Payment Plans, Mobile Payments & Affordability
How healthcare is changing the patient payment experience
Paying for out-of-pocket expenses can be incredibly challenging due to the financial stress these costs place on the patient’s wallet. Especially today where patients are more conscientious of their dollar, accessing healthcare can be too high of a hurdle to jump, leaving patients with no option but to forego care. About 30% of patients choose to delay or cancel healthcare services altogether due to these high out-of-pocket costs.
When the goal of the healthcare industry is to “improve outcomes while lowering costs and enhancing the patient experience”1, limited financial accommodations often leave providers with their hands tied behind their backs. How can your practice help patients afford expensive medical bills considering 71% of patients defined an expensive medical bill as a price between $100-1,000?
The ability to set up monthly installment plans for patients through a third-party payment technology is a great way to collect revenue upfront, mitigate credit risk, and accept more patient’s unique financial situations.
Mobile payments are actually the “quickest electronic payment channel for healthcare providers”1 followed by online portals. For common headaches just as collections and revenue cycling, setting up a mobile-friendly payment option can drastically reduce the number of past due balances.
Combining payment plans and mobile payments is a sure way to optimize revenue and improve your practice’s patient experience. But, you could still be leaving money on the table. To truly optimize affordability for your patients, offer flexible payments by allowing multiple payment methods on a single balance. For example, a patient could allocate $500 to a credit card, set up a 12-month installment plan for $1,000 through a financial partner, and apply for financing to cover the cost of the remaining $500 – all in a simple user interface.