Patient financial responsibility rose 12% between 2017 and 2018. Unfortunately, research has shown this boosted patient burden correlates with decreased chances of quick payment collections.
Thankfully, technology has provided easy ways to combat lower reimbursement trends. Patient pay services (PPS) are online payment systems that streamline the bill-collection process. After adopting PPS, practices can rest easy knowing they’ve invested in long-term reimbursement solutions.
Here are the four things that happen when you start using patient pay services.
If patients leave an office without paying in full, the chances of collection drop significantly. This fact has led many practices to write off bills soon after failing to get an initial reimbursement. Doing so negates the hard work medical providers spent delivering services. The more write offs a practice accepts, the less likely it will be able to maintain financial stability. If your patient has agreed to receive automatic notifications, PPS will routinely remind them of their bill. Additionally, online portals streamline the payment process by quickly accepting a variety of financing options. The combination of these factors facilitates speedy transactions.
The internet’s booming popularity has made people increasingly web-savvy. Even adults older than 65 have demonstrated notable tech adaptability. Today’s population understands how online connectivity makes transferring funds significantly easier. PPS tap into this technological understanding and provide patients with a simpler way of paying their bills.
Users can instantly transfer money to their medical provider by connecting to an online portal. This system is particularly effective for returning patients. Portals can schedule automatic payments to coincide with routine check-ups.
Medical professionals are some of the most overworked people on the planet. There is a high demand for their services and less staff than necessary to fill that demand. As such, owners are desperate to find ways to free up work hours.
PPS automate many jobs medical workers once had to do manually. If a patient leaves without offering full reimbursement, staff can rely on an automatic system to send frequent reminders. These reminders give the staff breathing room to focus on other tasks
If you’re concerned about improving revenue cycle management, you need to understand patient payment history. Who is paying on time? Are refunds more common for some services than others? PPS stores information regarding a consumer’s payment history and authorization timelines.
Practices can access some of this data, providing direct feedback regarding payment progression. This knowledge helps keep a strong lock on where patients are in the reimbursement process. During procedure reforms, practices can apply this knowledge to target the areas most needing improvement.
AnodynePay provides patients with online portals and automatic payment reminders. These tools make reimbursing for medical services far simpler than past methods. Contact us today to learn how we’ll help streamline your practice’s revenue cycle management.
1. Automatic payment reminders reduce time spent in accounts receivable.
2. PPS provide online payment solutions that increase reimbursement rates.
3. Technological systems free workers to focus on more critical tasks.
4. PPS track data that is integral to improving revenue cycle management.
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