Although most consumers are accustomed to buying retail goods and services using digital payment solutions, the same has not been the case in the healthcare arena.
Recently, however, providers have come to recognize the many benefits that digital payment solutions provide.
Optimized transparency.
Clear cost breakdowns and explanations pave the way for increased compliance and heightened trust in the medical provider.
It is no secret that many patients have difficulty understanding their medical bills. Filled with complicated language and a seemingly endless list of obscure costs, these documents have long been a source of frustration for clients and their families.
Digital payment systems remove the guesswork from medical billing by displaying a complete list of every service provided, as well as a cost breakdown and all associated explanations. This transparency helps to foster patient trust in an industry where its importance cannot be overstated.
Access to a patient portal.
Digital payment solutions also offer access to individualized, secure patient portals. Advantages include the ability to view appointment schedules, test results, and procedures, as well as to detect errors before they have critical consequences.
At the root of most labyrinthine medical billing is confusion about costs, procedures, and dates. Digital medical payment processing solutions are designed to give patients and staff a 360-degree view of the entire healthcare experience, including complete bills, test results, and procedures.
As a direct result of enhanced transparency and ease of access, providers and clients have the ability to detect errors and inconsistencies in the information that has been entered into the system.
Often before these mistakes can lead to billing discrepancies and payment delays, the errors can be pinpointed and corrected.
Incentivizing timely payments.
Digital solutions benefit providers as well. They lead to more efficient use of staff time, reduced patient confusion stemming from billing delays, more on-time payments, and faster processing times.
Once healthcare providers begin to accept digital payments from their patients, the benefits quickly become apparent. For one thing, data entry is much faster since there is no longer the need for tedious, manual work. This efficiency trickles down to the patient, who will receive their bill more quickly.
Reduced delays mean that people will have a better memory of the services they received, and will be more comfortable resolving their bills right away.
Many providers offering billing for telemedicine businesses allow practices to configure the system to allow for recurring payments, further increasing the likelihood that the charges will be understood and paid.
Keeping security as a priority.
Digital payment solutions are designed to comply with HIPAA requirements. This means fulfilling a mandated commitment to patient privacy and confidentiality that inspires trust and helps to ensure seamless bill resolution.
Passed in 1996, the Health Insurance Portability and Accountability Act (HIPAA) is a U.S. federal law that protects the health information of patients, including records, test results, and even payment data.
Digital solutions are required to comply with all HIPAA stipulations, thereby helping to ensure that data and the information to which it pertains is safe from fraud, identity theft, and other types of breaches.
Now that digital payment providers have found technological solutions that enable them to comply fully with HIPAA, patients can resolve their bills with the peace of mind that comes from the knowledge that their sensitive records and payment details are protected from digital criminals.
While there are no absolute guarantees that a data breach will not occur, modern systems are constantly monitored and updated to meet the shifting traits of the security landscape. As a result, even the most complex of medical bills can be resolved with the help of ironclad, secure mechanisms, and procedures.
How to promote digital bill-paying in your practice.
If you are sold on the benefits of digital health payments, get started today. Promote it by announcing it on your website and by email, featuring information on social media and signage, and offering card-on-file services.
Now that you have seen what digital payments can do for your practice and your patients, you probably want to incorporate them into your infrastructure.
After talking to your medical payment processing provider and configuring your systems, your next job is to get the word out about your expanded payment options.
Start with a standard email blast. Augment this with social media posts and prominent signage at your physical location. Be sure that your details let patients know that your system can safely store financial data, leading to a faster and smoother experience that keeps security a high priority.
Healthcare billing has long been complex, prone to errors, and the source of boundless frustration leading to delinquent payments and a healthy dose of patient confusion.
The great news is that implementing digital payment solutions can enhance transparency while reducing the uncertainty and anger that have traditionally eroded the trust that is so vital to your relationship with your patients.
