When patients step into our offices, we become just one recipient of their healthcare dollars. Patients have become the #3 payers of medical bills behind Medicare and Medicaid. And higher deductibles and climbing out-of-pocket costs compete for family budgets that are trying to cover more with less.<\/p>\n
Cash flow depends on patients who promptly pay for their services, but many practices rely on outdated payment models. We must design patient-friendly experiences to reduce account receivable balances and increase collections. By removing barriers, we\u2019ll elevate patient satisfaction and see more on the bottom line. Plus, patients notice businesses that help them overcome financial obstacles. That positive vibe leads to strong online reviews and more referrals\u2013every part of the patient journey ties into the next.<\/p>\n
Up to 61% of patients <\/a><\/span>say they\u2019d switch providers for a better payment experience, and the pressure to deliver will only increase. Millennials and GenX are 28% more likely to change than Baby Boomers. The time to refine this vital piece of the patient journey is now. Here are five ways to set up a win-win with your patient payment systems:<\/p>\n We think we do this well, but healthcare falls flat helping patients prepare for associated costs. For example, in 2019, 91% of patients <\/a><\/span>said they were surprised by a medical bill. Within the problem lies a significant opportunity. Our practices can flip the obstacle on its head by educating, estimating, and explaining the costs associated with treatment plans better than other providers.<\/p>\n Try this:<\/p>\n Medical practices struggle to change patient payment behavior, and it hurts their cash flow. Patients are 50% less likely to pay their medical bills <\/a><\/span>once they leave a clinic. Dental practices that collect payments at time-of-service tend to have lower accounts receivable balances than those who let patients walk out the door without paying. Improving time-of-service collections takes more than asking patients to pull out their VISA card, but it starts there. So, encourage them to make that move.<\/p>\n Try This:<\/p>\n Consumers pay for everything online. Think of the last time you couldn\u2019t pay a bill by logging into your account. If you can remember back that far, what impression did it leave? Whether it\u2019s with your mobile carrier or cable provider, you expect to pay that way. More than 50% of healthcare consumers want more online engagement <\/a><\/span>with healthcare providers, including bill payment options.<\/p>\n Our patients come to us with the same mentality\u2013 95% of patients indicate they\u2019d pay their medical bills online <\/a><\/span>if they could. In other words, they\u2019re disappointed if they can\u2019t. Offering this capability sends a message about our brand, and it can vastly improve cash flow.<\/p>\n Try this:<\/p>\n Patients want mobile-friendly options that are accessible through digital devices. Patients also appreciate finding extra features, like the ability to review past statements and store payment methods in the palm of their hand. In fact, 80% of patients prefer online or mobile platforms, so give more patients what they want.<\/p>\n Try this:<\/p>\n1. Present and Discuss Before Treatment<\/h2>\n
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2. Make Payments Effortless At Each Visit<\/h2>\n
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3. Offer Online Payments<\/h2>\n
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4. Step It Up With Mobile Payments<\/h2>\n
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