In today's competitive Healthcare marketplace, small to mid size medical practices must adopt innovative patient payment solutions in order to reduce write-offs, improve patient relations, and maintain a positive balance sheet.
Implementation of the Affordable Care Act has resulted in more insured consumers with higher deductibles that providers must now collect directly. With shrinking insurance reimbursements, and a growing patient responsibility, an increasing amount of private practice owners are struggling to maintain thier autonomy.
It's time for private practice owners to start thinking like a medprenuer! Find out how Go Cardconnect can help!
A look at the numbers.
According to a recent survey of more than 20,000 physicians, only 35% of doctors are in a small practice setting, and this number continues to fall. More than 60% of those surveyed claimed over $25,000 in uncollectables annually, collectively generating more than $11 billion in "uncompensated care".
Individual patients overwhelmingly prefer to visit a small practice due to the relationship they build with thier provders over time, and the comfort that comes with familiarity. Yet, a recent report by US News outlines the challenges patients are finding when attempting to pay thier medical bills and the lack of options typically found within this demographic.
Adopting best practices and finding smart business solutions to help Private Practice owners collect patient payments, and remain competitive, must include a comprehensive strategy that best meets the needs of thier patient population. Connecting with patients on thier terms, and providing Patient payment solutions that best meet thier needs are critical to decreasing the increasing amounts written off each year.
Following are some proven models:
- Leverage Technology. Consumers are used to paying their mortgage, car payment, and utilities online; healthcare costs should be no different. Implementing a patient payment solution that offersmultiple payment options will expedite payment and reduce human resource expenses.
- Timliness of Delivery. Problems arise when patients receive a paper bill several weeks after they received care and have quite frankly, forgotten about the services performed, or worse, think that they've already paid the bill since the service was so long ago. Delivering timely statements in the form they are most likely to read will increase the odds of a quick payment.
- Mulitple Payment Options. From POS swipe machines, card-on-file, Online Bill Pay and ACH autopay, there are now almost endlessly customizable ways to allow your patients to pay thier bills or set up a payment plan. Options will increase payments.
- Innovative solutions. As the market continues to create more payment solutions, small medical practices are making use of numerous innovative solutions in order to reduce loss, increase collections, and build enthusiastically loyal patients. The technology is now in place to integrate mobile payment systems with physician's current EHR, automatically send text message payment reminders for one-click payment, use secure card-on-file processing, and then automate follow up with satisfaction surveys.
One of the most troubling aspects of being a medical provider in today's fast changing economy is the issue of medical billing the rising patient responsibility, and just how much in uncollectable bills your practice can absorb. By providing innovatice patient payment systems that leverage new technologies, you will save costs and increase efficiency while providing a flexible system that your patients will respond to positively.
To learn about innovative patient payment solutions designed specifically for medical practices follow Go CardConnect, or contact us today for a no obligation analysis of your medical payment solution.