In an authored piece for HFM Magazine, InstaMed customer Kevin Pawl, enterprise senior director of patient access of Boston Children’s Hospital, shares his organization’s journey to a better healthcare payment experience following the adoption of a completely electronic payment system.
Read the full article, Boston Children’s Journey to a Better Healthcare Payment Experience, in HFM Magazine. Below is an excerpt from the article.
For Boston Children’s Hospital, the trends around healthcare payments could not be ignored. The hospital decided to implement a centralized billing system to consolidate billing throughout the organization. The rollout of this system meant that every point of interaction offered patients electronic options to make a payment, including credit and debit payment cards. Once the centralized billing system was in place, Boston Children’s saw an opportunity to introduce a cashless initiative by exclusively promoting the electronic payment options now consistently available to all patients. With this initiative, payment at the time of service increased 93 percent, from 44 percent to 85 percent. The hospital also was able to save the cost of printing and mailing paper statements, as well as staff time that had previously been spent on follow-up and payment processing.