Archive for the ‘Healthcare Payments’ Category

postheadericon Four Best Practices For Online Doctors To Better Healthcare Payments

With High Deductible Health Plans (HDHPs) increasing tenfold, and out-of-pocket payments showing a steady growth in the healthcare market, service providers are struggling to keep up with the changes.

Online doctors have to be flexible to compete favorably, and this time,the challenge is; you patients are now your customers. Below are four best tips to consumer payment optimization.

  1. Visibility into Meaningful Metrics

Most healthcare managements have scanty access to reliable, real-time patient data. Better management, however, requires visibility into high-level metrics for example: what percent of your billings do you collect in the end?

What percent of patients pay partly or wholly for services via mobile, a point of service or web, before, during and after visits?With this kind of data or answers to these types of questions at your disposal, you can make improvements in your performance over time.

  1. Integrate Information Systems and Healthcare Workflow

Service providers should integrate payment methods into their healthcare, clinical and hospital information systems. Also, it is advisable to incorporate the planning systems, patient accounting modules, and general ledgers. By doing so, you are integrating payment processing into healthcare workflows to allow your patients pay bills at the point of service, by mail, payment plans, the web, and through the phone.

The benefits of integrating info systems include;

  • Improved cash flow through secure payments and faster collections
  • Better reporting
  • Efficiency of services e.g. automated payments
  • Improved fulfillment of consumer caused by substituting paper for electronic transactions

 

  1. Be the Perfect fit for all patients

Making the billing process smooth and fast for patients is one easy way to attract more consumers. Review your current platform and tie any loose ends in all the payment types you have provided for patients, including the use of smartphones, the point of service, credit cards, web, check, etc.It doesn’t end there; you can also modify what you have to new policies that enable all points of service to serve a range of different patients —and accept payment through all possible media.

In the end, you will enjoy greater efficiency and output through automation, lower operating costs since electronic transactions are cheaper, improved flow of cash, and a wider market.

  1. Modernize Your Billing Practices

Modernizing your billing practices is a brilliant way to boost your business’ value equation. Payments are no longer a business-to-business deal between insurers and providers; today providers have to switch to the new business-to-consumer approach that focuses on quality of service, convenience, and consumer satisfaction.

You should go the extra mile by bringing in customer service teams to help patients sort their billing issues. But for a retail clinic, try addressing this by offering a list of fixed prices for custom procedures—this will help eliminate uncertainties concerning hidden charges.

In cases where upfront pricing is not practicable, consider adding more transparent payment practices to your EMB provided online doctor merchant account– make sure whatever you choose cuts down the cost of care and at the same time ensures consumer satisfaction.