Improve Your Revenue Cycle for 2021
How payments technology is changing the healthcare payment experience
Improving the financial wellbeing of your healthcare business or practice is a constantly evolving project for most providers. New trends, changing patient demands and a fragmented payment landscape make it difficult to stay on top of an optimized revenue cycle.
Here are four key ways you can improve your business’ revenue cycle for lasting financial excellence.
1. Focus on Convenient Payment Options
Mobile payments are actually the “quickest electronic payment channel for healthcare providers”1 followed by online portals. Setting up a mobile-friendly payment option can help quickly capture payments upfront and drastically reduce the number of past due balances.
To truly optimize convenience for your patients, offer flexible payments by allowing multiple payment methods on a single balance. This includes monthly installment plans, financial loans, and credit card swipes that can be combined on a single transaction. 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.
2. Leverage Financial Partners
You are busy focusing on treating patients, so lean on financial partners to offer payment options that meet every patient’s needs. Monthly installment plans, medical credit cards and patient loans are just a few of the financial partners you can leverage to offer customized and flexible payment plans for patients.
3. Offer Price Transparency Before the Point-of-Service or Point-of-Sale
Undergoing treatment or purchasing an expensive medical device can be an intensive patient decision, both from a physical health and financial perspective. By offering price transparency upfront, you eliminate financial doubts and confusion for the patient, helping them make an educated decision faster.
Not only is a transparent price tag helpful to the overall patient experience, but educating patients on clear and easy ways to set up payments for that price tag helps get them to the finish line faster. Allowing patients to understand what financial tools are available to them (monthly payments, new lines of credit, combining credit cards, etc.) will help remove hesitations they may have on affordability.
4. Automate Billing to Prevent Collections Headaches
Setting up a patient for a customized payment plan is a great way to automate billing. Pay-over-time options through a financial partner optimize your revenue cycle as the financial partner pays you upfront and takes on the credit risk of the patient. Plus, with pay-over-time billing, a patient is more able to afford treatment than to pay in one lump sum upfront.
Once the payment plan is discussed and finalized, monthly payments or additional financing is collected automatically.