The COVID-19 pandemic brought the importance and benefits of telemedicine to the forefront. What had once only been available on a limited basis soon became a vital link between most patients and their medical providers that allowed for remote diagnosis, evaluations, check-ups, and ongoing care.
Even so, physicians and other providers remained challenged in many areas, including how they could be paid quickly and reliably.
The importance of finding a good telemedicine payment provider.
Not so long ago, patients resolved their bills either in-person or through the mail in the form of checks. However, technology has paved the way for faster and more reliable electronic invoicing models that facilitate the process both securely and efficiently. If you are a provider of telemedicine services, it is therefore crucial that you find a merchant account company that specializes in optimizing your billing services to incorporate today’s technological advances.
No matter how a patient receives services from you — in your office, via your online portal, over the phone, or by using video call — you need a telemedicine provider who can set you up with secure, reliable, and fast online payment options.
Some of the features you should request include a secure online payment gateway that facilitates cashless and online transactions; provides security and encryption to protect all payment transmissions, off-site storage of payment information, transaction details, and e-check information; easy integrations with website platforms to allow for fast and secure credit card payments; and advanced invoicing options for all forms of payment.
What is e-invoicing?
An abbreviation of electronic invoicing, e-invoicing is characterized by a digital approach to every step of the billing process from creation to archiving and every component in between. The invoice is generated using a digital invoicing tool in a format structured to be compatible with medical protocols. The use of this format allows the invoice to be exchanged and processed into ERP and accounting systems. This makes it infinitely easier for your practice’s accounts payable and receivable teams.
Benefits of e-invoices for your practice
The primary advantage of electronic billing is the efficiency it brings into your back office. Since many client communication and late payment processes are automated, your bookkeeping team can focus on other tasks that require the human touch. Furthermore, these automated procedures cut down on paper use and save countless hours of worker effort. Additionally, you always have a snapshot in real time of when patients have received, viewed and even paid their bill.
Finally, this type of invoicing results in faster and more accurate payments, enabling you to gain instant access to the funds you have worked so hard to earn.
The benefits can also be felt by patients. Instead of needing to send out checks that are becoming increasingly irrelevant in today’s payment milieu, they can easily tap on a link that you provide in an email or through your patient portal and make a fast, secure payment using their credit card or bank account.
You should also consider offering recurring billing options that facilitate pre-scheduled payments for bigger-ticket medical costs.
Although COVID-19 quarantines seem to be behind us, the disease has left lasting effects on the medical world, including how services are provided and paid for. Telemedicine shows every indication of remaining a highly effective and useful way to provide treatment to a diverse and growing pool of patients, who are all looking for secure, fast, and efficient ways to provide their payments.
If your practice has not already instituted e-invoicing, you should speak to your telemedicine payment provider about it today so that you can enhance your financial returns and simultaneously meet the needs of your patients.
