Healthcare Technologies to Increase Time-Savings Across Your Practice
In the age of instant gratification and personalized experiences, it comes as no surpri...
August 13, 2021
Being able to make patient payments at your practice is what customers want and what you should be offering to enhance the customer experience and create timely payments. Many practices see a 20 percent drop in payments once a patient leaves the office. A consumer study determined that 68 percent of patients wanted to pay their clinician offices using electronic tools but only 20 percent reported actually being able to make online payments. As healthcare consumerism grows, online payments are one of the conveniences that patients get from other businesses and are coming to expect from healthcare.
Improve Cash Flow
Offering your patients the convenience of online bill pay means providers are more likely to be paid on time and in full, resulting in reduced cost of collections, and a reduction in bad debt write-offs. One study shared that 77 percent of providers reported taking over a month to collect any payment and 81 percent of providers said they cannot collect more than $1,000 in 30 days.
The impact of online bill pay to a practice’s bottom line is substantial. An additional $200 inpatient payments collected per day equates to $50,000 in additional revenue each year. Reduction in costs to collect are substantial as well, amounting to $50,000 annually.
Paper-based payments take time to administer and require broad timespans to get payments recorded, processed, and credited to your accounts. Paper billing is labor-intensive, costly, and prone to errors.
An automated digital billing and payment solution cuts out the need for paper billing and tracking. Studies show that patients pay their bills 20% faster and overall operational costs are cut by 40%. Also, by collecting payments at time of service, you’ll drastically reduce your need for collections support.
Drive Patient Satisfaction
With a fully integrated payment solution, patients get the security and convenience of flexible payment options including paying in-person, online 24/7 via online payment forms or the Patient Portal, or on their smartphone or tablet.
An improved patient financial experience leads to increased consumer loyalty and that adds up to additional revenue for the practice. And, what is the financial risk for not improving the payment experience? One study showed more than half of consumers would consider switching providers for a better healthcare payments experience.
If cost isn’t enough of a drawback about paper, it’s also not a secure communications tool. Credit card receipts have to be recorded and then shredded. Statements might share unnecessary PHI, putting the practice at risk. A HIPPA-compliant solution offers security and peace of mind for both patients and practices.
By offering to hold credit cards on file, practices need a HIPAA-compliant solution to
ensure the integrity and security of patient’s billing information.
iSalus digital statement and payments solution streamlines collections, improves patient experience and loyalty, and reduces barriers to pay. It is an all-in-one solution that seamlessly integrates with your iSalus EMR.
With a fully integrated payment solution, your patients enjoy the security and convenience of flexible payment options including paying in-person, online 24/7 via online payment forms or the Patient Portal, or on their Smartphone or tablet. Digital billing and payment solutions accelerates the revenue cycle and streamlines billing operations, saving your practice time and resources.
Antiquated, manual statement and billing processes are tedious, prone to error, and slows down revenue. Moving to an automated digital billing and payment solution proves patients pay their bills 20% faster. And reduces overall operational cost by 40%
iSalus offers a fully integrated statement solution with Data Media that automates the billing and statement process saving time and resources. Simply set up your business rules and with a few clicks, you can batch process billing statements for processing.
The iSalus Payment Solution, powered by PaySimple, lets your practice accept patient payments via credit and debit card; consolidate transaction and post-transaction data for payments, voids, and refunds; save time and run the office more efficiently with a single payment interface; and accept payment via key entry, card on file, online anytime, or a secure magnetic swiper device. No paper, no problems. It’s a solution that your staff and patients will love – while also improving your bottom line.
iSalus Payment Solution, powered by PaySimple, offers flexible and secure online payments as a secure, contactless option for your patients and a way to improve cash flow for your business.