A strong majority of executives in the healthcare space expect to see revenue growth through the rest of 2016. According to a report assembled by CIT Group and Harris Poll, 71 percent of healthcare facilities and system leaders predict an increase in revenue through the 2016 financial year. The number of industry execs expecting to see significant revenue growth, defined as more than 5 percent growth in the report, is also high: 41 percent of top staff believe revenue will increase at or above that level.
With so many executives believing an increase in revenue will soon arrive, the present becomes an especially important time to review patient payments and the management of that information. Without an efficient and effective approach to capturing payments, the gains normally realized through an increase in revenue may be sacrificed because of higher costs associated with information management, employee duties and patient outreach.
"Using electronic payment systems functionally eliminates concerns about increased patient volume."
The Right Health Payment Systems Help Manage Increases in Revenue
Increases in the amount of patient interactions at your healthcare facility demand an advanced payment solution in order to be successful. This increase can come from new patients and/or an increase in the number of visits from the existing patient base. For example, an increase task can be manually recording payment information, whether by hand or in spreadsheets maintained by employees.
As transactions grow, so do the associated information management responsibilities. The labor and materials cost associated with physically printing bills, placing them inside envelopes, addressing them and mailing them are a drain on healthcare providers as it is. Adding more labor onto the existing workload can lead to dissatisfied staff and unnecessary costs that mitigate the advantages of increased revenue. The same can be said for collections calls - the obligation becomes more burdensome as revenue grows and more bills are issued. The need to accommodate patients by offering the payment methods they're most likely to use, to avoid a failure to collect payment at the point of service, must also be considered.
Using electronic payment solutions functionally eliminates concerns about increased patient and transaction volume and revenue. With so much work - from the accurate, consistent and automatic recording of payments to the acceptance of card payments online through patient self-service portals - automated by the system, efficiency increases. Having the right payment system in place means healthcare providers get the most out of the forecasted industrywide revenue increase.