Many healthcare providers are still using outdated or inefficient systems to process patient payments. Until recently, smaller practices typically only handled small copayments and rarely, if ever, needed to manage large transactions as insurance was their primary revenue source.. Unfortunately, this is no longer the case. The Affordable Care Act minted millions of newly-insured patients, most of which have high-deductible plans, increasing patient volume and patient A/R at many practices.
With increased copays and higher deductibles than ever, patients are more conscious about their medical expenses. Prior to meeting a deductible, a routine physician visit may cost hundreds of dollars, money the patient may not immediately have on hand at the time of the visit. While the proliferation of financing options and payment plans is a positive development for patients, it can create additional work for the business office staff if not implemented with ease and efficiency in mind, particularly at scale.
Hardware, Software, and Flat-rate Processing on a Single Healthcare-Specific Technology Platform
By bundling all of their patient payment functions onto a single technology platform, providers can eliminate the need to consolidate payments from multiple sources. With every payment in one place, reconciling payments happens automatically because each payment is already tagged with the relevant transaction data. When providers use healthcare-specific payment platforms like Patientco, they can auto-post these tagged payments back into their EHR/PM system and save hours of manual reconciliation per day as an added bonus.
Improved Security: No Weak Links
One of the most important challenges in healthcare today is protecting the healthcare and financial data of patients. Breaches occur on a weekly basis, with smaller practices being targeted for their lack of enterprise-caliber IT security. These security risks are increased as many providers have yet to transition to EMV-compliant credit card terminals and a few still even keep patient credit card information printed on file in binders believe it or not! This is a major security risk. An integrated platform from a single vendor guarantees end-to-end encryption to support your HIPAA and PCI compliance efforts.
Conclusion: Bundle for Convenience, Security
Patients and providers both want a convenient payment experience, especially at the point of service, where making the payment is part of the customer experience and will impact patient satisfaction before and after the clinical part of an episode of care. Plug in a platform that allows you to deliver a positive payment experience in the most efficient way possible.