Are You Offering Flexible Patient Payments Yet?

When it comes time for a patient to make payments toward their medical expenses, the more options the better. What kind of patient payment options is your practice offering and are they flexible enough to meet the needs of each patient?

What Kind of Payment Options Should You Offer?

1) Online

24/7 instant access is the world patients are living in, in 2023. For many, this means being able to get on and order a product the moment they remember to or it means doing their grocery shopping ahead of time on their phone. For patients who live their lives in the digital world, it can be difficult to make a payment if there is not an internet option. The online processing of payments is easy with a quality patient portal. This enables 24/7 patient payment processing with a credit card.

2) In-Office

For providers, taking payment while the patient is still in the office is one of your best defenses against unpaid claims. This is possible when your practice software enables in-office patient payment processing. This is the quickest way to collect on small payments like copays so that they do not end up in collections. *-

3) Payment Plans

Many patients want to make payments on their unexpected medical expenses, but the large totals are so daunting that they ignore their payment responsibilities, instead. The best way to combat this is to offer flexible payment plan options that help your patients pay in increments that make sense for their budget.

The Benefits of Flexible Patient Payments:

1) Impact Practice Revenue

By offering flexible payment options, your practice will start to see a huge development in revenue management. Patient payments made simple empower patients to take their medical expenses by the reigns and pay them off. Research shows that by implementing online and in-person payment options, providers see an increase in their on-time payments as well as in-full payments. This is valuable today as many providers face patients with high deductible plans with high out of pocket costs. By increasing the number of on-time patient payments coming into your practice, your revenue will remain stable where others might start to tremble. The right software can also consolidate payment transaction data to simplify processes and reduce the chance of errors.

2) Improve the Patient Experience 

Medical billing is an area of healthcare that can negatively impact the patient experience in a multitude of ways. Unexpected costs can uproot a patient’s life if they are not financially prepared. Understanding one’s medical bills can sometimes be a frustrating fight for patients with their insurance companies. It is important to find ways to make the process of making payments simpler and more accessible for everyone. With flexible payment options, individuals can make payments in a way that works for them giving them power over the circumstance and peace-of-mind during an overwhelming situation. Flexible payment options can offer individuals a positive patient experience that will have a lasting impact on your practice.

To learn more about flexible payment options and how your practice can offer them, click here.