Healthcare organizations are continuously working on reducing bad debt by adopting new technologies. Medical revenue cycle management has improved as providers move towards automated payment options and the outsourcing of other processes; however, many healthcare facilities still have limited options when it comes to how patients can pay their medical bills.
Administrators may be unaware of this, but making small changes to accommodate patient preferences can increase payments significantly. One such adjustment would be to allow patients to pay their medical bills online, either through a patient portal or a separate secure website. According to the American Bankers Association, consumers pay 25% of their bills online with debit and credit cards; however, healthcare providers have tended to lag behind in implementing e-billing processes. So, while consumers are comfortable using online bill pay for everything from mortgage payments to the cable bill, the medical industry is not taking full advantage of this outlet.
By offering convenient payments options, providers are encouraging patients to pay their bills on time and on their own time. This way, patients can deal with their debts privately without having to make a phone call each month or schedule a visit to the office. Aside from letting patients side-step the phone call, online bill pay means staff members will spend less time with medical collections, processing credit card charges and taking payment information over the phone. An additional benefit with some e-billing software is that patients can program recurring payments, so that a specified amount is withdrawn automatically from their account each month.
As patients assume more responsibility for their healthcare bills, hospitals and private practices must look to newer services and technologies to help improve their medical revenue cycle management process, and e-billing is a simple solution that can lead to a significant increase in revenue.This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice, please consult an attorney.