In industries all across America, companies are reconsidering how they accept payments from customers and what it means to be a digital medical practice. To complement this, several companies have released payment apps and banks have created digital wallets. Traditionally, health care facilities required patients to make payments in person or send checks. However, now with the options for digital patient portals and billing it is so much easier to keep track of patient payments and collections.
Reasons for embracing a digital medical practice:
Why Your Patients Want Streamlined Payment Options
Modern-day patients are more accustomed to making payments online and want the same convenience when paying for medical bills. Here are a few additional reasons this request has become so popular.
Younger Patients
Younger people are either seeking treatment or are responsible for seniors seeking treatment. When these individuals need to pay bills, they generally prefer to do so online. Millennials and Generation Z both tend to fit into this category.
Patient Convenience
Regardless of the age of the patient, he or she may not feel up to taking physical trips to a healthcare facility to make payments or mailing a bill with a physical check. Online payments make it easy and simple to pay from tablets, phones and other devices.
Improved Technology
Paying bills online has become increasingly popular. CNBC reports a trend of increased online payments and decreased handling of cash and checks. As people put more faith in electronic and mobile payment options, it’s in medical offices best interest to create online patient portals for payments, after-visit documents and more.
Automated Options
If your health care facility offers payment plans, online options can make it easy for patients to keep track of their monthly payments. Automation reduces the likelihood of patients forgetting to make payments with text alerts and email reminder options.
Why Companies Should Offer Convenient Payment Options
Medical bills are among some of the highest people pay in their lifetimes. Because of this, the more options people have available to make payments, the better your practice’s likelihood of recouping your costs. If you choose the right platform for managing your online payments, you receive far more than just electronic payment options.
Claim Submissions
Comprehensive systems tend to include electronic claims processes. This makes it easier to fill out and submit claims on behalf of your patients. At some practices, using electronic claims processes reduced backlog, processing times and human error.
Claims Submissions Follow-up
Holistic platforms also include follow-up tools. This makes it easier for you to follow up with insurance companies about covering the bill. Doing so in a timely manner increases the likelihood of receiving payment and reduces the possibility of passing high costs on to patients.
Patient Invoicing
Sending bills to your patients acts as gentle reminders for them to pay. Otherwise, your bill may fall by the wayside or become overshadowed by other financial obligations. You may include all available payment options on these documents to encourage payment.
Faster Payments
A big part of a digital medical practice is speed and efficiency. When customers need to come in to make payments or opt to mail in a check, it can take some time for you to get your hands on that money. Online payments clear more quickly, which improves your cash flow situation.
Better Documentation
When it comes to tracking payments, you may have a much easier time doing this online than tracking cash and checks. You can also sync these payments more easily with your practice management software. This may help you better manage cash flow and prep for tax-filing seasons.
What Health Care Facilities Can Do To Meet Demands
When choosing solutions for medical billing practices at your health care facility, it is important not to assume you already know what your clients want or need. Patient questionnaires and surveys can be helpful to get to know your clients and their exact needs to help the digital medical practice transition.
At PracticeForces we liaise with the in-office manager or in-house medical biller at your facility to optimize your medical billing process. We are confident that our services will help you improve your own practice.
Don’t allow unpaid or late medical bills to slow down your practice or impede the care you provide. Find out how much it will cost you to help your patients pay their bills in full and on time. Call us today to learn more!
