7 Habits of Highly Effective Patient Payment Solutions
FinTech solutions often make claims that they get better results. We have. And we’ll continue to do so as long as we continue to put up great numbers for our RCM partners and provider clients. What’s typically left out of marketing messaging is an explanation of how to get those results. Without giving away our special sauce, we’ve identified several concepts to help you have happy patients, providers and RCM partners.
Success doesn’t come from a single magic button. It takes all areas to run smoothly. A comprehensive patient collection strategy requires dynamic communication and payment capabilities. For example, adding text alone doesn’t move the needle. Knowing when and how to use these capabilities will. Proper patient account data, understanding how to modify the cadence (dunning) of ALL communications, and clear messaging help comprise a complete patient collection strategy, allowing you to maximize patient revenue.
Strong Integration - PatientPay takes on the heavy lifting. Proper data comes from understanding the process. Since many RCM platforms were not designed to collect monies owed by a patient, the integration of a system that was designed for this reason becomes imperative. While this can be a challenging task, this integration does not need to require complex programming and development effort by the partner or provider entity. Instead, nearly all of the heavy lifting should be done by the patient payment solution. PatientPay knows how to get better results and it starts with better data.
Patient billing cycle(s) know how. It takes significant experience and effort to understand how, when and why patients will pay their balance. Knowing when to send out a bill and in what way, makes a huge difference in the way that patients respond and ultimately pay their bill. PatientPay has invested significant time and money, obtaining this experience, studying what works and what doesn’t work when it comes to patient bill cycles (or “dunning”). PatientPay’s solution was built around more effective electronic communications. Understanding and applying compliance standards with effective dunning principles and patient behavior, gives guarantors confidence to complete their payment.
Understanding and applying compliance standards. As we enter a more digital age, calls and text messages offer healthcare providers an excellent opportunity to communicate with patients for billing and servicing. However, these communications must comply with the Telephone Consumer Protection Act (TCPA). Unfortunately, most patient payment solution providers don’t understand TCPA thoroughly enough. PatientPay was an early adopter of texting capabilities for patient financial responsibility. Therefore, we know how to apply the compliance standards to an effective solution, maximizing results without increasing risk.
Knowing your audience. Consumers want convenience, not paper. Up to 12% of paper statements never reach the intended patient. Bad data? Bad postal service? Bad idea (that puts revenue at risk). According to Cain Brothers, 70% of patients polled prefer electronic communication, but only 17% receive bills electronically. Communicating through text and email has been one of the most successful ways to reach patients. According to researchers, 32% of people will pay their medical bill within five minutes (or less than two…see below) if they receive a text reminder to pay it compared to 25% when they receive an email. The average American checks their phone 47 times a day. It has become clear that direct electronic communication with patients is a more efficient and profitable way for patients to pay their bills.
Fewer clicks to understand and pay your bill. It sounds basic, but why take 8 steps to understand and pay a bill when it takes 3. In order to get more payments, faster, simplifying the patient experience is essential to results. PatientPay has taken payments within two minutes of going live for several provider groups. Let me repeat that, It takes less than two minutes from sending an electronic bill to a patient actually paying that bill (or even accepting a payment plan).
Dynamic payment options. An effective solution includes flexible and user-friendly options when it comes to the final step of the patient’s financial journey, completing a payment. Patients should be able to make full payments, partial payments, set up future payments and accept payment plans. Traditional forms of payment such as cards (credit, debit, FSA/HSA), eCheck/ACH, and paper checks should be mandatory. Even cash (yes, actual cash) is an option in PatientPay. Alternative payment types through ApplePay, Venmo, Paypal, and GooglePay are becoming more widely offered. Being able to provide patients with these options adds the right level of personalization to increase your potential to collect and patient satisfaction.
The right answer for an effective patient billing and payment solution is understanding that patients and guarantors are consumers. They want clarity, simplicity and convenience. Healthcare needs to apply those principles to patient billing and payments for all parties to win.
