In the highly technological world of the 21st century, we are living in an environment where we can simply tap an app and have food delivered or go online and pay our bills in the blink of an eye. Nobody needs to carry cash anymore. If you want to buy a coffee, you can simply order it on an app and pay for it remotely. If you keep forgetting to pay your rent or utility bills, no worries. Just set up automatic payments and carry on forgetting. From Netflix to car insurance, more Americans than ever before are choosing to make their payments online or automatically. So, what does this mean for our healthcare payment systems?
Even shopping has seen enormous changes in recent years as malls start to close and brick-and-mortar venues start to struggle simply because consumers are able to go onto the Internet and buy anything they want in seconds and have it delivered before you even mailed the check in the old days. Convenience is king these days.
With so many Americans now being accustomed to speedy service, one-click payments, and user-friendly interfaces, it is no surprise that this has become the norm to some extent across all sectors. But, what happens when a person needs some medical treatment?
Entering The Revenue Cycle
In too many cases, Americans who need to visit their healthcare providers for any reason discover that they have run into the “revenue cycle” – a complex, time-consuming, and stressful process that leaves patients confused and practices out of pocket. Instead of facilitating convenient and user-friendly ways for patients to pay for their treatment, all too often the invoicing, billing, and payment processes in place simply make a difficult situation even worse. So, how can patient care be improved?
The Adoption Of New Ideas
In many areas of modern medicine, doctors are racing to adopt the latest products and ideas. However, healthcare billing departments are often lagging behind when it comes to upgrading their healthcare payment systems. Even though evidence has shown that increasing numbers of consumers are demanding electronic billing and payment solutions, unfortunately, paper statements are still commonly seen across the medical sector even though they have virtually disappeared from most other areas, such as banking and utility billing.
It seems that the world of healthcare has a lot to learn from other industries when it comes to offering patients what they want in terms of making payments. Especially in the case of practices that have a patient base that is mostly under the age of 65. Although studies have shown that older people still prefer to have their billing in paper format, most younger Baby Boomers, Generation X, and Millennials want to migrate their payments to the Internet.
Why Online Payment Systems?
It is easy to see the advantages of online healthcare payment systems. Allowing patients to access the system at any time isn’t just convenient for them. It is useful for the practice since patients are much more likely to pay the amounts that they owe when they have access at a time that best suits their schedules. With a range of payment methods to pick from, they can select their preferred options and then pay from either a mobile or desktop device without the need to leave the house to mail a check or visit a bank.
BillingTree’s online healthcare payment systems are an ideal choice for practices of all sizes. Offering a fully compliant and secure solution, this leader in the industry promises a more effective and speedy way to receive payments for treatment.