The Impact of Healthcare Payment Processing on Medical Practices

Increase on-time payments with proper healthcare payment processing

As a medical practice, you have to think about how healthcare payment processing can affect your business. It is important for the success of your practice that patients are able to pay their bills and not be faced with financial hardships as they seek treatment.

The process of payment is an integral part of the patient experience, which has been shown to impact satisfaction rates and ultimately retention levels. In this blog post, we will discuss five steps you can take in order to ensure that your patients have a smooth billing process and are satisfied with their healthcare payments!

5 Steps for Better Healthcare Payment Processing

1) Provide Clear Financial Statements

You need to be transparent with your patients about the costs of their healthcare procedures to avoid sticker shock and last-minute cancellations. Your practice should also offer credit options for extended payment plans, which will allow you to work out a mutually beneficial arrangement that provides financing without penalizing your patient’s credit score or taking on significant risk.

2) Offer Omnichannel Solutions

It’s important to offer patients a variety of ways to pay for their healthcare procedures. This can include cash, check, credit card, or payroll deduction options in-person and online.

In addition to the standard methods of payment mentioned above, you may also want to consider offering text message payments, email links, and IVR.

3) Provide Payment Plan Options

You should also offer payment plans, which can be helpful to patients who want to avoid high-interest loans or credit card payments.

Healthcare providers may go in on a plan together with the patient and split the costs over six months or even one year. This way, if you’re not able to collect from someone immediately for their debt, you can work with them to minimize the risk of losing that money altogether. At the end of the day, you want to be paid and your patients want good credit.

4) Improve the Patient Experience

Not only will implementing online payment portals and IVR systems make the patient experience more convenient, but it will also reduce the strain on your staff. By taking dozens of daily phone calls and simple tasks out of the equation, your staff has more time to focus on tasks that are more time-consuming, offering a better patient experience all around.

Having this technology allows you to scale your business and handle more patients as your operation continues to grow.

5) Strengthen Security and Compliance

Another benefit of implementing a payment portal or IVR system is that it strengthens security and compliance.

This technology reduces the errors in processing payments, as well as giving you an audit trail for every transaction so there’s no dispute over transactions. If someone attempts to steal money from your company by using their credit card without permission, a solid payment system is able to stop and suspend further action, allowing your team to correct the issue before it evolves.

Takeaways

It’s not just the patient experience that improves with this technology; your revenue will also increase. When you implement an online payment portal, it increases the turnover rate because patients are able to request appointments and pay for them at their convenience – without having to call in from work. It can even be done after hours or on weekends!

Learn more about Healthcare Payment Processing for your medical practice, today!