4 Benefits of Online Patient Payment | XyberMed

In this modern digital age, customers are used to paying their bills online. Utilities, credit card bills, Internet, etc., can all be paid online via apps or a website. This begs the question: why should paying for healthcare be any different? Surveys have shown that almost 70% of respondents would prefer to pay their medical bills through an online portal or app. The advantages of an online payment system are not only limited to patients, but these options are also very beneficial for providers.

Unfortunately, however, healthcare has been slow to adopt these modern methods of bill payment. Clinics still rely heavily on paper invoices, which are not only harmful to the environment but also create a large number of redundant processes that clinic staff have to waste time on. This archaic approach to bill payment is too inefficient for practices to continue to use if they want to maximize revenue. A digital approach ensures that payments are received more quickly and practice staff has more time to contribute to actual patient care.

Here are 4 benefits of online payments:

Improved cash flow.
Offering multiple payment options increases the likelihood that providers will get paid on time and in full. This reduces both bad debt write-offs and the cost of collections. Studies have shown that 77% of responding suppliers reported that it takes them more than a month to collect any payment, and 81% reported that they cannot collect more than $1,000 in a month.

The positive effect of online bill payments on a practice's bottom line is considerable. Collecting more payments daily increases revenue substantially, and the decrease in collection costs has the same effect on overall costs.

Increased efficiency
Preparing and sending a paper billing statement is time-consuming, which prevents practice staff from performing tasks more directly related to patient care. This hassle can be avoided altogether by using a solution that allows payment to be requested by SMS, of which there are many available. This also allows patients to make their payments directly from their mobile devices in a secure environment.

Increased patient satisfaction
Having access to a fully integrated online payment solution ( Medical Billing Service) ensures patients have the security and flexibility of multiple payment options. They can pay in person, online via 24/7 payment forms, a patient portal, or on their smartphone.

Improving the patient's financial experience increases customer loyalty, which in turn leads to higher revenue. Improving the patient experience is a key ingredient to the success of modern healthcare, as patients do not hesitate to switch providers when they feel their needs are not being met.

Secure transactions
In addition to the cost generated by the primary use of paper for collections, this method is also very insecure. Statements could inadvertently share unnecessary PHI, putting the practice at risk for a HIPAA violation. Credit card receipts have to be recorded and then destroyed, a process fraught with the risk of human error. A HIPAA-compliant digital solution avoids all of these problems by allowing practices to securely retain credit card information for future visits.