Pave the Way for Patients to Pay
Consumer payment volume is growing by 16% average annually. Many healthcare providers are reaching a critical juncture in their revenue journey.1 To successfully serve their communities, medical practices need to invest in patient-friendly systems and processes to enable faster and more efficient payment collections.
Ninety-three percent of providers still primarily rely on mailed statements to collect patient payments2 even though they could save 44% by moving from paper-based to fully electronic statements.3 Paper-based processes are a roadblock to getting paid, yet providers are slow to expand payment channels and choices. Forty-three percent of consumers report higher satisfaction levels when given multiple delivery and payment options.4
- 67% of providers have set-up online patient payment portals.5
- 15% currently send messages either by phone, text or email to explain bills and let patients know what portion of the cost is covered by insurance.6
- 21% send automated reminders to notify patients when payments are due.
- 7% of providers offer Interactive Voice Response (IVR) as a patient payment option.
When payments become an impediment, patients are likely to delay or stop seeing the doctor. To ensure they get the care they need from your practice: engage patients early about costs, understand their financial situation, offer convenient and easy payment options.
- Due to cost, some Americans delay or avoid care. 27% postpone getting necessary care.7
- 23% skip recommended medical tests or treatments.7
Losing just one case a week could cost a healthcare provider $400K annually. That’s bad for patients and bad for medical practitioners.8
The Path to more payments is marked by more channels and choices
Access is key to building lifelong patient loyalty. By leveraging the latest technologies, we help healthcare providers to automate payment processes and expand financial options for their patients. With our solutions, medical providers can maximize opportunities to collect payment and decrease financial obstacles that may prevent patients from accessing care.
Source
1InstaMed. "Trends in Healthcare Payments Seventh Annual Report: 2016"
2Billing Tree. " 2016 HealthCare Operations and Technology Survey"
3Sterling Commerce, “A New Look at the Challenges, Trends and Opportunities in the Global Marketplace.”, - Survey Report, 2010.
4USP RACR Report, “Will the Check Be in the Mail? An Examination of Paper and Electronic Transactional Mail.”, - February 9, 2015.
5BillingTree, “The Advantages of IVR Systems for the Healthcare Industry.”, - December 2016.
6West, “Optimizing Revenue Solving Healthcare’s Revenue Cycle Challenges Using Technology-Enabled Communications.”, - 2017.
7Kaiser Family Foundation, “Data Note: Americans’ Challenges with Health Care Costs.”, - March 2, 2017.
8The Advisory Board Co.
