A lot has changed in healthcare over the years, especially the cost of care. Patients are faced with more expensive medical bills, testing the limits of affordability for many. This has impacted Health Systems’ financial performance. According to a survey of hospital executives by Sage Growth Partners, 36% of providers report facing more than $10 million in bad debt. Meanwhile, the legacy patient payment processing tools used by many Health Systems struggle to support an affordable, consumer-friendly payment experience. In fact, these solutions were designed with the payer in mind, not the patient.
If your Health System is using these tools, you may want to consider implementing a new patient payment processing solution. So, what should you look for in a new solution?
Simplified Patient Payment Processing with Proven Integrations
To start, look for a patient payment processing tool that integrates with your estimator tool. It’s even better if the solution supports digital communications and complements your estimator with self-service payment options. This allows you to convey estimated fees to patients through preferred digital channels and then direct them to self-service payment tools. Likewise, seek out a solution that supports patient payment processing within your HIS. The right tool will allow your team to get more out of your HIS with integrated payment functionality or by using existing workflows to accept and process payments. Avoid purchasing a payments solution that complicates your workflows and forces your staff to switch between screens.
Real-Time, Gamified Performance Reports for Your Team
Give your team the tools they need to make a positive financial impact. Real-time, gamified performance reports uncover valuable insights so you can continue driving improvements to patient payments and satisfaction. Greater visibility of payment performance make it easier to track your team’s achievements against your Health System’s goals. With better reporting, Health Systems can improve their training and incentive programs, too. As a result, revenue cycle team members are more engaged and motivated to improve performance. The right patient payment processing solution will support this.
Digital-First, Self-Service Engagement for Your Patients
Give patients what they want. This means you need a patient payment processing solution that supports personalized, digital-first engagement. You also need a solution with a suite of flexible, affordable payment options that are self-service. Today’s technology makes it possible to engage patients through their preferred digital channels, without sending a paper statement first. By sending bills digitally, patients can immediately access self-service payment options that fit their budget. This could include payment plans, financing and even future scheduled payments. If you don’t, your Health System is missing out. Today our clients’ patients have scheduled more than 330,000 payments, worth nearly $27.5 million!
In conclusion, if your Health System is looking for a new patient payment processing solution, make sure it supports these capabilities. These key functionalities allow you to build a better patient financial experience while generating ROI for your Health System. To learn what else you should look for in a new patient payment processing solution, read our newest white paper by Heather George, “6 Reasons to Look for an Upgraded Patient Payment Solution.“