Tag: healthcare payments

The Dos and Don’ts of Digital Healthcare Payments

By Alison Arthur, product and content marketing manager, Alacriti.

Stock, Iphone, Business, Mobile, PhoneThe financial well-being of healthcare organizations depends on steady, predictable revenue from their patients. However, healthcare payments are often impacted by a number of financial factors including insurance, co-payments, deductibles, and co-insurance.

Research from TransUnion shows that patients are becoming increasingly responsible for out-of-pocket healthcare expenditures. This means that the possibility of missed bill payments can increase as well. Healthcare providers know that sending unpaid bills to collections can be a significant expense and even lead to costly write-offs that negatively impact the bottom line.

How can healthcare organizations increase the likelihood of collecting patient payments on-time and in-full? Digital bill presentment and electronic payment technology can be a chief facilitator of timely bill payments. Here are some dos and don’ts for healthcare organizations to consider when adopting an electronic bill presentment and payment (EBPP) solution.

Do allow patients to personalize their digital bill payments experience.

Consumers are growing more accustomed to electronic payments in all aspects of their lives. However, many healthcare providers still aren’t equipped to accept online payments from their patients. This continued reliance on in-person payments, agent-assisted transactions, and mailed payments can put a strain on internal resources that costs both time and money. In addition, there are security and compliance implications when employees handle sensitive payment information directly from patients.

EBPP technology can provide patients 24/7 accessibility to their accounts, meaning that patient payments no longer need to be processed exclusively during office hours. These payments can be made using a variety of digital channels that are aligned with patients’ preferences including mobile devices, text messages, and intelligent personal assistants like Amazon Alexa and Google Assistant.

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Trends in Consumer Healthcare Payments

The healthcare payments market is growing rapidly and is estimated to reach $5 trillion by 2022 as a total of both payer and consumer payments. The fastest growing portion of the market is payments from consumers for healthcare services and health plan premiums as a result of shifting payment responsibility and changes because of health reform.

However, the healthcare industry is struggling to address the new role of consumers in the payments process with more than 30 percent of healthcare dollars considered to be wasted because of inefficient, disjointed payment processing and costs associated with paper-based billing and administrative processes. These costs are expected to continue to increase unless the healthcare industry recognizes and addresses the critical role of consumer choice and the impact of the digital economy on payment options.

These latest trends and best practices presented in InstaMed’s Trends in Healthcare Payments Annual Report 2014 outline a critical need for healthcare industry professionals to focus on consumer preferences and their emerging role in the payments process. Healthcare providers and payers who offer consumers preferred payment methods, including card payments and online payments, reduce confusion and ultimately increase collections. Additionally, new electronic payment channels, such as mobile payments and Apple Pay, will further accommodate consumers’ expectations for simple billing and convenient ways to pay. A focus on streamlining the consumer payment experience will improve collection rates, increase consumer satisfaction, and enhance profitability and cash flow.

The following infographic illustrates the top trends, industry challenges and best practices to enable healthcare organizations to adapt to the future of healthcare payments. For more information, download the full report: www.instamed.com/trends.

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