Customers have become accustomed to paying their bills online in this modern era of digital technology. Payments can be made online for a variety of services, including internet service, utility bills, credit card payments, and more, using either a web page or an application. This raises the obvious question: why should the payments for medical treatment be any different? Surveys have revealed that approximately 70 percent of people would prefer to pay their medical billing through an online portal or app rather than mailing them in.
However, these choices are also very advantageous for providers, thus the advantages of a payment system that can be accessed online are not restricted to patients only. -> “The benefits of an online payment system are not restricted to simply patients, however, these alternatives are also are very advantageous for providers, therefore it makes sense to construct an app after learning how much it costs to develop an app. The advantages of an online payment system include:
Regrettably, the healthcare industry, on the other hand, has been hesitant to adopt these contemporary ways of bill payment. Paper bills are still widely used in practices, despite the fact that they have a negative impact on the environment and cause a significant increase in the number of unnecessary processes that staff members at practices are forced to engage in for no good reason. This antiquated method of paying bills is simply too inefficient for practices to continue employing if they want to make the most of the revenue opportunities available to them. A digital method guarantees that you will get your payments in a more timely manner and that the practice personnel will have more time to devote to the real care of patients.
Here are four advantages of using online payment methods:
Increasing the number of payment methods available to providers improves their chances of being paid on time and in whole. This results in a reduction in both the amount of bad debt that is written off and the expense of collections. According to the findings of several studies, 77 percent of the providers who participated in the survey claimed that it takes them more than a month to collect any money, and 81 percent stated that they are unable to collect more than one thousand dollars in a single month.
The bottom line of a medical practise can see a significant boost when patients can pay their bills online. When more money is collected in payments on a daily basis, this results in a sizeable rise in income, and the concurrent reduction in collection expenses has the same impact on overall costs.
Efficiencies that are Improved
The practise staff is prevented from doing responsibilities that are more directly connected to patient care as a result of the significant amount of time required to prepare and mail a printed bill statement. Utilizing a solution that enables payment requests to be sent by SMS, of which there are a variety of options available, is the best way to completely sidestep this inconvenience. Patients will also have the ability to make payments directly from their mobile devices within a safe setting thanks to this development.
Improved Levels of Contentment Experienced by Individual Patients
Patients are afforded the benefits of safety as well as the flexibility afforded by a number of different payment choices when they have access to a fully integrated online payment solution. They have the option of paying in person, paying online via payment forms that are available 24/7, paying through a patient portal, or paying using their smartphone.
Increasing client loyalty, which in turn leads to increased revenue, can be accomplished by enhancing the patient’s whole financial experience. Because patients today do not hesitate to switch providers when they believe their requirements are not being addressed, improving the patient experience is a crucial component to the success of modern healthcare.
Safe and sound financial dealings
This system is not only extremely insecure but also quite expensive because it relies heavily on the use of paper for the gathering process. Statements may mistakenly divulge unneeded PHI, placing the practice at danger of violating the Health Insurance Portability and Accountability Act of 1996 (HIPAA). Receipts for credit card purchases have to be recorded, and then they have to be thrown away, which is a procedure that is fraught with the possibility of errors being made by humans. All of these issues can be circumvented with the help of a digital solution that is compatible with HIPAA. Such a solution enables practices to safely save credit card information on file for use during subsequent visits.