Healthcare payment processing is a broken system. Whether you have a doctor’s office, hospital, dentist, or massage therapist, you know how difficult it can be to bill a patient through their insurance. The process can take months, and even then, you still might have to hunt down their information.
In the meantime, you’re wasting precious resources on something that could otherwise be fast, effective, and convenient. Imagine having an online portal that allows your patients to log in, create a payment plan, and even set up recurring payments. You can track and monitor all your patient payments in one dashboard. No more waiting, no more hunting people down for payments. With the right processor, you take back control of your healthcare business.
Benefits of Electronic Payment Processing
• Save money
• Cut time spent on paperwork
• Eliminate time-consuming phone calls to patients
• Reduce administrative costs and errors
• Free up time to focus on patient care
Healthcare Payment Statistics
Nearly 65% of consumers expressed an interest in using mobile payment options to pay their healthcare bills, and Over 75% of consumers choose to pay their household bills through online payment methods.
Patients are bearing a larger share of their medical expenses, with much higher deductible plans to boot. As a result, providers have experienced increased difficulty in collecting outstanding balances. According to McKinsey & Company, providers expect to receive only 50 to 70% of a patient’s balance.
70% percent of providers reported that, on average, it takes one month or longer to collect payment from a patient.
According to MedData, 83% of Physician Practices under five practitioners said their main challenge is slow payments from high-deductible plan patients. The next biggest challenge was difficulties communicating patient payment accountability (81%).
Mobile Payments
Payment processors, like REPAY, provide technologies that allow your patients to pay by text or through an automated phone system, which reduces administrative costs and gives your patients a better experience.
Trouble Collecting Payments on Time
Statistics have shown that providing your patients with more payment methods and allowing them to set up payment plans increases the on-time payment rate.
Slow Collection Process
You can speed up the collection process by providing your patients more ways to pay and automated methods to collect payments 24/7.
High-Deductible Plans and Collections
Electronic payment processing gives your staff every tool available to collect payments more effectively, freeing up their time to focus on patient care.
Takeaways
The right healthcare payment processor can help solve many of the issues facing medical businesses today. REPAY offers a variety of solutions that give your staff the tools needed to succeed in the healthcare industry, offering patients a more convenient payment experience. Contact us today for more information.