It's high time healthcare caught up with the digital revolution.
While most industries have embraced paperless billing, healthcare seems to be nostalgically clinging to snail mail. According to the 2021 Trends in Healthcare Payments Annual Report, a whopping 75% of providers are still stuck in the dark ages of paper and manual processes, even though patients clearly prefer the convenience of online bill payment.
Holding onto outdated billing methods is more than just old-fashioned; it's costing healthcare facilities a fortune. Manual transactions like printing bills and buying stamps are draining nearly $20 billion annually from healthcare budgets. That's 48% of what they spend!
Additionally, paper bills are slow to collect, often taking more than 30 days, and require more manpower for follow-ups and dispute resolutions. This not only hampers revenue collection but also racks up labor costs.
In this post, we'll explore how an online bill pay feature can revamp your revenue cycle, bring transparency to your operations, and enhance the customer experience.
Understanding and catering to the financial needs and preferences of healthcare consumers is vital. MEDTEAM Services achieves this by offering financial communications tailored to individual patients. Our behavioral analytics and targeted messaging ensure patients have payment options that suit their preferences—like the ability to bill online or set up a payment plan.
With paperless billing, you get real-time insights into patient experiences. MEDTEAM's online bill pay platform offers clear reports to track adoption rates, communication strategies, and payment details. Plus, eStatements provide patients with an easy snapshot of their accounts, accessible from anywhere.
To support the adoption of eStatements, it's crucial to keep patients informed. MEDTEAM's text notifications alert patients when their eStatements are ready each month.
An online billing history feature allows patients to easily access their financial records anytime, anywhere. MEDTEAM's platform provides archived statements and payment histories without the need for creating an account or remembering login details.
Online payments directly integrate with your patient accounting system for clearer financial insights. This convenience speeds up revenue flow back into the hospital.
MEDTEAM's online bill payment system offers a seamless, integrated portal for managing healthcare finances. Features like Quick Pay (allowing users to pay bills without entering a username and password) and self-service plans add to the convenience, letting patients handle their bills in a way that works for their budget.
To discover more about MEDTEAM's Digital Patient Experience solutions, email firstname.lastname@example.org.