The patient-centricity in the healthcare space is not just a buzzword, while it’s becoming a norm. With massive disruption through digital technologies, understanding and embracing the technology isn’t a choice, instead, it’s the only way to survive the transition to value-based care.
It’s a sign that patients are the real hero of the healthcare industry and not meeting their expectations and offering the Amazon-like experience means its harder to bring them back. Presently, the surge in the patients’ anticipations of instant access to medical data and online billing is seen.
Alike other industries, the healthcare industry is slow to adopt the new payment system and processes, which is resulting in dissatisfaction, zero retention, and no recommendation.
The healthcare payment reported that healthcare payment is a $3 trillion industry and expected to become $5.5 trillion industry by 2025, but the dearth of modernization is emerging inefficiencies, creating confusion, and bringing security issues.
It’s an alarming fact!
It indicates the momentum is building around the medicare payment system and making the online patient management system an integral part of the clinical trial management software allow the healthcare providers to go beyond the clinical care and align the services to the patient’s expectations.
The time is now. The patient-friendly billing services can disrupt the healthcare landscape for the better. Take a look at the benefits that are giving healthcare leaders the reasons to adopt patient payment software, in addition to patient registry software. Let’s dive in!
- Speed up the payment process
73% of the providers state that it takes one month or longer to collect the payment from the patients.
The cumbersome paper-based payment processes are slow as the providers need to navigate through loads of papers and verify the paper claim, and also, it eats up a lot of time of the physicians in the non-clinical works, which can be turned upside down through patient payment module.
The online payment requires fewer resources as compared to the paper transaction to complete the transactions as the automated email notifications are sent to the patients with a link to pay digitally. In such payment processes, no staff intervention is required to gather the payment, which cut down the time to process the claim by half and truncate the overall administrative costs by billions of the dollars.
- Enhance the patient’s financial experience
Generally, payment is the first and last interaction that patients ever had with a healthcare provider. Sadly, it’s the industry where most of the information is disseminated through the paper, and even, the monetary transactions are paper-based. The manual billing done through papers is packed with inefficiencies, and the consistent snail emails and phone calls made to collect the payment disappoint the patients. Besides, the limited payment options are another challenge because the patients have accustomed to making the payment at the fingertips.
Realizing the importance of electronic payments, the providers are adopting the online payment system to gain patient’s favor where the array of options- digital wallets, online invoice, and text messages are offered to the consumers to make paying for the services incredibly convenient. The plethora of payment options including mobile wallets, electronic transfer, Apple pay, or self-pay is the add-ons.
It enhances the patient’s billing experience in numerous ways: get the instant status of the payment done, ensure payment is done securely, and the convenience of saving payment method on file to not enter the payment information repetitively for future transactions.
- Avoid poor account receivable metrics
Nearly 90% of the revenue of the providers come from the insurance companies, which takes a couple of weeks for the settlement, but the companies make payments between 70 to 80% and the rest is collected from the patients. The companies pay the amount consistently, but the same cannot be expected from the patients. Also, it’s implausible to stipulate before that how much the patient has to pay after the claim adjudicates by the insurance company.
The problem can be resolved with electronic billing solution where an easy-to-understand invoice is sent to the patients that illustrates what’s due they are supposed to pay in sync with the explanation of benefits (EOB), and the flexible payment options to pay online.
The automated payment guarantee that the due amount won’t go uncollected from the patients as this payment method automatically deduct the payment at regular intervals from the card information stored on the file, which prevents the financial losses. The patients are increasingly opting for automated payments, which is preventing accounts receivable and increasing positive cash flow.
- Bolstering financial management
As the online payment is becoming a de facto expectation among the patients in the healthcare industry, the forward-thinkers are stepping in with the shift to facilitate the digital payment.
The electronic payment technique streamlines the workflow and processes that previously depend on manual paper processes. The staff kept for collecting the payment, and continually taking follow-up on calls or emails will not be required, which decreases the cost to collect payment. Additionally, the payment can be received quickly and with automated payment facility, the financial losses can be prevented.
Furthermore, precise invoicing, financial data tracking in the real-time, searchable libraries that create consistency in billing with routine tasks automation, the coverage analysis implementation that reduces the probability of non-compliant billing, and the study budget monitoring enable tracking total revenue gives a leg up to the financial management.
Author – Bio
Noman shaikh is a Digital marketing Head at eCliniclatrials which is known for developing top-notch Online Patient Management Software. He believes in sharing his strong knowledge base with leaned concentration on healthcare.