Why You Should Consider Mobile Billing and Payments for Your Healthcare Business

Collecting payments from patients, historically, has been a nightmare. Tracking down patient information, explaining the finer points of the healthcare system, and using outdated methods of payment processing, like snail mail, can clog up the works for businesses. If these processes gum up the works for regular companies, like retail, you can imagine how they impact the healthcare payment system, which already takes so long to complete.

That’s why having a mobile strategy for your healthcare business can help speed things up in the long run. Check out some of the ways mobile payments can improve the way you do business with your patients.

Why Use Mobile Payments?

Popularity Trends 

It’s no surprise that newer is better. People tend to gravitate toward faster and more convenient options. Nothing encapsulates technological progression more than mobile payments. The number of mobile payment transactions is only going to rise. Take a look at this chart from Statista (numbers in billions)

mobile payments

Based on previous years, expected growth should be steady over time; meaning, mobile payment users aren’t going anywhere, and if you want to keep pace, you need a way to accept mobile payments, effectively.

Improved On-Time Payment Rates

Nothing compares to the response time of SMS payments. When you consider the length of time it takes for mailed bills to arrive, the possibility of losing an emailed invoice to the junk folder, and the arduous hunt of tracking down patients for their card information, mobile payments seem to be a shining light in a sea of darkness.

Also, if you plan on future-proofing your business, you should know that “85% of young adults are incorporating their mobile devices into a host of information seeking and transactional behaviors,” according to Pew Research. This amount of usage and engagement by a user trumps that of any email or social media marketing to date.

Convenience 

Convenience is always a factor, and with mobile payments, you can offer your customers much more flexibility. Nothing beats the feeling of taking care of payments with a single text, especially when you’re out trying to enjoy your day. You don’t want to spend your free time worrying about bills; with text reminders and 2-Way Text Pay, your patients don’t have to feel that sense of anxiety, either.

Takeaways

If you follow the ever-growing trends of mobile payments, you’ll understand the importance of setting up these systems early on. You don’t want to miss the boat when it comes to the next big thing in business.

Implementing mobile payments, such as IVR systems or 2-Way Text Pay, gives your patients the freedom to pay how they want, where they want, adding to their experience, and increasing your overall brand value in the end.