Managing digital payments can be tough for medical practices that are already navigating a complex healthcare system with frequent changes. And the coronavirus has made it especially urgent that healthcare offices can deliver services efficiently and with as little contact as possible. This includes policies on the care side, like reducing the number of people in waiting rooms, as well as on the business side, like offering touchless, Corona-Free Payments. Of course, the pandemic is just magnifying the growing consumer demand from patients for easier ways to pay their health bills. And with rising deductibles, the amount patients are responsible for is getting considerably larger.
Digitizing healthcare payments can make office operations and payments safer and easier for patients and staff. If you have a platform for healthcare providers, integrating payments could be a huge win for you and your customers.
Numerous Possibilities for Digital Healthcare Payments
Medical practices may want to implement digital payments several ways, depending on their existing processes. For example, practices can replace high-touch payment points with text-to-pay, card on file or through electronic invoicing and payments.
Digitizing invoicing, for example, is one way for practices to work within the processes they have likely been using for some time. Sending digital invoices instead of paper can reduce some of the staff’s tedious work while reducing postage and paper costs and making it easier for the patients to pay, resulting in health providers receiving their money faster. This would have a significant impact on the healthcare industry, where many medical practices that rely on paper invoicing systems frequently have to sell off their 60- or 90-day past due balances in a revenue-losing cycle.
A medical practice that is considering going digital will need to integrate its legacy paper-based invoicing system with a new one. This means new workflows, automating the accounts receivable process and creating a patient portal to manage payments and outstanding balances.
As healthcare platforms consider their customers’ varied needs, they might consider partnering with multiple technology providers to compose a complete solution. Unfortunately, the result of this strategy is often the opposite of the platform’s intentions. Fractured patient payment experiences can lead to headaches for patients, the medical practice and, ultimately, you. With disparate systems and reporting and reconciliation functions, you could end up creating more headaches and complications as you strive to provide frictionless healthcare payment experience.
Identify a Single, Trusted Solution
You need the right digital payments experts create a digital patient experience quickly and efficiently for your customers. The best digital payment solutions are those that come ready to go with all the necessary capabilities built in. With a single integration, you’ll be able to help your medical practices focus on providing healthcare rather than trying to work with multiple payment systems that don’t fully meet their or their patients’ needs.
What Capabilities Are Needed for Healthcare Payments?
Medical practices, like other businesses, should be ready to handle a breadth of payment types, from eWallets like Apple Pay and Google Pay to ACH and debit and credit cards. And they need to be able to take these payments securely with fraud monitoring and tokenization.
To offer the right solution to your healthcare customers, you need to find a digital payment solution that can provide these capabilities while satisfying industry-specific needs – like card on file, for example – so patients can securely save their payment details for their next co-pay. The payment solution should also help automate accounts receivable with pre-built integrations to the practice’s accounting system – this will allow the practice to send patients digital invoices with embedded payment links and a billing portal for them to view and pay their outstanding invoices. Finally, you should offer your medical practices streamlined reporting to help them manage their business.
Your customers already know that their patients want easier ways to pay their providers, just like they expect from any other business. Healthcare platforms with integrated payments can help fill in this gap. With the right payment solution, your customers’ patients will be able to use their phone to tap, text or scan to pay, whether it’s when they arrive at the practice or when they view their bill afterward. With a digital payment solution, your healthcare providers can offer a more convenient and safer payment experience to their patients. And if you meet your customers’ needs with a single, robust payment solution, you’ll get all the rewards without any of the headaches.
Partner with an expert like BlueSnap so your customers can get back to caring for their patients. Let’s talk!