How Does Technology Make Payments More Manageable?

Posted by Dawn Lunde on Tue, Sep 29, 2015 @ 08:15 AM

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Mobile payments can make the entire process easier for both patients and health care professionals.

Just like many other areas of medicine, the concept of patient payments has changed drastically thanks to the development of powerful new technology. Not too long ago, cash and checks were the dominant forms of payment and the most complicated piece of hardware used was a calculator. The shift from analog-only payments to a landscape with digital and physical options and many different transaction methods may seem complicated and difficult to organize.

Successfully and efficiently utilizing these payment systems isn't a frustrating or drawn-out process, however. In fact, many of the advantages related to advanced payment solutions come from ease of use and the ability to improve collection rates.

"Advanced payment systems manage information far more efficiently and create accurate electronic records."

How are Payments More Manageable Than Before?
While the processes for the actual handling of payments - accepting cash or checks and depositing them at the local bank - is different than before, it's not more complicated overall. Advanced payment systems manage information far more efficiently and create accurate electronic records, making collection efforts and payment records easier to manage for health care providers. Modern solutions for payment also let patients choose the method they prefer, further improving collection rates and cutting down on time spent providing reminders and dealing with delinquent bills.

According to Medical Economics, electronic payments began increasing significantly in the early 2010s under the aegis of the Affordable Care Act. This shift came about to handle the increased patient volume expected by the issuance of insurance for millions more Americans, but there's little if any news about health care providers feeling unsatisfied or discouraged with new systems. Instead, they found the new technology to be a benefit by automating many payment functions and providing more functional workflows for processing and tracking elements that require the input of staff. In essence, electronic options like patient portals and scheduled payments have made efforts easier for both patients and providers.

Taking Advantage of More Manageable Payments
While improving the current state of payment affairs to realize these benefits may take some time, effort and spending on the part of health care providers, the benefits are undeniable. Patients become more satisfied and ultimately more likely to make payments and make them on time, while tedious back-office processes are avoided. Such solutions are regularly implemented easily and quickly, putting providers in a better position to take advantage of the cutting edge of payments.

Tags: Health Care Marketplace, Payment Strategies

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  • "We have so much more information available to us with SBP than with our previous service. It's offering our patients more flexibility, and happier patients are much more pleasant for our Billing Office to deal with."

    - Kurt A.
    Revenue Cycle Manager
    National Imaging Center
  • "The staff at Secure Bill Pay have been an excellent revenue cycle partner in assisting us with setting up our processes, helping us review and analyze our results and identify opportunities at our various locations. They partner with us to identify new solutions and services as we have grown. The reliability for payment processing has been very good and our requests for Customer Support are handled very timely and thoroughly."
    - Kathleen J.
    Central Business Office Manager
    Multi-Hospital & Clinic Health System
  • "Our volume of patient credit/debit card payments increased by 44% in the first month of the service compared to that same month a year prior (with the same patient volume). We attribute that to now having online bill pay and better ability to collect at the POS for all of our locations [where we had not been before], even the outreach sites!"
    - Terry M.
    Practice Administrator
    Orthopedic Spine Surgery Group
  • “I’ve been shocked with the success of the online bill paying program... Patients come to us in acute health care situations. Bill paying is not their highest priority. We didn’t expect so many patients to use Secure Bill Pay so quickly, but the statistics speak for themselves.”
    - Beth M.
    VP Revenue Cycle
    Large University Health System
  • "Before Secure Bill Pay, online bill pay only accounted for one percent of our payments. After just six months of using Secure Bill Pay’s no-login solution, that number reached 10 percent."
    - Jen R.
    Finance Manager
    Large Ophthalmology Practice
  • “The nice part about Secure Bill Pay is the breadth of tools available to manage the entire patient pay process. But the best part is the outcomes we’ve seen, including year-over-year double-digit increases in patient pay revenue that are not wholly due to industry or volume changes.”

    "The integration with our PM/EMR software is simply icing on the cake."

    - Steve M.
    Director of Business Services
    Large Integrated Health System
  • "Senior Management is thrilled with the numbers coming through due to our implementation of Secure Bill Pay."
    - Kim W.
    Business Office Supervisor
    Inpatient & Outpatient Psychiatric Facility
  • "The system was received with open arms at each clinic. All had a few questions at first, but as you said, it was simple to get comfortable."
    - Sue C.
    Practice Manager
    Large Nephrology Practice
  • "Secure Bill Pay has streamlined our credit card process. It has been beneficial from a processing end to a storage and search of record end. Certainly saves us time!"
    - Jackie F.
    Business Office Manager
    Dematology Practice
  • "It is easy to talk about a product and service we are totally happy with!"
    - Cheryl M.
    Practice Manager
    Mid-size Ophthalmology Practice
  • "We're impressed. Thank you for not being afraid of any question we may ask and answering it in a straightforward manner. This gives us more confidence."
    - Grant E.
    Revenue Cycle Manager
    Large Dermatology Clinic
  • "Secure Bill Pay  is a much more efficient option for collecting patient payments... It is a forward thinking approach for healthcare revenue. Dynamics have switched where we all need to think and act like a business versus a service."

    - Julie H.
    Director of Business Services
    Large Physician Group

     

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