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Diversifying revenue stream using patient payments

June 03, 2024
Business Affairs Health IT

After evaluating their internal processes, providers are likely to discover that their patients prefer more modern payment methods and flexibility. A recent survey found that while 75% of patients prefer to pay their medical bills online, 71% of providers still use paper and manual processes for billing. Complicated billing structures are frustrating for patients, increasing the risk of them switching providers.

Modern payment methods, like text-to-pay, card on file, and patient financing options, are gaining popularity for their ease of use and flexibility. These methods generally see higher engagement rates, leading to more timely bill payments. Flexibility in payment methods and plans often encourages patients to seek care more proactively.

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Online payments simplify the process for patients to clear outstanding balances and offer advantages for office staff by reducing the number of inquiries about bills and payments. Allowing patients to set up payment plans or pay over time not only increases their satisfaction but also improves their overall experience.

Empower staff to encourage patient payments
Staff should be well-versed in a practice’s payment processes, as they are the frontline for billing coordination with patients. Training in communication strategies about billing and payments is essential for successful diversification. Staff should be able to explain charges clearly and discuss available payment options confidently.

Understanding how and when to offer these options, such as setting up a card on file before visits, helps streamline secure payments. Staff training should also include guiding patients through the available payment methods and making certain that the chosen method suits their convenience.

Patients often feel anxiety and frustration over medical costs, so it's important for staff to handle billing inquiries with empathy and understanding. Offering multiple payment options, combined with a supportive approach, helps build trust and fosters positive interactions. Well-informed, empathetic staff are a key part of efficient payment collections, which contribute significantly to the practice's financial health.

Creating a secure future with patient payment systems
The recent outage at Change Healthcare has been a wake-up call for healthcare leaders across the nation. By integrating a variety of patient-centered payment options, providers can decrease the impact of future disruptions, build a stronger financial foundation, and continue delivering quality care.

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