According to the American Hospital Association, US hospitals saw write-offs that exceeded $42 billion 2013. That figure more than doubles when including Private Practice. While it has been proven that offering your patients flexible payment options has proven to increase patient payments, less than 40% of providers offer one of the easiest payment options available; online bill pay.
Ready to expedite collections with Online Bill Pay?
Enabling the Self Pay Patient with payment options that are convenient will help your practice collect more patient payments. Following are five reasons why your medical practice needs to offer Online BillPay:
- Faster payments - It has been proven that offering flexible payment options will improve patient collections. In fact, in a recent survey, revealed that more than half of patients wait more than a month to pay their doctor bill if received in the mail, and overwhelmingly say they would prefer if their doctor provided a user-friendly online billpay solution.
- Leverage Mobile - Enabling payments from your Website provides every patient with the ability to pay their medical bills from their mobile device. Combined with Secure Messaging, and "Text to Pay" provders can make significant improvements in collections from the self pay patient.
- Streamlines Office - If patients are paying thier medical bills online, they are not calling your office, leaving messages, requesting retuned calls and generally tying up your office staff.
- Greater Patient engagement - Fleixble payment options drive greater engagement and create happier patients. Think about it, consumers are comfortable with online Billpay. They are already paying their credit cards, mortgage and car payments, why not give the tools to pay thier medical bills
- Convenience - When your patients receive thier medical bills, it is likely after hours. In order for your patients to pay thier bills, they either need to schedule 5-10 minutes, and remember to call into your office during regular business hours. This is disruptive to their day. Online Bill Pay is simple, convenient and accelerates collections.
The most interesting fact about Online Bill Pay is the fact that over 60% of Private practices do not offer this incredibly efficent collection option. Adding a "Pay your Bill" button on your website is easy and cost efficient. Unlike other payment options, providing the ability to pay on line does not have to add a layer of compliance or complication. In fact, by leveraging the right solution, on line billpay can be part of an overall strategy to completly remove your practice from the scope of PCI Compliance.
Ready to learn more about accepting payments from your website?
A Healthcare payments specialist will reach out to you right away.