August 12, 2022

How Text-to-Pay Services Can Improve Your Revenue Cycle

by
Febien Catlin
How Text-to-Pay Services Can Improve Your Revenue Cycle

Healthcare providers keep experimenting with different ways to increase patient payment collections. A dozen strategies exist to encourage patients to pay their medical bills on time. Patients enjoy the quality services they receive in exchange for timely bill payments. The patient portal is the leading service healthcare practice offers during pre and post-medical treatment to collect patient payments faster. The patient portal market exceeded $3.1 billion and will grow to an annual CAGR of 14.1% from 2021-2027.

After the covid-19 pandemic, there was a complete shift in healthcare treatment and ways to receive patient payment as the world hit with a touch taboo. Telehealth treatments got a significant boost, and so did the acceptance of online payments. Research says that this shift in the healthcare sector will stay, and the patients will look for better online payment options and communication mediums from healthcare providers.

Over 97% of Americans use cell phones that can receive text messages. They spend an average of 3 hours and 15 minutes on their cell phones. As the time spent on cell phones increases, healthcare providers should use this to increase patient engagement and satisfaction. Healthcare providers who employ the text-to-pay function have higher chances of getting patient payments on time. The text-to-pay service is the new mandatory service the healthcare practices need to collect on-time patient payments.

What is text-to-pay?

Text is faster than phone calls, emails, or paper bills, and the response rate is also quicker than other mediums. The text-to-pay service allows the patients to receive their statements and medical bills via text and gives them opportunities to pay bills online with just a few clicks on smartphones. 

The prompt two-way communication builds patient-provider trust, tightens your practice’s billing cycle, and secures the payments. According to a study, 35% of customers want to pay by text message.  

Advantages of text-to-pay

  • Upgrade to the latest billing technology is not required.
  • No need to embed new software to collect patient payments faster.
  • Zero effort or cost from the customer.

Text-to-pay is a brilliant strategy to integrate into your billing process to collect prompt payments. What makes text-to-pay different from other payment strategies? Read the blog to know how text-to-pay service can improve your revenue cycle. 

Immediate Reminders and Alerts

54% of Americans suffer from email overload, and 59% of emails are sent to drive sales. Even email phishing scams have increased in the past couple of years. Over 66% of Americans find notifications and email messages stressful.

Text-to-pay is the best option as patients regularly keep checking their text messages. Texts are faster and more immediate. They excite and encourage patients to pay the bills faster. Patient reminders via texts are more convenient than regular emails or phone calls. Texts also reduce the work for providers of sending long bulk emails left unread for days.

Easy Communication

If the healthcare provider sends paper-based statements or electronic mail patient might miss the emails in the heap of unnecessary emails or misplace the papers. Patients have to bear a late fee as they either forgot or missed an important email. Healthcare providers also have to spend time on statement generation and send it again. Calling the patients to collect payments won’t work at times because patients get irritated with regular calls. 

With text-to-pay, patients can view their bills on their phones and call the provider in case of doubts or queries. Simple text resolves payment quickly and creates interactions with quick responses and fewer complications.   

Less Paperwork

Printing and mailing patient statements are expensive, generating lots of paper that might be hard to recycle. Healthcare providers can be active members in delivering solutions to conserve the environment. 

80% of the population in America owns a smartphone. Text-to-pay is a more efficient alternative to paper statements, saving a lot of cost and time.  

Faster Collections

Patients can pay their bills or communicate with their providers using text-to-pay features with simple clicks on their cell phones. The response rate of text is higher than email as the patients spend most of their time on cell phones. Rather than using the traditional methods that demand ample time, effort, numerous rounds of questions and answers, payment delays, and errors, use text-to-pay, which is more reliable and can improve the business bottom line. 

Text-to-pay creates convenience and ease for the patients as they can pay anytime from anywhere. Patients won’t be able to give excuses to delay monthly money and have peace of mind that they have fewer items on their to-do list.  

Conclusion

Giving a smooth experience to patients does not end with the patient leaving the hospital after treatment. Patients need to be adequately engaged and provide smooth processing of payments to avoid denials and delays. Text-to-pay will engage patients better, and providers will receive payments faster. Apart from all the benefits mentioned above, text-to-pay will give providers an upper edge in the business and help them to stand apart. 

Do you want to boost your patient collections and eliminate all the patient billing-related issues? Contact AnodynePay and get assured results. 

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