Why Patients Benefits from Prescription Price Transparency Technology in 2020
Most patients will report that they have had at least one negative financial experience...
March 24, 2020
In order to achieve and deliver top-of-the-line care to your patients, you must also maintain a stable bottom line and achieve financial success. In 2020, providers must learn how to increase patient payments due to the high number of individuals signing up for High Deductible Health Plans. Patients are responsible for a larger portion of their upfront medical expenses when they opt for a lower premium. Providers face challenges in maintaining their bottom line as they become increasingly dependent on patient payments to grow their revenue. Keep reading to learn how your practice can increase patient payment by offering more attractive options to patients.
Patient Payment Options:
1) Simplified Patient Financing
In order to streamline the experience patients have with your practice when it comes to receiving services, providers should consider offering simplified patient financing options. Financing is an option that helps the provider get paid more quickly, while also helping the patient avoid any overwhelming feelings as a result of medical costs. This option helps patients pay on their medical bills through a scheduled repayment plan.
This offers peace of mind to patients, who need to engage in expensive medical services, that they will not be overcome by their medical bills. Instead, they will decide on repayment terms that work for them. Simplified patient financing helps providers get paid while helping patients stay on top of their unexpected medical costs.
2) Mobile Payment Capability
In today’s world, mobile patient payments are necessary in order to optimize the number of payments you receive as the provider. Payments depend on mobile options for many of their daily processes such as instant communication, the ability to view results on the go, and more. Without a mobile payment capability in your patient portal, providers might find it difficult to collect on patient balances.
Mobile options should be accessible from the patient’s mobile device so that they can view, understand, and pay their bill with a credit card 24 hours a day, every day of the week.
3) Automated Payments
For patients who struggle to keep track of their payments, automated patient payment options are the best opportunity for them. Patients are already using automated payments for many of their monthly bills like rent, electricity, water, and more. Providers need to meet patients where they already are if they expect to maximize their payments and grow their bottom line.
With automated options, patients can schedule their payments to come out automatically until the bill is paid in full. This ensures that the provider will not have to repeatedly reach out to the patient to collect payment while helping the patient stay on their feet.
Patients do not want to be overwhelmed by their medical expenses, but they are not always aware of the options that are available to them. To learn more about what options that can help your patients pay down their balance and while simultaneously improving your bottom line, click here.