Patientco, a next-generation patient payment technology company, has launched Digital-First Billing, which enables Health Systems to engage with patients via email or text first without mailing a paper statement while providing tailored, affordable payment options.
Digital-First Billing improves the patient financial experience by addressing patients’ increased expectations for digital communications and their concerns around affordability. A 2019 survey by Patientco revealed that more than 60 percent of patients prefer digital communication over mailed paper statements. Meanwhile, over half of providers surveyed still rely on paper statements.
With Digital-First Billing, patients are engaged through the digital channels they prefer and once their identity is verified, patients can easily view and pay their bill using the device of their choice. If the patient does not engage with their eBill, Patientco’s SmartSuppress™ technology will automatically send a mailed paper statement.
Patients can also access self-service affordable payment options through Digital-First Billing. In an analysis of millions of billing interactions, Patientco determined that as balances rise above $400, many patients stop paying in full and start making partial payments. With Digital-First Billing, patients can immediately view tailored, affordable payment options that fit their budget, including:
- Discounts for prompt payment;
- Interest-free payment plans; and
- Low monthly cost financing options.
By delivering a better experience and ensuring patients can afford their healthcare expenses, Digital-First Billing drives more patient payments for Health Systems. The solution promotes increased self-service payments and streamlines payment plan enrollment, reducing the administrative burden on Health System staff. Patient A/R days are also decreased. Patients receive eBills six days faster than a mailed statement and as a result, Health Systems get paid on average 69 percent faster from eBills versus paper bills. Additionally, Digital-First Billing enables Health Systems to offer the modern payment experience that today’s consumers expect. By giving patients a more personalized, convenient and flexible financial experience, Health Systems capture more payments today while creating loyal patients, driving more visits long-term.
“The launch of Digital-First Billing demonstrates new progress toward creating a patient financial experience that is aligned with what today’s consumers expect,” said Sean Joyce, chief technology officer at Patientco. “The healthcare industry is tasked with serving a new generation that grew up in a connected world, seeking out web and mobile choices first. Digital-First Billing is key for health systems to attract and retain those patients.”
Patientco is a payment technology company founded specifically to re-think the patient payment experience in healthcare. By combining intuitive consumer payment tools and world-class payment infrastructure backed by data-led design, we create a superior billing experience and deliver more payments to Health Systems. Patientco is making healthcare better one payment at a time. To learn more, email firstname.lastname@example.org, visit www.patientco.com or connect on LinkedIn.