Looking for the missing piece to solving your A/R puzzle? Today on Secure Bill Pay's video blog, we'll show you how card-on-file payment plans will improve your A/R.
On average, recurring payment plans account for 19 percent of total A/R for healthcare providers who use them. This approach uses scheduled payments drawn from a patient's credit or debit card or bank account, removing any chance that a patient forgets to pay. When it comes to reducing A/R and ensuring income arrives on a regular basis, healthcare providers using recurring payment plans tend to perform significantly better than those entirely reliant on collections calls.
The advantages of recurring payment plans also extend to patients. Instead of remembering to call the practice or responding to collection calls, patients simply share their information once and authorize their future payments. With very low effort required of patients and automation improving outcomes for facilities, recurring payment plans are an easily obtainable advantage.