Why You should Update Your Practice’s Healthcare Payment System

Improve Your Healthcare Payment System

The healthcare industry is one of the largest and most lucrative in the US. That’s why you might be surprised when you walk into a hospital or private practice and see the outdated tech used to take patient information and process their transactions.

Despite advances in payment processing, the healthcare industry is still way behind, leaving patients and business owners feeling the pains of an evolving market.

Here are just a few reasons why healthcare providers should consider upgrading their payment processing to improve the payment experience for both you and your patients.

Reduce Costs

Even today, patients still commonly use ACH or paper checks.

These methods are good for some circumstances but shouldn’t be your only means of processing transactions. As a business owner, you have to foot the bill for printing, adding to your costs over time. You also have to factor in the cost of printed invoices, repeat printing due to human error, etc. The amount you pay can be quite staggering.

In the virtual era, you can avoid most of these costs, simply by offering online portals, SMS payments, and IVR transactions.

Faster Turn-around

If you thought paying for printing was bad, the real money pit is the slow turn-around time it takes for your patients to get their invoice and mail a check back. The time it takes could take as long as 2 months. In the meantime, you have multiple expenses pilling up before you even see that payment.

By speeding up this process through online and mobile payments, your payment speed could improve up to 9 days faster, for more predictable payments and a better business model.

Tracking and Reporting

When you fragment data, it’s difficult for patients to enjoy a seamless user experience. Using ACH or paper checks only makes recording and tracking transactions more complicated. Payments are frequently only trackable with manual spreadsheets. These can be unreliable.

Our software allows you to track payments and generate custom reports based on what’s most important to your business. There’s no longer any need to match up data with payments individually. Ultimately, tracking and reporting lead to a more streamlined and cheaper service for patients.

Takeaways

BillingTree is leading the way in healthcare payment systems that meet the needs of healthcare practices. Fully integrated, HIPAA compliant and simple to use, they streamline the way in which practices collect payments. By offering a large number of modern payment methods, including mobile card payments, BillingTree’s solutions reduce administrative burdens. Practices can easily track data, receive payments in real-time, and receive revenue more quickly.