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Trying to collect payments from your patients can be a frustrating experience for any provider. Patients who do not understand their bill are too stubborn to pay it on time and avoid going to their providers as a result. The has a domino effect on providers who are trying to increase their revenue. Timely payments become difficult to collect and the number of patient visits decreases. All adding up to a negative impact on a provider’s revenue that leaves them searching for solutions. Many providers have found that the simpler it is for a patient to not only understand their medical bill, but also pay that bill, the more likely they are to make payments on time or quicker than they normally would. Many practices only accept payments at certain times of day over the phone, by check, or in the office. In 2019, providers need to make sure they are helping their patients make payments in a way that makes sense to them. Payment Integration is key to an efficient workflow and timely payments at your practice.
What is Payment Integration?
Payment integration means having your primary method of accepting payments integrated directly with your Practice Management Software and Electronic Health Record system. A digital means of processing payments, this method positively impacts your revenue and workflow.
1) Front Office Staff
By introducing Payment Integration into your practice technology, your front office staff can more easily manage payments by accepting them right when a patient comes into the office. This ensures that the patient pays for services right away. If a patient leaves without getting a chance to pay their bill, they are far less likely to make a payment at all. Payment integration offers your patients and front office staff the chance to securely process payments in the office, getting your practice a higher number of on-time payments while keeping your front office staff working efficiently.
2) Patient Portal Payments
One of the best examples of how payment integration increases the number of timely payments at your practice is its integration with your patient portal. The patient portal is the one-stop-shop for patients to understand their personal health, and now their billing. A huge reason that patients avoid making payments is due to the fact that they do not understand their bill. That and they do not have a simple way to pay it. With patient portal payment integration, patients have a place to not only gain an understanding of the details of their medical bill, but they have an easy method to pay it.
3) Credit Card Payments
For patients who avoid paying their bill due to the method the provider receives payments, payments integration introduces the opportunity for patients to pay their bill with their credit card. This is how most payments are made in 2019, so it makes sense that a healthcare provider would offer the same convenience. Payment integration also allows the credit card information to stay securely filed for the next time a patient wants to make a payment. By implementing payment integration, patients have a convenient method to pay their bill and they are more likely to pay it on time.
4) Automatic Payments
A great way to increase the number of on-time payments is to offer a solution for your forgetful patients who do not pay their bill simply because they forget to each month. Most reoccurring bills a patient has outside of their medical care automatically come out of their account each month. So when it comes time to pay those bills that are not automatic, they forget. Payment integration offers a secure automatic payment option for patients who wish to use it, increasing on-time payments and helping patients better manage their medical bills.
5) 24/7 Access
Whether a patient is on-the-go or remembers to make their payment in the middle of the night, payment integration offers a 24/7 solution to collecting cash. For patients who do not have the opportunity to complete their payments during normal practice hours, utilizing mobile payment integration allows them to make a payment when it is convenient for them, increasing the likelihood that they will pay their bill.
To learn more about a vendor who offers payment integration, click here.