Back to School: 5 Lessons Learned in Healthcare Payments

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.

Tagged Automatic Payment Collection, Digital Wallet, omnichannel payments, paperless

The Power of Payment Automation – A Customer Success Story

Increasing patient responsibility is becoming more prominent in healthcare than ever before. More patients are enrolling in high deductible health plans (HDHPs), which require patients to pay a minimum deductible amount before their health plans cover any portion of the cost. In 2010, 10 million consumers were enrolled in HDHPs. Less than a decade later, 75 million consumers are enrolled in HDHPs, a more than seven-fold increase.

The trend of increasing patient responsibility requires providers to rely on patients for a

Tagged Automatic Payment Collection, healthcare payments, InstaMed Auto Payment Collect, payment assurance

Your Patients Are Leaving – Innovation Can Make Them Stay and Pay

No one likes rejection; but, providers who can’t deliver the consumer-friendly experiences their patients expect are more likely to see their patient recruitment and retention suffer. According to a recent study from West, 74% of patients put off seeing their providers when they are not completely satisfied with their experience, and 88% of patients said they would switch providers if dissatisfied.

Why are patients dissatisfied with their healthcare experience? A lack of convenience and confidence in the healthcare payments process can

Tagged Automatic Payment Collection, online payments, P2PE, patient payments

The ABCs of Patient Payments: 4 Words to Add to Your Vocabulary

Earlier this month, many students brushed off their textbooks and headed back into the classroom for a new school year. Healthcare providers can take a cue from the academic calendar and use September to review their healthcare payments processes. This month, let’s focus more on the revenue cycle and talk about some terms that should be a part of your everyday patient payments vocabulary.

Omnichannel (adj.)

Def: A multichannel approach to payments that offers consumers a seamless experience whether they

Tagged Automatic Payment Collection, Digital Wallet, patient payments

3 Opportunities to Enhance Payment Security at Your Practice

Offering patients multiple ways to pay is the best way to engage patients in the payment process and maximize your patient payment collections. However, new payment options can lead to increased security risks if providers do not take the proper precautions. With data breaches threatening serious financial and reputational repercussions, providers should look for ways to enhance security and protect sensitive payment information.

Here are three opportunities to enhance payment security at your practice:

Point-of-Service

Many providers accept credit cards in the office

Tagged Automatic Payment Collection, EMV, healthcare payment security, P2PE, patient payments, payment plans, secure mobile healthcare payments

Finding Payment Assurance with Smart Big Data

Smart Big Data has the capability to transform the collection process in healthcare. By using Smart Big Data to trigger automated processes and real-time decisions at the staff level in daily operations, providers can collect patient payments efficiently, navigate the changes facing the healthcare industry – and ultimately, to thrive.

Finding Payment Assurance in the Healthcare Industry

When you stay at a hotel, are you able to check in without giving your payment card? Of course not. However, patients receive access to

Tagged Administrative Costs, Analytics, Automatic Payment Collection, Eligibility, increase collections, patient responsibility, smart big data

Blog Post Topic: Automatic Payment Collection