At one time, healthcare providers didn’t need to worry if patients were unable to pay. However, times have changed. Patients are now payers, with many of them struggling to cope with their financial responsibilities. Deductibles have grown by more than 30 percent since 2015. This means that almost every practice is looking for a better way to reconcile and process bills. Yet, even the most advanced technology can’t help when patients don’t pay on time or consistently. This means that finding better payment processing for healthcare solutions is essential if patients are going to make payments conveniently.
Flexibility Is the Key
Evidence has shown that healthcare providers need to adapt their patient payment strategies to meet today’s needs. This means that you must accommodate a wider range of patient needs. Therefore, you must consider multiple options for payments. Paper checks are no longer acceptable as the only available payment option. Fitting around patients’ lifestyles is also key. Expecting every patient to be able to pay in person within office hours isn’t realistic. These days, consumers are more used to facilitating every element of their lives online. Their healthcare payments should be a part of that online facilitation. The more flexible a practice’s payment systems can be, the more you will receive payments on time.
Online Payment Portals
In recent surveys, 95 percent of patients expressed a wish to pay for healthcare services online. However, only around a fifth of all providers currently have processes in place for electronic payment collection. This needs to change to address current needs and demands. Web payment portals can make a huge difference for both practices and patients. Accessible 24 hours a day, seven days a week, web portals offer patients the opportunity to use their preferred payment methods. With no more need to write and mail paper checks, streamlined real-time payments become possible.
Offering Payment Plans
Patients are now facing higher than ever deductibles. Responsible for increasingly high healthcare bills, it becomes all too easy to fall behind with payments. The more in debt a patient becomes, the less likely he or she is to make any payments. This clearly is an untenable situation for practices that need cash to keep flowing in to stay afloat. Payment plans are the ideal solution. Patients with higher outstanding balances can benefit from payment plans that fit their budgets. They can forget about their debts since their providers will automatically take payments every month. Practices benefit from regular payments and patients have fewer worries.
Helping Patients to Understand Their Responsibilities
Patients are now paying a larger share of their costs. That means they need a patient-centered financial experience that is transparent when it comes to those costs. Having online financial accounts accessible to patients helps them to understand their responsibilities.
The Importance of a Positive Payment Experience
When it comes to payment processing for healthcare organizations, convenience is key. Now that patients are actively looking for the best value and most positive experience, practices must up their game. If patients have a poor payment experience, they can easily go elsewhere for treatment. Practices then struggle to survive in this new and competitive environment. Payment plans and web portals are a vital part of survival in the face of the latest changes. BillingTree tailors its payment solutions to meet the needs of healthcare providers. With our systems in place, patients enjoy a streamlined and simple payment experience. Meanwhile, practices benefit from improved cash flow and more free time to focus on patients’ needs. It’s the ultimate solution for the latest era in healthcare.