Patient-Friendly Billing is Possible

According to the recent findings from the 2017 Revenue Cycle Management Survey, by Black Book Market Research, there has never been a better time to help patients anticipate, plan, and track their financial obligations. Patients want to have more financing options and easier ways to make their payments.
 
As a result of a nearly $2,000 average increase in deductibles, and patient out-of-pocket costs rising to nearly $4,500, millions of dollars are going uncollected, causing medical practices and large health systems to lose money.
 
Medical billing and revenue cycle management companies are always looking to provide improved patient-friendly billing and payment technology that collects payments in a more automated way.  

Survey Highlights

• In the first half of 2017 nearly 62 percent of medical bills were paid online.
• 95 percent of consumers would pay online if the provider’s website had the option.
• 71 percent of patients say mobile pay and billing alerts improved satisfaction.
• Online payment with guest pay are popular among consumers.
• 89 percent of healthcare administrators expect that healthcare payments will be made on phones and mobile devices by late 2018; yet only 20 percent are currently ready for electronic payments other than checks, cash or credit/debit cards.

Practices should be looking for innovative technology that engages patients in the payment process, provides flexibility in payment plans and shows patients a more transparent billing system.

Learn more about how POS Patient Payment Services can save you time and help you collect more of your money.