Patients have always paid some of the price of healthcare, but major shifts in the market mean the general public have much greater financial responsibilities than in the past. Changes including the Affordable Care Act, various federal and state regulations, employer-defined contribution models, and many other concerns have placed more direct obligations on patients. These have resulted in healthcare providers needing to collect more from the patients who visit their facilities instead of dealing with intermediaries like insurance companies.
"Is your facility ready to take on this growing change in the culture of patient payments?"
Larger obligations require more effective health payment systems
The growing number of patients with higher costs required to pay out of pocket can increase administrative demands on healthcare providers. Facilities that don't accept a variety of newer forms and methods of payment - credit and debit cards, online payments and HSAs, etc. - will struggle when attempting to manage the increasing rate of incoming patient payments. However, even when healthcare facilities have separate payment systems in place to accept these revenue streams, they still can suffer in terms of operational efficiency, data visibility and management of related concerns like refunds and payment plans.
Healthcare providers with a unified, centralized system that processes all their payments and securely stores the data will become more efficient as direct patient financial responsibilities grow. Those that don't will likely find themselves dedicating more time, effort, and resources toward an administrative task that patients don't see nor directly benefit from. In short, providers with effective electronic payment systems are more agile and responsive, both in terms of patient interactions and management duties.
Centralized healthcare payment systems also provide options and flexibility to patients in ways that are difficult for organizations that lack such software to achieve. A modern payment solution allows providers to offer online payments and pre-authorized, recurring payment plans. This provides convenience to patients and lowered accounts receivable for providers. In fact, our clients realize an average reduction of 18 percent in their A/R just by using recurring payment plans.