For many healthcare providers, collecting patient revenue is a hard enough task. Patients want more payment methods, more financing options like payment plans, and patient satisfaction is now a metric tied to reimbursement. So when a patient makes a payment of any amount to a provider, it’s a small victory.
But that’s only the first step.
Depending on the payment channel, the location, the technology, and even the time of day, it could take multiple days or longer for that dollar to travel to your bank account; longer still to update the patient’s balance. In that time, extra statements could be sent to that patient, that patient could make a payment that needs to be refunded, or just call into the business office upset.
With patients paying in an increasing number of ways like over the phone, online, outside of business hours, or in cash at the point of service, it can be tedious to track which dollars are associated with which payment manually. Typically, this involves staff time, spreadsheets, and headaches.
One of the advantages of Patientco is that each patient payment transaction is automatically recorded and patient balances are updated every day, no matter which method of payment is used. By linking POS, phone, online, and lockbox on a single platform, not only are the dollars consolidated into a single daily deposit into your bank account, but you have instant access to the transaction data for automatic reconciliation and posting.
It’s this same process that allows the patient to be able to manage, track, or pay healthcare expenses without having to waiting days for payments to reconcile and accounts to be updated. Ultimately, the result is lower A/R days, increased patient revenue, and a better patient experience.
Our clients love tracking their daily deposits because, while they can break down patient revenue across multiple locations and payment channels for reporting purposes, they see how much total revenue they processed, automatically.
Do you know where your patient dollars are?
Learn more about automatic reconciliation and simplified patient payment processing in our free white paper, “The Case For a Patient-Centric Revenue Cycle”.