How you can get paid faster, improve cash flow, and reduce administrative cost
As more people are using medical insurance plans with high deductibles, copays, or coinsurance amount, medical practices now have to collect more of their revenues directly from patients.
To get paid on time and maintain a healthy cash flow, you need to make it easy for patients to submit payments.
Would you rather have them get a bill, log in online, and quickly complete a payment or wait till they get around to looking for a checkbook, finding a stamp, and dropping that check in the mail?
Today’s consumers are used to paying for goods and services with a variety of payment methods. Without such added convenience, they’d likely delay making their payments, and in turn, your cash flow will suffer.
However, coordinating the various systems, negotiating the fees, and integrating the payment processes with your invoicing system can be an expensive administrative headache.
Thankfully, you don’t have to do all the heavy lifting. By using a payment processing service, you’ll be able to integrate different payment options into your medical practice and offer the convenience demanded by your patients without the extra work.
Here’s how partnering with a payment vendor can save you time and money:
1. More Payment Options
Since a payment vendor already has all the payment methods in place, you can offer more options to your patients without having to set them up one at a time. Most consumers are beginning to expect a variety of payment options that reduce the time and hassle of actually making the payment. Some of these popular payment methods include:
- Mobile Payments
- Online via Patient Portal
- QR Code Scans
- Snap to Pay
- Text to Pay
Providing such options will encourage patients to pay you more promptly, helping you increase profits and reduce administrative cost.
2. Security and Compliance
A major challenge for many medical practices is to ensure that all their systems and processes meet the various regulatory standards, such as HIPAA.
If you set up the payment methods individually, you’d have to spend a lot of time and resources on ensuring compliance.
On the other hand, when you use a payment processing service that’s HITRUST-certified, all patient payments will be handled securely. You can rest assured that you’re staying compliant and eliminating the risk of incurring a penalty.
3. Onboarding Training
If you set up payment methods individually, you’d have to train your staff on each system. This can translate into a lot of resources spent on onboarding training to make sure everything is working seamlessly.
A reputable payment vendor not only helps you integrate all the systems but also offers free onboarding training to ensure that your team can operate efficiently from day one.
4. Best Rates and Fees
Credit card rates and fees can get hefty, especially for individual businesses that don’t have much bargaining power.
A payment processing service offers pre-negotiated rates and allows you to choose from multiple credit card merchants, so you can find ones that offer the most favorable rates for your practice.
5. Simplified Billing Process
A payment vendor that also provides an invoicing service allows you to integrate both printing and payment systems and simplify your billing process, so you can increase efficiency and reduce errors.
Such an integrated system allows for statement reports that help post the payment quickly and accurately. Integrated statements and payments increase convenience for patients making their payments while reducing administrative work for your practice.
Learn more about our payment processing solutions and see how it’ll help you accelerate your cash flow.
Michael Bell is the Chief Marketing Officer for MailMyStatements. Mike is a dynamic, innovative thinker, a healthcare technology advocate, a consumer, a patient, and an avid golfer.
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