Both healthcare staff and patients have been frustrated for a long time by conventional healthcare payments. Delays or non-payment of bills are often brought about by paper bills, insurance reimbursements, and confusing statements. As healthcare workers grapple with increasing administrative costs, manual processing, and unsuccessful collections, patients and staff feel anxious and stressed due to complicated medical billing.

Electronic healthcare payments are rapidly replacing this outdated practice, with a seamless and patient-friendly alternative. Automated medical billing technology, mobile payment options, and internet-based portals simplify transactions, reduce delays, and increase cash flow. Revenue cycles become increasingly streamlined, administrative expenses decrease, and patient satisfaction improves as digital payments continue to gain wider use by providers.

Providing an innovative, efficient, and patient-focused payment experience today involves keeping up with electronic payment trends.

Did you know?

The J.P. Morgan study found that 71% of healthcare providers take over 30 days to collect payments, which negatively impacts their Accounts Receivable (AR) Turnover Rate. A slow AR turnover indicates inefficiencies in payment collection and cash flow management. Implementing patient engagement software can help by sending timely online reminders and facilitating easy payment methods, thus improving AR turnover and accelerating revenue cycles. This can drastically reduce collection times and streamline the overall financial process for healthcare practices.

The Crucial Role of Patient Engagement in Healthcare Payments

Patient Engagement is essential in improving healthcare payments by enabling better communication, transparency, and compliance. When you engage your patients well, they can understand their financial responsibilities better, such as deductibles, co-pays, and overall treatment costs.

Healthcare payment technologies comes with patient engagement capabilities and enable practices to send automated payment reminders, reducing payment delays and offering multiple payment options for improved collections.

This, in turn, enhanced patient satisfaction, as patients had more control over their healthcare finances. They could see their bills, submit payments, and connect with healthcare providers online.

Did you know?

As per one study by J.P. Morgan, it was revealed that 71% of healthcare providers said that it takes more than 30 days to collect patient payments after first encounter. This underscores the need of patient engagement software that enables practices to reach out to their patients online to remind and collect payments online without a hassle.

Navigating Digital Healthcare Payments Landscape:

  • Payment Plan Options

    With the significant increase in healthcare costs,there comes the need for patient financing. To assist patients, practices can provide flexible medical payment plans that allow patients to settle their outstanding balances over time.

    To implement these medical payment plan, practices need a robust solution to monitoring payment status. With CERTIFY Health’s patient payment management software, practice can offer medical payment plans that enable patients to pay their bills in installments or through insurance or loans.

    Practices can understand the financial situations of different patients and offer customizable medical payment plans to simplify payment collections. Additionally, healthcare patient financing allows patients to set up payment plans regardless of their credit score. This ensures that patients have better access to care, while providers receive health payments on time for the care provided.

  • Online Payment Methods

    With 24/7, 365 days access to online payment portals, this advanced billing technology enables patients to settle their bills conveniently anytime and anywhere. Instead of standing in lines or waiting on the phone to settle bills, give patients the option to pay in their own time.

    Patients can make their payments right through their phones. CERTIFY Health provides your patients convenient payment methods, including:

    • Flexible Spending Account
    • Health Savings Account
    • Google Pay/Apple Pay
    • ACH Transfers
    • Credit Cards

  • Text-to-Pay & Payment Links

    When it is easier to make health payments, patients are more likely to pay bills on time. Text-to-pay is one convenient payment option that helps practices receive health payments from the patients earlier.

    CERTIFY Health offers patients' text-to-pay to improve the patient payment experience. It is efficient and effective, and lets you send text messages stating patient balance and a secure payment link to pay the amount. Once your patient receives the link, they can click and go straight to the portal to complete payment.

    Text-to-pay requires minimal effort from your staff, while it eliminates patient confusion and friction. It is so quick that providers can be paid before an invoice is sent. According to a survey, 95% of accounts sent via secure text are paid within 14 days. With text-to-pay, revenue teams can get accounts receivable in hours instead of months.

  • QR Codes for Healthcare Payments

    Practices using advanced healthcare payment technologies can send their patients QR code to make their payments easily. They You can add a QR code to electronic or paper invoice statements, giving patients a direct way to pay using their mobile phones. Practice can also display payment QR codes in your office, letting patient’s self-service payment while they wait or after an office visit, eliminating long waits at the front desk.

  • IVR for Healthcare Payments

    Interactive Voice Response (IVR) system is another payment approach, offering patients a convenient and secure way to pay their invoices over the phone. Patients can input their payment information to authorize their payments, ensuring data is protected in compliance with industry standards such as PCI-DSS.

    CERTIFY Health’s IVR provides timely payment reminders and enhances medical billing transparency and efficiency. Patients can get real-time updates on account balances, review payment histories, and set up automated payment plans, reducing your staff’s administrative burden.

CERTIFY Health’s revenue cycle management tools can:

  • Encourage your patients to pay on time with an easy payment process and healthcare patient financing plans  
  • Integrate with electronic health records (EHR) for streamlined operations
  • Help practices reduce payment delays with contactless payment options
  • Free up your practice staff, eliminating the need to handle physical payment method
  • Provide patients with clear and transparent medical billing information, ensuring trust and understanding 

 
Digital healthcare payments are moving towards greater convenience, security, and efficiency. Innovations like contactless payments, seamless integration with electronic health records, and AI-driven revenue cycle management are transforming how healthcare providers handle medical billing.

By adopting advanced payment technology such as CERTIFY Health’s advanced RCM tools, practices can ensure timely payments and maintain a transparent, efficient billing system with your patients.