Fast Money - Improving Collections & Value For Consumers
The need for speed of money has taken over!
Instead of having to go to the bank and talk to a teller, you can now access your money anywhere with an internet connection or telephone. It now can take only mere seconds to wire money transfers and make payments instantly using an online portal or mobile application.
As millennials become more active in society, digital payment tools are needed to interact with their behavior. Millennials demand speed and want it now. The speed of information is far more convenient than the U.S. mail. Innovative companies have found increased success by offering multi-channel communication and payment options to their consumers, giving them a competitive advantage against companies not adopting these new trends.
In the Healthcare industry, patients now expect electronic payment options and access to their electronic health records (EHRs). This has become the new normal. The federal requirements for EHR is increasing and it is becoming more popular for facilities to offer an online patient portal where patients can view their medical records. Why limit this feature to a view only access when you can expand it to accept patient payments?
By offering an online payment portal, you are not only providing a better user experience to your patients, you are also reducing your facility's statement costs, labor costs and promoting faster collections. A recent HFMA study concluded that 87% of all electronic payments are received before the statement due date. The number increases to 93% with patients who had received electronic statements. Even copayments made upfront at the facility are paid primarily with a debit or a credit card; only 15% of copays are paid with cash, checks or money orders. Health savings accounts are also becoming more popular and the method of payment out of these accounts is usually a health savings card which is also processed electronically.
It is important for all companies to stay ahead of consumerism by keeping up with the latest payment trends, especially in healthcare.
- Almost 50% of all overdue debt on credit reports is from medical debt.
- 1 out of every 5 credit reports contains overdue medical bills.
These numbers are expected to rise with the increase of high deductible healthcare plans. In order to successfully collect patient out-of-pocket expenses, the payment process needs to be convenient and easy for patients. Not only can digital payments improve collections but they also add value for the customer.
The world wide web, now also a "millennial" at 25 years old, has strongly influenced and changed the way we operate our day-to-day business transactions. Funds can be deposited, transferred, invested and withdrawn all within seconds from anywhere. Consumers are growing to expect this functionality, making offering an online payment portal a necessity to promote both patient satisfaction and patient payments.
Need help setting up Early Out Self-Pay options at your facility? HRG can help!