Patient Payment Solutions for Patients and Providers
A slowed revenue cycle can negatively impact patient relationships and internal efficiency. Make sure your clients have everything they need to pay their bills on time.
In the 21st century, patients have become accustomed to having multiple options for paying their medical bills. Most patients expect at least one digital payment option, but traditional methods such as checks in the mail are still popular among older demographics. Missing the mark on how your patients prefer to pay their bills can lead to confusion, frustration, delayed payments, and a slower overall revenue cycle.
Customized Healthcare Patient Payment Solutions
We offer various medical payment methods, including:
- Interactive Voice Response (IVR)
- Quick Response Codes (QR)
- White-label payment gateway solutions
- Card on file
- Branded Payment Sites
- Text to Pay
- And more!
When 35% or more of a provider organization’s income comes directly from patients, the business could be missing out on essential revenue due to patients missing their monthly payments. With today’s higher medical deductibles, patient co-payments, and co-insurance amounts, many providers can’t afford to delay their revenue cycle.
However, many providers aren’t sure how to tighten up their monthly billing strategy. Luckily, there are ways that providers can take their patient billing turn-around time into their own hands.
MailMyStatements offers a solution-based approach to the mayhem of a disorganized, stressful payment experience. By providing transparent billing and convenient payment methods, MailMyStatements can work with your practice to ensure your patients have everything they need to easily access, understand, and complete the billing process.
When crafting a solution for your business, MailMyStatements will pay attention to both your business’s needs and your patients’ needs to create a medical payment solution that is specific, efficient, and effective. For medical practices that already have an existing payment system, MMS will work to create an expanded patient payment solution that identifies and closes the gap between current business practices and missed opportunities to maximize patient satisfaction.
When patients can pay their statements using the method that they prefer, businesses can collect payments faster, improve patient satisfaction levels, and reduce frustration for every party involved, from the hospital’s billing department to the patients themselves.
Because patients may already struggle with making payments due to financial insecurity, integrating new payment options, and automating the billing process will reduce friction and alleviate stress.
As clients of a high-quality, patient-centric organization, your patients deserve payment methods that are simple, clear, and easy—not roadblocks. Because you’re a healthcare organization with limited staff time, these roadblocks can negatively affect employees as well. MMS can save internal financial departments time and money by automating the patient billing process and keeping track of patient billing preferences.
Providing your customers with the tools they need to make on-time payments will improve the provider-patient relationship and create a more reliable revenue cycle for your business for years to come.
Securely Accept Patient Payments Within Your Patient Statements
MailMyStatements offers our clients a friction-less experience so your patients can pay with confidence no matter what channel they choose. That’s why we’ve partnered with Clearent, a leader in payment technologies and services, to provide you with integrated and secure payment acceptance.
Streamline Your Operations & Save
Credit Card on File (CCOF) features allow the secure storage of patient credit card information, making payment plans possible instead of repeated collection calls. You may then schedule automatic payments until the balance is fulfilled.
In addition, Credit Card on File capabilities eliminate the need to re-entire transaction information, saving valuable time on reconciliation. All transactions are processed seamlessly inside your customized “EasyAdmin” Portal.
Medical Payment Integration Solutions
How does having “Card on File” Payment Plans Increase Revenues?
In 2018, more than half of healthcare organizations said their fundamental concern associated with the revenue cycle and collecting medical patient payments. This concern is likely to continue increasing over time. When opportunity knocks, we offer your organization convenient methods and solutions for your patients to pay their medical bills. We deliver an integrated approach to client billing and secure payments that allow your healthcare organization to maximize medical payment collection performance, while increasing your consumer convenience.
Branded Patient Payment Sites
Branded Payment Sites are a white label payment gateway that provide an online self-service customer payment application that can be fully branded with your logo, colors, and style to become part of your existing website. Our Branded Payment Sites provide a comprehensive and secure method for your customers to pay their electronic patient statements online 24-hours a day, 7-days a week.
Centralized and real-time payment reporting provides enterprise visibility, giving your customers access to the information they need while putting them at ease. Integration with preexisting billing applications speeds payment acceptance and can automate payment posting to the correct account. Patients can even opt-in to receive future bills or communications electronically through the white label payment gateway – further reducing your future billing and communications costs while providing them with a solution that works best for their needs. Enabling online payments has proved to reduce days sales outstanding (DSO), improve consumer satisfaction, and ease the payment posting process, all while maintaining a seamless user experience.
Accept patient payments online or over the phone with a website that can be fully branded by your business.
Mobile Patient Payments Offer Flexibility
Mobile payments have increased dramatically in recent years because of security and convenience. Research shows that in 2011, mobile payments accounted for 2 percent of all consumer payments. By 2015, that number had jumped to over 20 percent and is still rising. Mobile payments allow patients to self-manage their medical bills without the hassle of creating an account and logging in every time. They can also make payments on-the-go or during any time of the day.
Mobile payment methods and mobile-specific payment portals and apps is the solution the healthcare field needs, making paying and understanding your medical bills just as easy as paying your utilities online.
In 2016 it was reported,
68% of consumers were quoted as preferring electronic payment methods and 20% are already making payments on a mobile device.
We’re not predicting the future… the future is already here. To satisfy rising consumer demand and help reduce turnaround, a mobile payment solution is essential.
Text-To-Pay
Texting is one of the most popular methods of communication, which is why a Text-to-Pay patient payment feature is essential and appeals to most modern clients. Sending a text reminder for medical payments generates a higher probability that your patients will receive and read the message, compared to a paper or eStatement getting lost in the mail or email inboxes. Text-to-Pay simplifies the entire payment collection process. Reach your patients any time and allow them to respond with payments at their easiest convenience! Coming in summer 2020, this technology-driven payment feature can improve your organization’s revenue collection faster and more efficiently.
Learn more about the Text-to-Pay payment feature in our upcoming blogs.
FAQ’s
Clients come to MMS for many reasons. Some for security reasons as MailMyStatements is HITRUST certified. Convenience, cost savings, quality, features, functionality, reliability, and customer service are some of other reasons organizations make the change to MailMyStatements..
MMS can configure bills and their associated payments to post to the proper account.
MMS works with billing and collection companies in enabling them as well as their clients to take on-line and mobile payments.
Mobile and On-line payments functionality can be added simply by obtaining a merchant account with MMS integrated payments vendor. You may choose to retain or replace you current vendor.
Yes, MMS processes eChecks and ACH payments with its integrated payments vendors.
The setup is free. MMS charges nothing additional to add this to our billing statement service. Value for our clients and their customers is enhanced by having integrated billing and payments. You only pay standard merchant fees to the card processor you choose. MMS has multiple highly reputable card processors to select from in order to get you the most competitive rates.
Credit Card & Check payments post directly to your bank account within 24-48 hours.
Settlement reports are available and will contain everything you need to post the payment quickly and accurately. Settlement reports can be made available in virtually any format if your system is capable of auto-posting payments.
It is simple, can be done quickly, and MMS will set it up for free. You must setup a merchant account with an MMS-integrated merchant processor.
It’s easier for a customer to pay on-line than writing check, buying a stamp and then mailing a check. Our experience shows when organization’s offer customers multiple ways to pay they will pay faster because they use the method most convenient to them. Not to mention, an on-line or mobile payment does not require your staff’s time to process.
There are many benefits to having your statements and payments integrated. Integrating statements and payments makes it more convenient for customers receiving your bills and makes it easier for you to post the payments. Also, you can begin to transition mailed statements to less costly electronic bills. Not to mention, it’s easy to change and it will most likely save you money in other ways.