There is currently a transition underway to care that is based on value rather than based on volume. This change is set to have a huge impact on how competitiveness applies to healthcare. Interest is growing in digital communication and patient payment plans. With new healthcare payment systems offering patients a choice, it’s easy to see why they are becoming so popular. As patients face increased financial responsibility, more payment options can only be a good thing.
What Are the Benefits of Offering A Patient Payment Plan?
In recent times, there has been a change in patient expectations. Practices now see payment plans as more affordable and more convenient. Practices are now beginning to offer payment plans that give patients more control over healthcare costs. This is especially useful for those patients who are unable to pay their full bills in a single payment. As a result, patients are more persuaded to remain loyal to their practices. The convenience of the service encourages them to remain with the practice.
Online Payments Open Up Options
A report from 2016 showed that almost 70 percent of people would prefer to use an electronic payment method. This is especially the case when it comes to paying for healthcare. Options, such as patient financing, interest-free plans, and online patient portals, are all popular. When patients can use their preferred payment method at a time that suits them, they’re more likely to pay.
There are three reasons why patient payment plans can improve healthcare payment systems.
- Transparency in Payments
Consumer transparency has long been a key topic in the healthcare sector. This has become even more important when it comes to high-deductible plans. With payment plans, healthcare providers are offering more value-based care. They are giving patients estimates before they have their procedures. This is in line with information from a study carried out in 2018. In this research, 46 percent of people said they’d be happy to pay more upfront if they’d received upfront estimates.
- Utilizing Technology to Suit Preferences
Organizations of all sizes are now utilizing technology to help make healthcare more affordable. The latest tech allows patients to keep up with their healthcare payments. The use of electronic payments is slowly becoming more acceptable. However, in time, they will be the go-to option. Consumers want to pay via online methods, and companies must meet this demand. Thanks to the latest PCI standards and online encryption, online payments are safer than ever. This helps to persuade patients of the security of their details and helps to facilitate their payments.
Not only are practices starting to offer online portals, they are also starting to offer payment plans. These are convenient for patients and are a source of ongoing revenue for practices. With a payment provider, such as BillingTree, on board, practices can also benefit from low processing rates that are cost-effective. This helps healthcare providers to manage their costs more effectively while also recouping more money owed to them.
Convenience for Patients, Improved Revenue Collection for Practices
Practices that adopt convenient payment systems are more likely to have satisfied patients. Evidence has shown that patients prefer practices that keep things simple. As a greater financial burden falls on consumers, it is ever more important to adopt new technology. Without putting online billing and payment plans in place, practices will struggle to achieve success. BillingTree’s healthcare payment systems are the ideal solution. They offer benefits to practices and patients alike. By streamlining processes and offering convenience as the standard, BillingTree’s solutions improve revenue collection exponentially.