In this modern digital age, customers are accustomed to paying their bills online. Utilities, credit card bills, internet, etc. can all be paid online through apps or a web page. This begs the question: why should healthcare payments be any different? Surveys have shown that nearly 70% of respondents would prefer paying their medical bills through an online portal or app. The benefits of an online payment system are not limited to just patients, however, these options also being very beneficial for providers.” -> “The benefits of an online payment system are not limited to just patients, however, these options also being very beneficial for providers, so it makes sense to make an app after learning how much it costs to develop an app.

Sadly, however, healthcare has been slow to adopt these modern methods of bill payment. Practices still rely heavily on paper bills, which are not only bad for the environment but also create a great many redundant processes that practice staff have to waste time on. This archaic approach to bill payment is simply too inefficient for practices to continue using if they are looking to maximize their revenues. A digital approach ensures that you receive your payments faster and that the 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 of providers being paid on time and in full. This cuts down on both bad debt write-offs and the cost of collections. Studies have shown that 77% of the responding providers reported it takes them over a month to collect any payment, with 81% reporting that they cannot collect more than $1000 in a month.

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

Increases in Efficiency
Preparing and mailing a paper bill statement takes a great deal of time which keeps practice staff from performing duties more directly related to patient care. This hassle can be entirely avoided by using a solution that allows for payment requests via SMS, of which there are many available. This also allows patients to make their payments directly from their mobile devices in a secure environment.

Greater Patient Satisfaction
Having access to a fully integrated online payment solution grants patients 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 financial experience increases customer loyalty, which in turn leads to greater revenue. Improving the patient experience is a key ingredient to success in modern healthcare as patients now do not hesitate to switch providers when they feel their needs aren’t being met.

Secure Transactions
In addition to the cost generated by primarily using paper for collections, this method is also highly insecure. Statements might inadvertently share unnecessary PHI, putting the practice at risk of a HIPAA violation. Credit card receipts have to be recorded and then destroyed, a process rife with the risk of human error. A HIPAA-compliant digital solution avoids all of these problems, by allowing practices to securely hold credit card information on file for future visits.