When was the last time you took a hard look at how you interact with patients—especially when it comes to billing? If you’re still printing and mailing paper statements, the inefficiencies and costs for postage and supplies ought to be glaringly obvious.
Yet, even now, when billing has gone digital across most other industries, almost 60 percent of healthcare practices nationwide are still relying on paper. It’s why so many patient bills are more than 30 days past due, and it can prolong the collection process by months. Patient billing delays will negatively impact your bottom line. By automating your billing, the wait could be as little as a few days, a few hours or even a few minutes.
Online engagement is critical if you want to retain current patients and attract new ones. According to a recent study by Patient Engagement HIT, 88 percent of patients under age 40 said they’d choose their next provider based on its online presence. Survey results show that patients are looking for access to tools that make interacting with the healthcare system easier and more convenient—tools like online bill pay.
Still, many providers believe manual payment methods offer better cash management. It’s a myth. When viewed in the context of the complete invoice-and-payment cycle, manual payments have higher processing costs. They also result in delays—and when payments are delayed, costs rise.
AssuranceMD has the expert staff and the resources to alleviate your administrative challenges and responsibilities. Our comprehensive revenue cycle management services include a dedicated billing and patient collection service that can help you:
- Send eStatements.
- Create a payment portal and/or use online payment technology.
- Offer a “pay now” feature that provides a link to a secure payment portal or integrates with your patient portal.
- Provide a dedicated toll-free number for patients to make payments and ask questions, eliminating calls to your practice.
These cost savings solutions will save you time, money and help you to collect all that you are entitled to. Click HERE to schedule a free consultation call.