As Medicare deductibles rise, healthcare costs soar, and inflation threat looms (3.2% in February 2024), individuals feel financially strained. Healthcare providers, on the other hand, face their own set of hurdles, including physician pay cuts and escalating operating expenses, further exacerbating the situation.
Amidst these adversities, how can you safeguard your revenue streams and optimize patient collections?
What strategies can you employ to mitigate financial strain for providers and patients?
Embracing digital payment solutions and offering flexible and convenient payment options ensures enhanced patient engagement, prompt patient collections, and uninterrupted patient care.
A survey on consumer trends in healthcare payments reveals that 67% of customers prefer digital and electronic payment options, including receiving e-statements. This trend coincides with the substantial growth of the digital payment market, which reached USD 11.75 billion in 2022. Projections suggest further expansion, with an expected compound annual growth rate (CAGR) of 21.5% from 2023 to 2030.
Here's your chance to make the most of it!
Boost patient collections and elevate patient satisfaction by leveraging digital payment options.
Wondering how? Let me break it down for you.
Text-to-pay has transformed how healthcare providers collect patient payments, offering unparalleled convenience and speed. This innovative solution allows providers to send payment reminders and invoices as text messages to patients' mobile devices. With a simple touch, patients can access their accounts directly with a text message, bypassing the need to enter a username or remember a password.
With nearly half of Americans saving their card information on websites and apps for convenient payments, implementing a card-on-file system becomes a strategic move for healthcare providers. This system allows providers to securely store patients' payment information for future transactions, simplifying the payment process. Patients can conveniently authorize payments using their stored card details, eliminating the need for repetitive data entry and streamlining administrative tasks.
Nevertheless, providers must be aware that banks and card providers charge around 3% in fees, which can vary based on the card type.
A kiosk check-in system allows patients to quickly handle check-in tasks, settle payments, and address outstanding balances independently. By prompting patients to address their co-pays and dues upon check-in, the system expedites payments and reduces administrative burdens, benefiting both patients and staff.
Pay-by-phone and pay-by-watch harness the latest digital wallet technologies like Apple Pay and Google Pay, enabling patients to conduct secure, contactless transactions using their smartwatches or mobile devices. This modern approach ensures convenience and safety, aligning with the preferences of today's tech-savvy individuals.
Making payment processes easy and convenient helps improve payment collections. But let's face it; significant medical bills during financial strain can be a real headache for patients. That's where offering flexible payment choices becomes a lifesaver. It gives patients an easier way to handle their payments, all while easing providers' A/R (accounts receivable) burden.
Healthcare providers can make a real difference in their patient's lives, enhancing patient experience, easing financial stress, and bolstering trust by offering:
Flexible payment plans allow patients to spread out their healthcare expenses, easing the immediate financial burden. By providing manageable installment options, healthcare providers assist patients in managing their finances, ensuring less time in A/R, stable revenue streams, and boosting patient satisfaction.
When money's tight, it's natural to save each buck, and discounts are a great way to ensure prompt payments. It's like a little helping hand for patients trying to cover their bills.
Patients get to save some cash, while healthcare providers get a boost in cash flow and fewer outstanding bills to chase. It's a win-win situation that keeps everyone happy and helps healthcare organizations run smoother.
Providing a range of flexible payment options is a powerful method to bolster patient collections and optimize your cash flow. However, tailoring and seamlessly integrating diverse payment workflows without active management is like sowing seeds and expecting them to grow on their own.
Empower your patients to unlock the full potential of your services. Here are key strategies to optimize patients' financial engagement:
Prioritize communicating through your patients' preferred channels and aim to minimize the time between service delivery and payment notification. Lengthy delays between appointments and invoicing can decrease the likelihood of prompt payment.
Consider utilizing tools that generate communication triggers based on patient-specific criteria, such as outstanding amounts or overdue days. Moreover, you can use a payment workflow tool to avoid sending the same message twice.
A successful transition to digital financial engagement is possible only when providers understand that each patient interacts with digital tools in their own way. For example, older individuals might require additional assistance navigating the digital landscape. You must provide sufficient training and support to help patients access their online portal, use various digital tools, and select their preferred payment mode.
Additionally, when implementing new payment software, ensuring your team has a smooth start is vital for addressing people's diverse concerns about digital payments. The team must understand the benefits of mobile payments for patients, staff, and the physician group, facilitating seamless adoption and maximizing advantages for all stakeholders.
Regularly monitor and assess the performance of your digital financial engagement workflow. Keep track of your KPIs like payment conversions, time to payment, and user engagement. Use the insights gained from this data to pinpoint areas for improvement and adjust your approach accordingly over time. You can enhance efficiency, improve patient satisfaction, and boost payment conversions by continuously refining your digital patient financial engagement strategy based on real-time performance data.
Often, co-pays and medical dues can be a bitter pill for your patients to swallow. However, overlooking this critical aspect can throw your revenue cycle off balance. Embracing digital payment solutions and offering flexible payment options ensures optimum patient collections and improved cash flow.
Glenwood adopts a digital approach when it comes to revenue management. We empower private practices to enhance patient experience through flexible payment options, including a patient payment portal, kiosk collection terminals, and a unified payment gateway. We prioritize payment transparency by providing eBills and generating timely text reminders, ensuring patients are informed about their financial obligations. These strategies boost practice revenue and foster a smooth and efficient payment process.
GlaceRCM's digitally driven patient engagement can boost your practice's revenue. Contact us to enhance patient experience and practice efficiency.
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