For medical care providers, the recent advancements and rise in digital access payment methods have created the problem of how to keep up with the demand. Investing in expensive software to address this problem is often out of the questions with medical budgets already scrounging to cover the necessities for quality care. On the other hand, failure to upgrade payment collection processes can improve the amount of money come back into the hospital or clinic for services already rendered. Taking a look at both sides of the problem, there can be no doubt that comprehensive collections electronic payments solutions from BillingTree are a crucial step for institutions that provide medical care.
A Variety of Services Merging Together
While the majority of payments have shifted to plastic, some patients still issue payments in the form of checks as well. Having the ability to process payment types however they may come is an important part of maintaining an efficient turn time in order to move quickly through the high volume of waiting accounts. Automated payment arrangement help to cut down significantly on the time that each payment takes as it removes the necessity for a manual processing of each individual payment.
Flex spending accounts are another form of payment that have been on the rise over the past number of years. These accounts can complicate the payment timeframe when manually processed as they introduce an additional vendor into the equation. Having the ability to take payments across multiple vendors automatically is certainly the ideal, but with the right solution it can be a reality for medical care providers.
Another benefit of automated collections electronic payments is the ability to accept e-signatures and increased management of documentation. Medical care providers process an incredible amount of documentation from the moment a patient walks in the door, until their account is closed months or even years down the road. Having that central system to keep all of the documents and payment information connected can make a huge difference in overall processing time.
Running to Catch up With Tools and Technology
There can be no question that most companies are in a constant struggle to keep up with modern technology. Evolving faster than it can be put on the market, it’s almost impossible to stay ahead of the curve. With the right payment solution, medical care providers can at least manage their increasing payment volumes if not get ahead of the demand.
Typically, there is a period of overlap where the system will be updated to process payment automation. This overlap period takes off when the automated collections electronic payments begin to take effect and the manual demand is decreased significantly as more accounts are input and maintained. This process also simplifies the notification process that would normally fall to a live employee to notify clients of issues with their payment, such as failed authorization or insufficient funds. It prevents more patient account from falling through the cracks and continues to encourage regular and full payments as a result.
Affordable and efficient Collections Electronic Payments is a necessity with the influx of insured patients as well as the increase in plastic and digital payment methods. With the ability to optimize payment processing in order to reduce turn time and encourage full, regular payments, medical care providers can expect fewer issues with account processing and the ability to meet the increasing demand of patient payments.