Increase Collections With Electronic Payment Solutions

Posted by Dawn Lunde on Thu, Jul 31, 2014 @ 12:03 PM

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Hospitals and clinics need to embrace electronic payment systems in order to improve collections.

While businesses cannot control their consumers' financial situation or responsibility, there are ways to encourage payment. According to Resource Nation, the easiest way to get customers to pay on time and in full is with convenient payment options. This includes systems for use at the point of service and better ways to pay an outstanding balance.

Resource Nation said that Experian estimates the number of households that do not have a credit card is only 13 percent. Considering others may have gift cards and debit cards, the pool of consumers who do not utilize electronic payment options is very small. Consumers are expecting these options at nearly every retailer and business and hospitals and clinics are no exception.

Collecting Out-of-Pocket Costs
As patients are required to pay more of their own medical bill because of shrinking networks and increasing deductibles, health care facilities must update their systems to capture as much of the outstanding payment as possible. One way to start is to move credit card processing capabilities to the point of service. With USB card swipers, processing credit, debit and HSA cards at reception is simple and affordable. Hospitals and clinics also need the ability to scan checks and process them electronically as well, reducing bad debt and saving a trip to the bank.

The next important aspect of electronic payment solutions is the ability to process payments through an online portal. Giving patients the ability to pay their bill at home any time of the day can greatly increase collections. With invoicing, price shock may lead to a consumer simply abandoning his or her payment responsibility because writing a check is not an option. Setting up a payment plan through a Web portal or with a card on file is beneficial to both providers and patients.

Tags: Patient Payments, Health Care Marketplace, Payment Processing

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    Revenue Cycle Manager
    National Imaging Center
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    Practice Administrator
    Orthopedic Spine Surgery Group
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    VP Revenue Cycle
    Large University Health System
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