Do you know what kind of engagement you are getting on Pre-Authorized Payment Plans? Are you offering payment plans? Welcome back to the Secure Bill Pay video blog, where we're diving in to why Pre-Authorized Payment Plans are so crucial.
Pre-authorized payment plans give providers a reliable method of collecting revenue when patients can't pay all at once. Payment plans are nothing new, but the addition of pre-authorization gives this tactic some staying power. Once a patient consents to placing their card on file with your facility, it can be debited up to a mutually chosen amount on a regular schedule. Patients don't have to worry about remembering to call in or visit to make a payment, and your staff will spend far less time tracking down stragglers.
A pre-authorized payment plan locks in the regular collection of money owed and ensures payment plans don't fall off track. It also provides needed flexibility and time for patients who need some assistance. If your facility doesn't already use this valuable tool, start thinking about how this revenue can benefit your accounts receivable and bad debt.