To maintain a healthy revenue cycle during and after the Coronavirus pandemic, healthcare organizations must address the needs of both their patients and team members. Today’s blog post will be the first of a two-part series that explains how to accomplish that with a patient financial engagement platform. First, we’ll focus on helping patients and next, we’ll focus on your team’s needs.
3 Ways Patientco Supports a Better Patient Experience & A Healthy Revenue Cycle During Coronavirus
1. Digital-First Billing to Engage Patients
With the increased importance of practicing social distancing and restricting direct contact, it’s more critical than ever to offer digital options to your patients. Our SmartCommunications platform, which includes Digital-First Billing, will help your staff and patients easily transition to a digital experience. With Digital-First Billing, health systems can send financial communications to patients via email or text first without mailing a paper statement. This supports a better patient experience and it supports your organization’s revenue cycle. When you remove dependency on communications that require a physical workforce, like mail, you are gaining the opportunity to improve both the patient and your team’s experience and efficiency. Additionally, when patients receive their bills digitally, they are more likely to pay online. This will help decrease call volume and time spent processing payments.
2. Text-to-Pay for Secure Contactless Payments
Social distancing can make it difficult to accept payments for healthcare services. This is challenging in two ways. For one, many RCM teams are now working remotely. For these team members to process co-pays and other payments, they have to collect a patient’s credit card information over the phone. This leaves room for human error and creates PCI risk. Some patients may also question the security of their payment information.
Additionally, more patients are opting to use telehealth for their healthcare needs. However, this can pose the same issue. Asking patients to share their card information over the phone can feel like a security risk. Meanwhile, for patients that come in for an in-person office visit, they’ll want to avoid touching a credit card terminal that other patients have used. Patientco’s Text-to-Pay solution addresses these issues. Text-to-Pay makes it possible for health systems and patients to transact contactless payments from anywhere, supporting a healthy revenue cycle.
How does Text-to-Pay work?
The RCM team member can generate a payment request from Patientco’s provider portal. The patient receives the payment request via text message. Then, the patient can click on the link in the text message and securely fill out their payment information using their own device.
Our text-to-pay solution is different from those in the market today. With Patientco, patients receive one simple payment prompt and can complete a payment quickly. Our streamlined workflow doesn’t require multiple back and forth responses. Your RCM team member can also see if the payment is accepted or declined in real time. Not only does this help reduce collection challenges for your team, it also reduces PCI scope and your organization’s reliance on hardware devices. At the same time, it gives your patients peace of mind that their payment information is secure.
3. Self-Service Payment Plans & Financing to Address Affordability Concerns
To provide compassionate financial care for patients facing economic uncertainties, you need to gently address their affordability concerns with self-service enrollment in flexible payment options. Offering self-service payment plans results in reduced patient call volume regarding billing questions and less strain on your team’s bandwidth. Meanwhile, your patients can immediately access affordable payment options that work for them.
For patients with multiple medical bill balances, it’s worth offering combined payment plans that patients can manage online. This means each month a patient can make one payment that goes toward their total balance amount. It’s also a good idea to offer a variety of tailored payment options, beyond payment plans. Keep in mind that what works for one patient, may not work for another patient. Consider letting patients schedule payments for future dates or offering financing options when payment plans aren’t enough. Patientco partners with three financing vendors if you are interested in offering longer-term payment options in the future.
Maintain a healthy revenue cycle during and after coronavirus.
If you’re an existing Patientco client and are interested in any of these features, please contact your Customer Success Manager. Or, if your health system is simply looking for help navigating the post-pandemic world, let us know by emailing us at email@example.com – we’d love to chat.