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.