The Healthcare Payments Solution that Saves Costs, Increases Efficiency and Improves Patient Satisfaction
In recent years the transition to electronic formats and technological innovation has laid the groundwork for a fundamental restructuring of health care payments. However, the system remains highly fragmented and inefficient, consuming a disproportionate share of health care dollars compared with payments systems in other industries. Uncollectable healthcare receivables accounts for billions of dollars of lost revenue every year according to the American Hospital Association. A recent McKinsey report, stated that healthcare-related bad debt continues to rise with more than $65 billion in uncollected revenue. Most affected are smaller, private healthcare providers who struggle with the increase of insured consumers with higher deductibles and shrinking of insurance reimbursements due to the implementation of the Affordable Care Act.
In today’s competitive healthcare marketplace, small to mid-size healthcare providers must adopt innovative patient payment solutions if they want to reduce write-offs, improve customer relations, and maintain a positive balance sheet. A seamless patient pay solution designed to account for the complexity of healthcare payments can help providers resolve this collection dilemma and improve payment reconciliation and overall operating efficiency.
A Solution That Provides Customer Satisfaction
Billing is an often overlooked component of the healthcare consumer’s experience. Healthcare providers must transition to a more patient-centric model of care. The healthcare experience is already hard enough for patients to go through much less to be saddled with dissatisfaction with the billing process. In fact, the overall patient experience doesn’t end after discharge. Customer satisfaction is tied to how healthcare facilities address the collection of deductibles and copayments. When it is a hassle for patients to pay for care, they will either forgo the treatment, or simply not pay the bill. Healthcare providers will have to find way to meet patient demand for convenient, transparent and reliable payment methods. The solution to the problem should provide a comprehensive patient financial portal that is intuitive to customer’s needs. The particular system’s goals must be to give patients a bill that is easy to understand as well as the power to pay with a click of a button on a mobile device, tablet, or computer. One-touch bill pay from the mobile device, is proving to be one of the most effective means of collecting outstanding balances from patients with the propensity to pay. Also, bills should provide patients with clear explanations of their financial responsibility in an interactive format, a flexible checkout process with payment plan options and the ability to access the information across multiple platforms.
A Solution That Solves Providers’ Biggest Problems
Healthcare providers need specific functionality from today’s payment processing solutions to solve some of their largest revenue cycle management problems, and specifically, the ever growing patient responsibility. For these solutions to help small to mid-size providers collect patient payments and remain competitive, they must consider current office workflows and barriers to adoption. Solutions that are proven to increase the amount of money collected from patients, reduce outstanding balances and bad debt, and lower transaction-processing costs, should have the following features and functionalities:
- Automates the full cycle of patient information and payment flows, from claims submission to the receipt of payments and reconciliation.
- Adoption by your team is critical, a simple interface that is easy to learn and reinforces collection goals reduces time spent training and makes it easy for staff to comply with an improved patient pay program.
- Leverages technology to offer multiple payments options that expedite payment. In this technological era, consumers are used to paying for their mortgage, car payment, and utilities online. Healthcare costs should be no different- having more options increases payments.
- Drives efficiencies for front desk staff by removing calls, letters, statements, copying and other patient-driven contacts.
- Reduces costs of pursuing and gathering patient balances.
- Increases total practice collections with real time patient balance amounts.
- Comprehensive point of service device.
- Secure storage of credit card data.
- Recurring payment plans.
Choosing the best processing solution for healthcare payments will have a significant positive impact on your bottom line by addressing both customer and company needs.
What could the right solution mean for you and your practice? Are you using the right healthcare payments processing solution? Lets us help you find it. PayRight Health Solutions and BMS Practice Solutions provides a full service POS and Online bill pay service for healthcare providers, learn more about our RevFlow solution.