Why Advanced Payment Solutions are Like Upgrading From a Flip Phone to a Smartphone

Posted by Nick Dolan on Tue, May 02, 2017 @ 08:01 AM

Smartphones are far more advanced and useful than flip phones - a parallel also seen between credit card terminals and patient payment solutions.
Smartphones are far more advanced and useful than flip phones - a parallel also seen between credit card terminals and patient payment solutions.

No one will deny the historical importance of flip phones. They created a communication revolution by giving the public something once expensive and specialized - a mobile phone with 24/7 access as long as it had service. Flip phones fueled a progression for many people to move from landlines to mobile as their primary means of communication, subsequently leading to the boom in texting.

However, flip phones weren't the be all, end all of technological progression. Smartphones have taken over. According to the Pew Research Center, 77 percent of adults owned one as of early 2017, while just 18 percent still use flip phones. Additionally, as eMarketer pointed out, a growing number of U.S. residents exclusively use a smartphone for all of their needs related to internet use. That number is projected to reach 41.1 million in 2020.

What do smartphones and flip phones have to do with patient payments? Advanced payment solutions are the smartphones compared to older, more limited payment tools' role as flip phones.

A Credit Card Terminal vs. a Complete Payments Platform

"What do cell phones have to do with patient payments?"

The most direct comparison to make between older, more limited payment processing tools and a holistic solution for managing patient payments is the amount of functionality each provide.

A credit card terminal has one function: accepting credit and debit card payments. To deal with the numerous other aspects of effectively managing patient payments - accepting checks, refunding, reporting, reconciling and more - you need other tools. This is very similar to how flip phones are great tools for making phone calls and, to a slightly lesser extent, sending text messages.

However, many other functions people now take for granted through their smartphones, like email, browsing the internet, playing games and the abundance of social media, are severely limited on flip phones. In order to access all of those different things, you'd need a Palm Pilot, BlackBerry, and computer in addition to your phone. Just like outdated payment tools, you may need multiple software and hardware tools for the capabilities that are all now housed in one comprehensive solution.

This is the next piece between payment systems and mobile phones, as the similarity of smartphones to advanced payment solutions is clear. A smartphone does far more than a flip phone. In many respects, it comes close to replacing a desktop or laptop computer while providing better functionality for calling and texting than flip phones. The same can be said about comprehensive payment solutions.
Not only does a modern solution provide the ability to process credit and debit card and check transactions in person and online, it serves as a central management platform for the entire patient payment ecosystem. It accepts and tracks all payments while providing the tools needed to execute pre-scheduled patient payment plans and accept self-service online payments.

They also improved every aspect of the patient payments process. With a single, consolidated solution, healthcare providers can address needs in the areas of end-of-day, refunding, reconciling, receipts, posting, reporting and more. There's no need to switch between devices or computer programs when an advanced payment solution is in place.

Just as smartphones have become the new standard for the mobile phone market by revolutionizing technology, modern payment solutions have demonstrated their superiority over more limited tools and methods used to manage patient payments. The comparison is simple, true and enduring, and it leads to this powerful point: To give your facility the best tools possible to capture, manage and post patient payments, you need the most comprehensive platform possible.

Tags: Patient Payments

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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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