Patient payments are an element of a shifting healthcare landscape that aren't going away any time soon. While changes may be coming in terms of the Affordable Care Act and the number of insured Americans, there will always be copays and direct payments for healthcare providers to contend with. That undeniable element of providing care means managing incoming payments is here to stay.
How can healthcare providers manage this source of revenue more effectively? Through a solution designed for patient payments. Advanced payment systems collect, manage, and reconcile payments more efficiently and offer a number of advantages in terms of reducing labor and time spent dealing with the topic. There are a number of ways to quantify the returns offered by a patient payment system. Let's look at a few.
"Patient payments are one element of a shifting healthcare landscape that aren't going away any time soon."
Reduce Accounts Receivable
On average, Secure Bill Pay clients see an 18-percent reduction in their A/R. For healthcare facilities large and small, that's a significant change. Directly capturing an additional 18 percent of revenue - money you have already earned by providing care to patients - instead of selling the debt or losing out indefinitely - has a huge impact on financial stability. That money can supplement your budget, go into savings, or be reinvested to achieve any other number of objectives. And that's just one reason why managing patient payments through the right solution directly benefits your facility.
Provide Online Options
Connecting with patients and their payment preferences ultimately reduces the amount of work your staff has to handle in terms of trying to collect through phone calls, emails and other avenues. Additionally, as Becker's Hospital Review pointed out, a major desire among patients is a higher level of billing clarity. Offering self-service online payment options addresses both of these concerns.
Our clients collect an average of 30 percent of their patient payments online and see 44 percent of payments arrive outside of regular office hours. Instead of your staff having to spend valuable time making collection calls, patients do the work themselves.
Give Staff More Flexibility and Less Work
Processing and posting patient payment information, as well as collecting payments at the point-of-service, are critically important tasks. However, most of the work that goes into those processes is best handled by a patient payment solution, free from potential human error and performing large number of tasks simultaneously. Your front-desk staff and administrators will still interact with and approve these workflows, but the bulk of the work itself is left to a secure, automated, and advanced solution.
The benefits are clear: Instead of staff dedicating some, much, or all of their time at work on easily managed but time-consuming tasks, they can focus on more effective ways to complement their unique skill sets. This results in a more flexible and engaged workforce, all thanks to an advanced payment solution.