Why There's a High Return on Patient Payment Systems

Posted by Nick Dolan on Tue, Jan 31, 2017 @ 08:31 AM

 
Healthcare providers benefit significantly from using patient payment systems.
Healthcare providers benefit significantly from using patient payment systems.

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.

Tags: Patient Payments, Payment Strategies

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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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