When it comes to healthcare billing, studies show that a significant portion of patients struggle to pay their bills on time. According to the Medical Group Management Association (MGMA), the average patient accounts receivable (AR) aging is 61 days, meaning it takes patients over two months to settle their bills. This leads to frustrated patients and lagging revenue for practices, impacting their financial stability and ability to provide optimal care.
But there’s good news! Embracing modern tools like the use of AI, for instance, and practices can significantly improve the healthcare billing experience for everyone involved. By ditching outdated methods and opting for digital solutions, you can transform bill payments from a hassle into a smooth and convenient process.
Ditch the Snail Mail:
Say goodbye to slow and easily lost paper invoices. Instead, offer digital invoices and reminders via email or text. This eco-friendly approach, according to a Healthcare Financial Management Association (HFMA) survey, is preferred by almost 60% of patients who find it faster and more convenient to access and pay their bills electronically.
Embrace Online Payments:
Empower patients to pay anytime, anywhere with secure online options. Tools like expEDIum InstaPay (eIP) integrate seamlessly with your existing system, allowing patients to settle bills instantly without needing to call the clinic. eIP offers a seamless and secure experience with features like:
- Secure payments: Ensures data safety and protects your practice from fraud.
- Real-time updates: You see payments instantly, improving cash flow visibility and financial planning.
Send Timely Reminders:
Don’t leave timely payments to chance. Schedule automated digital reminders before bills are due. These gentle nudges can significantly increase on-time payments. According to a study by Experian, timely reminders can boost payment rates by up to 15%, significantly improving your practice’s revenue cycle. Make sure your reminders offer multiple payment options within the message for maximum convenience.
Modernization Pays Off:
The benefits of streamlining your billing practices with tools like eIP go beyond simply reducing late payments.
- Improved Patient Experience: Streamlined methods and convenient payment options make paying bills painless, leading to happier and more satisfied patients who are more likely to return for future care.
- Efficiency Boost: Automate reminders and online payments, freeing up valuable staff time and resources that can be directed towards patient care and other priorities.
- Stable Cash Flow: Predictable and timely payments improve financial stability and planning, allowing your practice to invest in better equipment, staff training, and ultimately, enhanced patient care.
Ready to Make the Switch?
Upgrading your billing practices with advanced solutions is a win-win. Your patients get a convenient and secure way to pay, and your practice enjoys faster payments, improved efficiency, and happier patients. Take control of your revenue cycle and step into the digital age of healthcare billing! Embrace the future and ensure your practice thrives in the ever-evolving healthcare landscape.
