While most of the business world has gone digital, opting for paperless, “eco-friendly” billing, the healthcare industry remains stuck in the era of snail mail.
As in recent years, the 2021 Trends in Healthcare Payments Annual Report found that these outdated billing practices represent a growing chasm between payers, providers, and the digital-first expectations of tech-savvy patients. In fact, researchers found that 75 percent of providers still reported using paper and manual processes for collections, despite most respondents expressing a preference for online bill payments.
The disconnect between patients and providers over paperless billing isn’t just quaint, it can have serious repercussions for a hospital’s bottom line. The labor and material that go into supporting these manual transactions—like stuffing envelopes and buying postage—cost healthcare facilities nearly $20 billion, or 48 percent of their existing spend, annually.
Furthermore, paper-based transactions take time and often require follow-up or dispute resolution, slowing down the revenue cycle and increasing labor costs. In 2021, nearly 70% of mailed patient bills took more than 30 days to collect.
More importantly, patient-centered billing practices are a vital component of the holistic healthcare experience, which, when working properly, should ensure that patients are happy and committed at every stage of the continuum.
That's what we're going to tackle in this post: how adopting online bill pay can speed up the revenue cycle, increase business operations transparency, and create a value-focused customer experience.
Healthcare consumers manage their financial obligations based on personal needs and preferences.
Your healthcare facility knowing what those needs and preferences are, and providing the appropriate payment options, gives patients the convenience and flexibility they expect.
MEDHOST takes this a step further, allowing your facility to implement financial communications tailored to individual consumers. Our behavioral analytics deliver laser-focused results through targeted messaging that enables patients to use payment methods that work for them.
Paperless billing solutions can help keep your finger on pulse with ongoing patient experience reporting.
The MEDHOST online bill pay platform provides easy-to-understand reports that help your facility monitor adoption rates, communication tactics, and payment details.
eStatements are a convenient way to give customers an anywhere-access snapshot of their account.
MEDHOST provides the option for eStatement enrollment during signup, allowing patients to set their preferred method of communication from day one.
Since eStatements might be new to your healthcare community, it’s crucial to have a way to notify patients when their statements are ready to view online each month.
MEDHOST allows patients to opt-in to text notifications that alert them when an eStatement has been generated.
Providing patients with a complete online billing history helps them break free of the filing cabinet and creates a secure place to access their financial history on the go.
Within the MEDHOST online bill pay platform, users can get access to archived statements and payment history using their patient-specific information, without having to create an account or keep track of login and password information.
Online payments can be automatically posted into your patient accounting system, giving you clarity into accounts receivables.
Moreover, when patients can easily access and pay their bills, revenue moves back into the hospital faster.
MEDHOST online bill payment allows patients to manage their healthcare financial obligations in one integrated, responsive portal. Our Quick Pay feature allows users to make pay bills without entering a username and password, while self-service payment plans will enable them to select recurring payments or set up a customized plan within the boundaries set by their provider.
To learn more about MEDHOST Digital Patient Experience solutions, please reach out to your Customer Success Executive or email email@example.com.