Before I can wind down after a long day at work, I’ve got to catch up on my personal “to-do” list. By paying bills online, I can stay on top of things while still in my PJs. You probably do the same thing – and so do your patients. In fact, a recent survey reports 75% of consumer respondents pay their household bills online. Consider how many would pay their healthcare bills online if given the option.
The challenges of patient collections
Collecting a growing portion of your revenue directly from patients presents a real challenge. In 2015, a McKinsey & Company survey reported more than half of providers said that their primary revenue cycle concern was related to patient collections – and 74% of providers reported an increase in patient responsibility for payments.
What’s more, consumers are pushing back against the “mystery” of healthcare costs. Reports indicate 76 percent of consumers are confused by their healthcare bills. About half of consumers will switch providers to better understand costs upon scheduling and to more easily understand and pay a bill using a preferred method.
Getting paid faster
Making it easier and more convenient for patients to pay their healthcare bills is a good way for you to get paid faster. It gives patients the flexibility to pay how and when they would like (via your online patient portal or by responding to a text, for example). Plus, online bill paying helps you:
- Reduce errors and save time
- Lower paper usage and costs (as compared to mailing, postage, and late fees)
- Better organize payment management
Make it easy for patients to choose (and stay with) your practice
Choose a fully integrated Healthcare Payments Network to help you better manage the end-to-end payment process across multiple locations – all on one platform. Together, NextGen Healthcare and InstaMed deliver just that.
- Reach out to me for more information about how NextGen Healthcare and InstaMed can help you improve patient payments using our online, flexible options.
- Learn more – watch a recorded webinar with NextGen Healthcare and InstaMed.
- Learn more about payment trends. Download the latest trends report from our partner, InstaMed here.
- Trends in Healthcare Payments Sixth Annual Report: 2015
- Accenture 2014 Global Consumer Pulse Survey
- InstaMed Blog, “Latest Trends in Healthcare Payments: Consumers Are Driving Change”