When it comes to health payment systems, many practices are finding they’re lagging behind. Payment processing within the medical field has never been easy. However, with the recent increase in high deductible plans and increased patient responsibility, it’s harder than ever.
Traditionally, simple payment methods, such as cash and checks, were perfectly adequate for practices everywhere. Patients expected to receive an invoice in the mail for any amount they owed. Then, they would eventually get around to mailing a check to the practice. The practice would manually process that check and, finally, receive its money. It seemed simple, and it was simple. However, it is the product of a bygone age.
Today’s Healthcare System – A Troubling Cycle of Nonpayment
Times are moving on. Healthcare must move along with it. In the past, patients only had to pay a small number of their costs, if any at all. These days the amount is considerably higher. Patients receiving an invoice in the mail are frequently horrified to see they owe thousands of dollars. They struggle to write a check for these amounts they struggle because they simply don’t have the available funds. As a result, they procrastinate and delay. Their payments become past due. They panic because they can’t afford to make payments in full. They look for ways to delay their payments even further. Meanwhile, practices are out of pocket and struggling with poor cash flow. It’s an ongoing problem. This is clearly an untenable situation for any practice that wants to stay afloat in the long term. Therefore, it’s essential to find a better solution for both parties.
A Dynamic Marketplace
Whether healthcare practices want to admit it, the Internet has resulted in a dynamic marketplace. Businesses everywhere are streamlining their payments and collections to meet the demands of today’s consumers. The healthcare industry, too, must make changes to accommodate the latest payment trends.
There may still be a place for accepting cash and check payments. Yet, health payment systems have to adapt to the 21st century. This is where the virtual terminal can really come into its own.
Companies today are increasingly adopting web portals through which they can collect credit or debit card payments. These online options are winning over customers and catering to their needs and demands. The healthcare sector needs to learn from this and adopt the same technology.
The Benefits of a Virtual Terminal
A virtual terminal can benefit any practice that needs to boost its revenue collection and improve the patient experience. By ensuring speedy and secure funds transfer, these online options make payments in real time. As a result, practices no longer need to wait for a check to arrive, so they can deposit it.
The virtual terminal is also highly secure. The concept of online payments can be a worrying one since the possibility of hacking and cybercrime is always there. Nevertheless, with a reputable payment solution, you can have the peace of mind of knowing the payments are highly secure. With full encryption and complete compliance, it’s actually a safer option than mailing a check or carrying cash.
For patients, being able to pay using their preferred payment methods is a huge bonus. Nobody enjoys paying for his or her treatment. However, if he or she can do quickly and easily, a patient is happier. For practices, the benefits of cash regularly flowing in is clear to see. Meanwhile, it frees up the time of a practice’s staff members. They no longer have to manually process payments.
BillingTree’s virtual terminal is one of the most advanced health payment systems available to practices today. Offering cutting-edge technology with complete compliance and fully integrated solutions, BillingTree is your number one choice for healthcare payments