Improving Collections Rates with a Mobile Patient Payment System
While advances in medical procedures and healthcare technology expand at a rapid pace, billing and payment systems have yet to evolve. Consider this – today you can have an outpatient laparoscopic procedure and go home same day, whereas that same procedure would’ve required an incision and overnight hospital stays five years ago; yet the paper bill for this new, high-tech procedure will arrive via the United States Postal Service 4-6 weeks later.
As a result, collections remain one of the top concerns for physician practices, and the problem is only getting worse as rising deductibles and co-pays put consumers on the hook for bigger payments. Today, providers need a modern billing system that can reach consumers where they spend the most time, as well as accept payments with ease and minimal effort.
Patients are the New Payer
Patients are now responsible for more out-of-pocket expenses, and are facing a 30% increase in deductibles and co-pays, according to the BlackBook’s 2017 Revenue Cycle Management Report.
As healthcare providers send more invoices directly to consumers, many are still using outdated legacy systems for billing and collections. In fact, more than 90% of hospitals say traditional collection solutions are negatively impacting profit margins and resulting in millions of unpaid medical bills. And Aetna Health reports that practices collect only 12% of outstanding balances at the time of service and nothing 67% of the time. Meanwhile, the average provider sends out 155 statements per month at an average cost of $4 to $7, and must send THREE statements before a balance is paid in full. The math adds up quick.
Moving to Mobile
Fax machines, snail mail reminders and, “dialing for dollars” no longer work in today’s patient engagement world. Says who? Patients themselves. According to the BlackBook report, the billing practice is the second most important customer satisfaction metric, just behind patient care. Simply put, patients want to pay their medical bills the same way they pay their utility bill, retail credit cards, car payments, etc.
These changing preferences and new technologies come at a time when providers are already looking to move beyond legacy systems. The Revenue Cycle Management survey found more than 80% of medical providers and 90% of hospitals will abandon “time-intensive, error-prone, manual efforts to back-end process and reconcile bills” by the end of the year.
And while nearly 90% of financial administrators believe healthcare payments will be primarily on mobile devices by the end of the year, only 20% are ready for such abilities.
Moving to a billing system that can easily accommodate payments from mobile devices not only better aligns with customer needs, it enables independent practices to improve their collections and realize substantial cost savings.
Which is why, starting today, Relatient is responding to market needs with MDPay, an end-to-end messaging solution that applies automation and patient-centered outreach to improve bill collection. Learn more about this new product in this morning’s press release. MDPay offers full payment coverage within one system, enabling payments via the web, mobile device, or at the office. It can enable independent practices to realize significant cost savings while enhancing patient satisfaction.
Get a free demo of Relatient’s patient-centered engagement software.
See why 10,000+ physicians trust us with their patients and businesses, and learn how we can help you:
- Reduce no-shows
- Increase patient balance collection
- Improve patient satisfaction
- Transition to value-based care
- Optimize your office operations
- Automate patient outreach
- Increase compliance