As the back-to-school season approaches, students, parents, and educators are busy preparing for the new academic year. However, this time of transition offers valuable lessons for healthcare organizations as well. Just as students organize their schedules and gather supplies for school, healthcare providers are faced with the challenge of streamlining operations and ensuring a smooth payment process for patients.
In the following sections, you’ll discover five actionable lessons – each paired with practical strategies – that healthcare organizations can implement immediately. Whether it’s offering multiple payment channels, moving towards paperless billing, or ensuring transparent communication of payment responsibilities, these insights will help you gear up for a successful and financially healthy year ahead.
Here are five “back-to-school” lessons healthcare organizations can learn to streamline payments:
1. Utilize Omnichannel Payment Options
Crayons, markers or colored pencils – students often have different coloring options when it comes to creating a masterpiece in art class or drawing a map for geography class. Healthcare patients and guarantors should have options to make payments, too. There is no “one-size-fits-all” payment channel that meets the needs of every person, therefore utilizing omnichannel payment methods at your organization is necessary to create a positive payment experience for all.
The popularity of online and mobile payment channels is growing as the majority of consumers prefer to pay medical bills through an online payment channel. However, not everyone will prefer to pay this way. The key is to offer patients multiple payment options so that all of your patients have the ability to pay their healthcare bills however they want.
Not only do omnichannel payment methods increase the likelihood that patients will pay, but they also can positively impact a healthcare organization’s revenue, brand awareness and patient satisfaction scores. Give consumers the options they want and let them decide how they want to pay.
2. Take Advantage of Digital Wallets
Just as guardians are often able to view their students’ grades and manage assignments in a school online portal, patients should also have opportunities to access a portal and manage their payments, such as saving payment information on file for future use. This is where digital wallets come in.
Instead of digging out a credit card and entering the lengthy account number and billing address every time a consumer wants to make a payment online, a digital wallet automatically populates the payment information at check-out, making the payment process faster and simpler. Patients are able to manage their payment preferences by storing multiple payment methods on file (credit card, HSA, bank account, etc.) and set up payment plans and automatic payments. Since payment information is saved, it’s much easier to make future payments.
3. Cut the Costs of Paper — Go Paperless!
Schools are embracing the transition from paper to paperless and are taking advantage of online and mobile communication methods. Parents are given the option to receive text message alerts, emails or use a phone hotline to communicate with teachers and staff. The days of homework handouts, mailed report cards, absence notes and take-home flyers are ending. Even as schools make digital progress, there’s still too much paper in healthcare.
It’s time to cut the expensive costs and burdens of using paper in the healthcare payments process. Tools such as eStatements, online patient portals and automatic payments are all simple paperless ways to improve efficiency for your staff and deliver a convenient consumer-friendly experience to your patients. If your office enables online payments, maximize your online payment potential.
Need help getting started? Here are five simple steps your organization can take to go paperless.
4. Schedule Automatic Payments
Where would students be without their agenda books? They allow students to manage their workload, outline due dates and stay on top of all upcoming assignments. Patients like to manage and stay on top of their healthcare payments, too.
Payment plans and automatic payments are a great way for patients and staff to be able to keep track of recurring healthcare payments. Automatic payments enable your staff to automate the collection process once a balance is identified in your system. Setting up automatic payments will cut costs for your organization by reducing print and mail costs and improve efficiency by eliminating the need for staff follow-ups on outstanding balances.
Patients don’t want to be late on payments, just as students don’t want to be late on assignments. Allow patients to stay on top of their payments and automate the process for a simpler, more convenient payment experience.
5. Be Prepared — Estimate Responsibility Beforehand
Back to school shopping lists are essential to preparing for the new school year ahead. They lay out everything you will need to buy before you even get to the store. Students and parents can determine where they need to go and can estimate approximately what they will be spending in order to get all the supplies needed for the school year.
No one likes surprises, especially when it comes to a bill. The same applies to healthcare, as most patients want to know their payment responsibility prior to a visit. Discussing payment options beforehand helps patients understand payment responsibility without any surprises or confusion. Anything you can do to set payment expectations, establish the validity of your estimates and build trust with your patients will help facilitate payment conversations, improve the consumer experience and help you get paid.
Plus, when you discuss payment responsibility early on, you have the ability to offer automated payment options that can increase collection processes and reduce the time it takes to get paid.
Class Is Now in Session: Go Ace Your Healthcare Payments Process!
In conclusion, just as a well-planned school day sets the tone for academic success, a streamlined payments process can set healthcare organizations on the path to financial clarity and improved patient satisfaction. By embracing multiple payment channels, automating routine processes, and preparing patients with clear, upfront expectations, healthcare providers can avoid unnecessary complications and ensure a smooth, efficient payment experience. Much like preparing for a new school year, taking these proactive steps today will make managing tomorrow’s challenges that much easier.