How to Optimize the Patient Payment Collections Process
The healthcare industry is turning to automation to solve a number of problems related to limited staff resources, and billing is one such area. In recent years, the number of providers that have adopted a patient payment solution has grown exponentially, yet many find themselves dissatisfied with the results.
With limited staffing, it’s no wonder that providers have sought to automate some of their processes—especially those related to patient payment collections. But with outdated technology and inadequate integration into existing systems, many are finding that their current solutions aren’t meeting their modern needs.
Unfortunately, not all payment solutions are created equally, and poor patient payment solution performance can have a significant impact on provider collections. As the industry continues to move away from physical cash payments, it’s important for providers to assess their patient payment solutions and ensure they are as efficient as possible.
Recent data has revealed that a large number of providers are not entirely satisfied with their current patient payment solutions. In fact, 30 percent of providers view their payment solution implementations as unsuccessful, and only 58 percent consider themselves highly satisfied with their payment solutions. This is due to a range of problems, such as slow and unreliable payment processing, outdated interfaces, and difficulty in accessing patient payment data.
When it comes to patients, their experience with the payment process is just as important. Poor performance in patient payment solutions can lead to long wait times and frustration, resulting in an overall negative experience for your patients. Patients complain of glitches and other errors, difficulty understanding the process, and lack of transparency in billing. Outdated platforms, missing features, and poor customer service can all contribute to an unpleasant payment experience.
What sets a successful patient payment solution apart from a subpar experience that leaves patients feeling frustrated and healthcare providers overwhelmed? These are the factors that both patients and providers want in a modern payment solution:
A secure and efficient cloud-based solution enables providers to access, manage, and store patient payment data. In addition, cloud-based billing and payment collection systems allow for automation performed by AI and machine learning technology to prevent billing and coding errors that have the potential to delay claims reimbursement.
There are a number of other benefits of cloud-based technology in billing as well. For one, it helps to simplify the process by eliminating manual, paper-based processes. It also reduces the cost associated with patient billing and payment collection while ensuring that all data is secure. Cloud-based platforms are easy to scale, an asset you’ll appreciate as your practice grows.
Patients value the convenience of cloud-based technology and its ability to quickly process payments; indeed, these days, they expect it and regard practices that don’t use this technology as behind-the-times.
Texting isn’t just for keeping in touch with friends and family these days—it has become an invaluable tool for healthcare practices. With the right platform, practices can send automated text messages to remind patients of upcoming appointments and bills due.
Text alerts for appointments and payment reminders improve patient-practice communications. This is a great opportunity to make sure patients are aware of their upcoming appointments and any balance due from previous visits. When patients can access their own payment histories, it allows for a more efficient and streamlined process for both the patient and the practice.
Additional functionality allows patients to pay their bill via text message and then send a confirmation back to the practice. Providers can integrate popular methods like Apple Pay and Google Pay for added convenience.
The ability to generate, track, and process patient eStatements and payment processing within the same system is a huge plus for both patients and providers. When integrated with other features, such as text alerts or automated reminders, it saves time, reduces paperwork, and makes sure payments are received in a timely manner.
When a payment solution is integrated with other systems, such as accounting or practice management, it allows for better tracking and increased accountability. This makes billing easier and ensures that providers get paid consistently and on time.
Digital communications are typically preferred by most, and an estatement can direct patients to a secure payment portal. Some practices use different vendors for billing, communications, and payment collections, which can cause issues. An all-in-one integrated solution is easier to manage.
Read more about patient estatement benefits here: Healthcare eStatements: A Tool for Streamlined Patient Billing
With data breaches frequently in the news, practices need to make sure their patient payment solution is secure. This means the data must be encrypted, which prevents hackers from accessing sensitive patient information. A good payment solution should have a layered security system in place and should also meet industry compliance standards for cyber-resilience.
Cybersecurity threats are ever-present when dealing with sensitive patient data, but working with a HITRUST Certified vendor offers additional protections. HITRUST certification is an industry-recognized standard, and it ensures that the payment platform meets the most stringent security requirements.
Patient security options include Zero Knowledge Authentication or using a one-time password. Zero Knowledge Authentication is a type of encryption that verifies the identity of patients without storing or sharing any personal information. It is also an effective tool in preventing fraud and ensuring secure patient payment collections. One-time passwords have the benefit of creating an extra layer of security for patient payments, and your patients have one less password to remember.
By investing in a secure, trusted patient payment solution, practices can save time and money, as well as ensure that patients’ sensitive data is protected. A successful payment solution should provide convenience for the practice and the patient by allowing payments to be made quickly, efficiently and securely.
At MailMyStatements, we understand the importance of an efficient and reliable patient payment solution and have developed a platform to address these issues. Our platform is designed to improve performance, provide easy access to accurate payment data, and reduce processing times.
Contact us today to learn more about our services.