What do Patients Want When it Comes to Making Payments?

Posted by Dawn Lunde on Thu, Oct 29, 2015 @ 08:31 AM

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A simple and secure online patient payment solution can tap into the wants and needs of patients. Plus, greaty enhance revenue collection.

Understanding the wants and needs of patients is a major component of running a successful health care facility. Taking these desires into account doesn't stop once patients leave an examination room or hospital bed, however. Health care providers must consider all aspects of the patient experience more positive and enjoyable, whether that means gathering time metrics for better scheduling or ensuring patients make it home safely.

Payments are an especially important part of the patient experience, one that results in health care providers perpetuating their revenue cycles. Providing modern payment solutions that match up with patient needs is simply good business. So, what do patients want when it comes to making payments?

"The survey found 77 percent of consumers want to see simplicity in payment methods."

Convenience, Simplicity, Flexibility Often Mentioned
While focused on retail transactions, the information on consumer attitudes gleaned from a recent study conducted by MasterCard is telling for health care providers. While rewards systems - one of the biggest consumer desires found - aren't particularly applicable to health care payments, convenience and increased acceptance are. The survey found 77 percent of consumers want to see simplicity in the methods used to pay, while more widespread acceptance of modern payment options was the second-most discussed topic.

What it Means for Health Care Specifically
There are many major differences between the way the retail and medical sectors operate. However, payments isn't necessarily one of them. The transactions taking place at a health care facility involve insurance, of course, but patient payments - whether a co-pay or a complete footing of the bill - still come down to an individual paying a business. Health care providers can take plenty of cues from the way payments are structured in the retail world and the desires of consumers.

One of the biggest changes health care providers can make is a relatively simple expansion of methods and services offered to patients. Improvements as basic as patient portals, along with online or mobile card transactions, give patients what they want in terms of payment options. Additional services, like pre-scheduled recurring payments, offer another element of convenience that make paying for health care as easy as buying groceries or settling the monthly cable TV bill.

No matter the situation, there are certain conveniences and functions that consumers want to see in the available payment options. When those consumers visit a health care provider and become patients, the term used to refer to them changes - but their preferences for making payments don't.

Tags: Patient Payments, Health Care Marketplace

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Testimonials

  • "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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