While some patients are stressed about their ill health, for as many as three-quarters of them, money is the major cause of trauma in their lives. And, paying for the cost of their treatment won’t be helping. While people can plan for most of the big expenses in their lives, such as moving to a new house or buying a car, nobody plans to get ill or need an operation. So, with today’s high deductibles and co-pays, it’s no wonder that so many of us suffer from serious financial concerns when we need to visit the doctor or go to the hospital. However, healthcare merchant solutions could help to relieve some of the worries and ease patients’ stress.
The Key to Patient Satisfaction
Although patients are delighted to receive treatment that makes them feel better, they are never delighted to receive the bill, which could run up to thousands of dollars. Yet, having the right approach to patient payments can help to improve patient satisfaction while increasing the profitability of the practice and the contentment of staff members. It will also help to reduce the workflow substantially. More medical practices are finding it harder than ever to elicit payments from patients. Therefore, finding a way to address the issue up front before debts become a problem is paramount.
The key to all of this is to show understanding and compassion for the patients. By demonstrating to them that the practice understands that finances are tight, and times are tough, it is possible to reduce the burden of stress, especially at a time when they are already worried about their health and physical well-being.
Addressing the Financial Elephant in The Room
Although patients know that they must pay for their treatment, they have become used to the situation not being addressed until late in the day. However, with the recent changes that have led to patients now being responsible for a higher proportion of their treatment costs, it is vital to have conversations about financial matters up front, as close as possible to diagnosis and before treatment takes place.
While no patient wants to talk about money when he or she is anxious about his or her health, he or she will be relieved to have the issue addressed up front. When healthcare practices discuss the billing options at an early stage in the proceedings and offer patients a range of convenient and practical options that improve the ease with which they can pay their outstanding amounts, patients will feel more comfortable and will be able to put in place financial arrangements that enable them to concentrate fully on their treatment while the practice has the satisfaction of knowing it will be paid.
Making Convenient Arrangements
Of course, discussing financial options with patients is useless unless the healthcare practice follows up with a range of convenient billing options. By using a third-party healthcare payment services provider, such as BillingTree, medical organizations can be confident that they are offering their patients the best possible solutions available today to facilitate simple and flexible payments.
BillingTree’s online payment portals allow patients to use their preferred payment options, including HSA and FSA, and to make their payment from the comfort of their own home via a PC or mobile device at any hour of the day or night to fit in with their schedule. With the possibility of setting up a payment plan for those patients who have large outstanding accounts, BillingTree’s healthcare merchant services are the ideal solution for hospitals, clinics, and doctors’ offices of all sizes that want to offer a compassionate and understanding approach to patient payments while guaranteeing their own cash flow and revenue.