Payment Processing is the Future of Healthcare Debt Collections
The healthcare accounts receivable sector has seen several changes during the last few years, but more radically in the last few months over the COVID-19 crisis. Hospital CFOs are now confessing that they’re struggling to cope with all the differences in the system, from financial difficulties to even managing their staff, time, and resources.
Struggles such as managing budgets, working on initiatives to reduce costs, and implementing and developing financial processes are enough of a battle. However, these hospitals now have to deal with the other side of things, collections. This facet of the industry is infinitely more difficult because it’s often not in their control whether someone chooses to pay their dues or not, especially during a crisis.
With self-pay healthcare being a feature of this new era, a host of new problems has arisen. New financial groups are now appearing in hospitals. This means healthcare providers can no longer rely on old tried-and-tested methods and statistics to collect what’s due. How are hospital CFOs able to prepare for the latest challenges in managing their organizations’ revenue cycles?
Healthcare Debt Collections: Finding New Solutions to Receive Payment
The healthcare industry needs a new and flexible payment solution. Finding convenient ways to help patients to make payments is the best way to keep revenue flowing.
While patients are unlikely to have $10,000 in savings, they can put a payment plan in place instead. When patients have a higher level of control over their payments, they are more empowered to pay what they owe. Instead of facing an insurmountable mountain of debt, patients can repay in manageable monthly sums.
Patients can no longer be tied to cash or check payments; patients can pay via an online portal or through an IVR system. The result is that companies are more likely to receive payments promptly. While it isn’t the same as winning the entire amount in one go, it ensures that revenue keeps flowing in.
Healthcare Debt Collections: BillingTree’s Healthcare Accounts Receivable Solutions
BillingTree offers cutting-edge healthcare accounts, receivable solutions for hospitals, and medical practitioners. The answers are fully compliant and utilize the latest technology. BillingTree’s solutions have been successful. With many years in the industry, BillingTree is the company healthcare service providers can rely on to offer leading payment solutions. With our systems in place, receiving patient payments on time becomes more comfortable and more efficient.
The future seems to be a non-contact form of payment that gives patients the power to choose. By offering more payment options, you free your staff to focus on quality healthcare. Technology seems to be bridging the many gaps and pitfalls that have stifled hospitals in the past. You need to take hold of these tools to see for yourself.