Digital Payments – A Growth Tool For Your Practice
The process of paying medical bills traditionally has been a complicated and painful procedure. It entails lots of back-and-forth communication among patients, providers, and insurers.
While paper checks still persist, online bill payment is quickly becoming the preferred method of paying medical bills. Not only is it a convenient method of payment, but it also eases administrative burdens, speeds up the collections process, and transforms the way patients interact with their providers.
Following are the top main three reasons why you should implement the digital payment solution in your practice:
Digital Payments Increase Patients Satisfaction
The use of online payments in the healthcare industry is growing every day after the COVID-19 pandemic. Digital payments are more than just a convenient way to pay for things online now. For healthcare practices, adding digital payment options supports greater patient satisfaction and loyalty.
According to the Mastercard survey, more than half of Americans are now using cashless payments options. In addition, 46% of people have switched to cashless payments since the pandemic started. Furthermore, more than half of people (74%) expressed that they will continue to use the cashless option even after the pandemic.
Accepting digital payments not only increases patient satisfaction but also creates an overall positive experience and loyalty.
Digital Payments Make Process More Efficient
Doctors do not have time to waste their energy in the inefficient process and create more workload. Yet, the traditional billing procedure is significantly inefficient.
Creating workload, different procedures, and hurdles affect the efficiency of practice to grow and impact the patients’ experience. In fact, if you are not offering an easy payment process, patients are likely to put off or forget about medical billing.
Integrating an online payment system into your practice is a significant decision. It streamlines the entire payment workflow, not only for your practice but also from the patient’s end. For patients, they can easily view, save and keep invoices and pay digitally.
Reduce Cost & Simplify Records
The conventional method of billing involves several steps, from printing to mailing to patients. Therefore, it not only increases the costs but affects administrative efficiency.
Automating the billing process using digital means can actually reduce all the extra costs and help maintain all records more flexibly and quickly. For example, an invoice can be generated, sent, and recorded in your books by clicking a button.
Is It Worth Shifting To Digital Payment?
If you are considering accepting digital payments, now is the time to begin making those changes for your healthcare practice. While change is never an easy step for any size of practice, but the benefits of improving your revenue cycle far outweigh any potential challenges that could lead to a painful transition.