patient’s eligibility for insurance and their co-pay requirements, delays will typically follow simply because the essential details were not collected at the time of the patient was first encountered.
Sometimes, these mistakes are because of poor staff training. But, they could also be because of the failure of physicians to submit relevant documentation on time, poor coordination between staff members in the various parts of the healthcare payment revenue cycle, and, most importantly, poor quality healthcare receivables solutions.
The Importance of Quality Payment Solutions
Without high-quality payment processing solutions that have been specifically designed for use in the healthcare industry, medical practices are putting themselves at a distinct disadvantage, especially in these times of change for the healthcare industry in the United States. With patients now being held responsible for a greater portion of their medical bills, and with deductibles being higher than ever before, eliciting payments from those who have already received treatment is becoming more challenging. Increasing numbers of patients either fail to make payments on time, or indeed, at all post-care, and this leads to a lot of healthcare providers’ time being taken up with chasing after outstanding accounts.
When healthcare practices put high-quality healthcare receivables solutions in place, they are well positioned to receive a larger portion of outstanding payments from patients without many of the manual time-consuming processes that take up so much staff time and effort.
The Benefits of a Modern Healthcare Payment Solution
When healthcare practices opt for a modern healthcare payment solution, such as BilingTree’s processing solutions, they can enjoy an integrated and much more convenient way of handling patient post-care payments.
With solutions that are specially tailored to meet the needs of the healthcare industry, BillingTree’s healthcare payment solutions are innovative and advanced, allowing providers to receive payments in a timely manner and with maximum efficiency.
Thanks to the convenient payment portals that can be accessed via several methods, patients can easily pay for their treatment post-care via their preferred payment options, including ACH payments, credit cards, debit cards, eChecks, and even HSA and FSA cards. Whether they prefer to go online to make their payment or whether they prefer to use the convenient IVR telephone system, they can have maximum flexibility to suit their needs and circumstances.
By facilitating easier payments, it becomes much simpler for patients to meet their payment obligations, and the ability to put payment plans in place for those with large outstanding balances is an even more advantageous offering. Thanks to BillingTree’s fully compliant payment solutions, healthcare providers can also be certain that they are meeting all regulations including HIPAA, SSAE-16, and PCI compliance.
By choosing quality healthcare receivables solutions, providers can have confidence that their patient management systems are ready to meet the challenges and rise for the opportunities that the future of healthcare will present.