Billing surprises, no matter when they happen (before, during, or post-visit), aren’t exactly the type of surprise a patient should expect when visiting the doctor. That’s why transparency and communication are critical during pre-service conversations. Providers no longer solely want to collect payments as soon as possible in the care journey – they are also seeking ways to improve the patient financial experience to enhance patient satisfaction overall.
The days of one-size-fits-all billing are over. Today, the goal for providers is to provide as much transparency as early as possible, so patients can have peace of mind that they will be able to afford their medical bills before walking into an appointment. This doesn’t just include when they will pay–whether it be before or after an appointment–but how they will pay the out-of-pocket estimate that they are most likely facing.
Providing affordability options and upfront estimates are key for provider organizations looking to gain trust and loyalty with their patients. In a study by El Studios, 93 percent of patients reported that the billing process could affect their decision to return to a provider versus seeking future treatment elsewhere.
Improving the Patient Financial Experience
Transparency in healthcare starts before a patient walks into an appointment. HealthPay24’s patient payment solution allows providers to accept payments on pre-service estimates. We also integrate with any estimation tool and push payment notifications and options directly to the patient. By enabling payments to be made before treatment begins and allowing that payment to post immediately back to accounts receivable for reconciliation, providers can offer discounts to patients who pay in full before an appointment and also realize this collection on their back end. Once a payment is made, it’s posted to the provider’s A/R within minutes.
Tools to Increase Patient Engagement
In addition to being host system agnostic, a robust patient financial experience platform should offer payment flexibility and digital engagement options, like:
- Automated notifications, including payment due dates, balances, and past-due notices, are sent directly to a phone or email.
- Discounts can be enabled directly through the provider portal.
- Customizable statements feature your organization’s logo.
- Paperless billing significantly decreases the cost of collection.
- Financial counseling ensures patients understand their financial responsibilities before treatment begins.
- Non-recourse loans allow patients to choose consumer-friendly loans for longer-term payment needs.
- Payment Plans allow for patients to pay down their totals over time.
For some, cash and checks will always be central to the patient financial experience, but our systems should also support multiple, secure contactless payment methods, including:
- Autopay
- Text to collect
- Card on file
- IVR
- Online
- Apps like GooglePay, PayPal, ApplePay, Venmo
HealthPay24 Supports Providers
HealthPay24 doesn’t see simplicity as a one-way street. Our platform is designed to reduce complexity for both patients and healthcare providers.
Processes and workflows once handled manually can be automated to free up staff so they can handle other duties due to our seamless integration with any EMR. Our platform provides customizable reports and dashboards so your staff can monitor performance and trace patient satisfaction.
We provide simplified G/L and retail reconciliation with automated posting to the A/R in real-time. Aggregated analytics allow you to recognize trends and identify new opportunities.
HealthPay24 offers an integrated payment hub that interacts with your registration system. As soon as a patient checks in, our system can be automated to keep them informed of their financial options and obligations.
Contact HealthPay24 Today.
Engagement isn’t limited to the exam room or the front office. It’s an active process that can reduce complications and build loyalty.
During our more than 20 years of expertise in the healthcare payments industry, HealthPay24 has learned that transparency and communication are the best ways to approach the patient financial experience. In response, we’ve developed systems and tools designed to facilitate ongoing partnerships between patients and the people who care for them.
For a financial payment solution that both patients and providers can trust, visit HealthPay24.com and see what we can do together.