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Medical practices often fail to collect up to 25% of the monies owed for treating patients. The percentages further increase if people find it cumbersome to pay. But, financial experts hint switching to an electronic payment solution can slash your losses significantly. Not having the right payment system in place for your business type hinders growth and success – plain and simple. This includes online payments – a must-have.
Accepting electronic payments automates the revenue cycle, thus ensuring outstanding medical bills are paid in full. This ensures timely payments. By bringing automation to your medical practice with a HIPAA compliant and secure payment solution, you quickly increase both revenue and patient satisfaction.
Benefits of Automating Payments in Your Medical Practice
The first step – and the most important – to create a successful medical payment program is to work with a trusted payment partner. Aligning your practice with a knowledgeable and experienced merchant provider ensures the satisfaction of your needs. Moreover, established payment processors can easily and quickly scale with your practice growth while keeping your costs low. Below are a few of the benefits your medical practice can expect to receive when establishing an automated payment solution.
1. Increased Collections
Most medical practices, as mentioned earlier, struggle with collecting patient payments. Accepting electronic payments, such as web payments, automates the receivables cycle and allows for 24-7-365 payment acceptance.
2. Improved Efficiency
Automation does a commendable job of improving efficiency. Many merchant providers, such as Payment Savvy, will fully integrate with your current patient management software to reduce duplicate entries and eliminate human error.
3. Get Paid Faster
Converting your payment cycle to electronic, automatic payments ensure processes are completed more quickly. Receive funds in your bank account as fast as the next day. Also, making the payment process readily accessible to your patients means they are more apt to pay when convenient for them. This may mean after-hours or online – methods your practice might not be using currently.
4. Accurate and Secure Record-Keeping
Although it may seem automating payments makes you less aware of the day to day operations, that is far from the truth. Automating payments gives you a complete and accurate overview of your practices’ financial health. Quickly pull reports to review your receivables’ status in real-time. Also, consider using an e-signature software solution for further practice automation.
Allowing for electronic payments also reduces the risk of sensitive cardholder information being stolen. Any reputable merchant processor provides Level 1 PCI Compliance, payment encryption, and secure payment vaults. Make sure your payment solution meets all your security needs upon setup.
5. Experience Increased Patient Satisfaction
In today’s fast-paced world, consumers crave convenience and transparency. The same translates over to the medical realm. Provide your patients with the ability to pay when and how they want and watch your past due accounts resolve themselves quickly. If you’re interested in the AHA suggestions for medical collections, check out of recent blog here.
If this list highlighted even one of your medical practice’s current receivables shortcomings, it’s time to talk to a professional payment provider. By creating compliant, self-service electronic payment options for your patients, you increase revenue and free up considerable time for your operational staff. At Payment Savvy, we’ve worked hand in hand with our clients to create custom payment solutions since 2010. We are happy to answer all your questions and discuss how an electronic payment program can benefit your practice.