Timely and efficient payment collection is essential to any business – and that includes your practice.
Healthcare practices still rely heavily on paper for a payment solution. Not only is all that wasted paper bad for the environment, but it also creates a lot of redundant processes that waste time too. And, that wasted time turns into more money lost. A more efficient process gets payments back to your business faster and gives you back time to spend on patient care and other higher-value tasks, creating a win-win.
And, it’s not just time and money. It’s what customers want. 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.
Discover four ways that an integrated, more efficient payments process can transform your business:
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.
An Integrated Solution for Improved Revenue Flow
The new iSalus Payment Solution, powered by PaySimple, is integrated with MyMedicalLocker. The solution 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. Learn more here