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Slow payment collection is detrimental to medical practices. The more services that go unreimbursed past delivery, the more work billing staff must do. Unfortunately, this extra labor may go unrewarded. Studies show that once a patient leaves an office without paying, the chances of collecting drop to 30%.
To maintain streamlined revenue cycles, practices must prioritize modern patient engagement methods. Recent technological solutions have paved the way for consistent, speedy reimbursements.
Here are the top five ways technology can speed patient collection.
Flexibility is the key to incentivizing large percentages of your clients to pay on time. According to a 2020 survey, 35% of Americans would not be able to pay upfront for a $400 dollar medical expense. Long-term payment plans fit this group's financial needs.
Online portals allow patients to pay bills instantly from across the globe. These sites accept a wide variety of payment plans. Some patients lack funds but know they will have money on the due date. In such cases, they can schedule an automatic payment to occur on that day.
This scheduled payment system is especially critical for regular consumers. These people can plan consistent checkups and create routine payments to match those visits. Also, portals are compatible with numerous credit cards, debit cards, and direct transfers.
Automatic payment reminders are electronic systems that notify patients about due dates. Ensuring that the payer remembers their obligation is the first step to collecting. Some systems even let practices know when a patient has opened a reminder.
Companies provide flexible options in terms of which form reminders come. Patients can opt for voice recordings, emails, texts, or e-statements. These easily modified choices improve the fit for individual users.
Patient satisfaction is a key factor in determining how to improve low-payment rates. If the patient is satisfied with your service and billing techniques, they’re more likely to pay for a service. A 2019 survey shows that modern people prefer online payment options.
Even if your consumers ultimately use a physical alternative, demonstrating flexibility leaves a positive impression. In today’s diverse technological environment, providers benefit from giving their consumers the most options possible.
Web portals often are easier to understand than physical invoices. The ordered online layout that displays billing details is a consistent source of information.
These details are typically available sooner than a mailed invoice. Early access means consumers can understand what providers expect of them without surprise. By pairing this information with clear billing standards, your practice maximizes transparency.
The more patients you bring into an automatic payment system, the more data you have available. These systems track payment due dates, plans, who is behind, and authorization. So, billing staff have a clear understanding of patient payment progress. Knowing these details empowers workers to contact people where necessary without requiring additional research.
AnodynePay understands how technological limitations prevent practices from consistently collecting full reimbursements. So, we’ve invested in a complete online patient payment product that eases payers' and providers' burdens. Visit our website to see how our product’s features match your needs.
1. Flexible online payment options are attractive to many consumers.
2. Scheduled reminders help keep patients on track.
3. People appreciate the ease online payment portals offer.
4. Instant billing details create greater transparency.
5. Online stored data helps practices keep track of payment progression.
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AnodynePay is a product of Plutus Health Inc. Plutus Health Inc is a 18-year-old full cycle technology driven RCM firm specializing in medical coding, medical billing, payment posting, denial management, credentialing, prior authorizations, AR follow-up & out of network negotiations.
