Paying for health services can be a frustrating process for patients. In fact, 65% of patients would consider switching healthcare providers for a better payment experience. As billing and payment technology continues to evolve, health service providers can provide patients with more solutions to complete transactions.
Patients can pay in person at their point of care, but they can also pay online or through mobile apps. Optimizing your payment collection process is important to improving your patients’ experience. The best ways to collect payments for health services are to:
- Offer multiple in-person payment methods
- Offer online payment options
- Clarify patient payment policies
- Update terminals and technology
Offer Multiple In-Person Payment Methods
The way patients pay has evolved beyond cash or check. Some patients may prefer to use a particular credit card, mobile wallets, or an HSA card. It’s important to be able to quickly and easily accept every kind of payment.
According to a statistic by Fundera, 80% of consumers prefer to pay with a debit or credit card instead of cash. Accepting many different payment methods can increase your cash flow as well as help retain and acquire new patients. Whether patients want to use an HSA card or a credit card, encouraging payment at the time of services can help you get paid faster. If you use online billing, an online payment gateway for patients streamlines the entire payment process. You won’t have to wait for a check to arrive in the mail.
Offer Online Payment Options
If you send traditional invoices through the mail, you may be stuck waiting for a check to arrive. But with online payment options, you can get paid much faster. Online payment gateways enable patients to pay a bill as soon as they receive it. You won’t have to wait and guess if a patient has received your invoice, decreasing the chances of late payments.
Integrated payment technology can also help track outstanding payments from one platform. You won’t need to log in to multiple tools to see your cash flow. This streamlined approach means you can manage payments from any device.
Clarify Payment Policies
Be clear with patients about your billing policies and train your staff on your payment collection process. A transparent collection policy will cut down on inconsistencies in billing. This will help your staff understand how to collect payment from both patients and insurance companies and how to respond should issues arise.
With a clear payment policy in place, you can discuss financial assistance before a visit if needed. You should also notify patients of your policy before their appointment so there are no surprises when it’s time to collect payment.
Replace Outdated Technology
If you use a countertop terminal to process payments, old terminals can slow down payment collection. Older countertop terminals are unable to integrate with other technology, making it harder to track and manage your payments. Integrated payment technology not only speeds up the process but also simplifies it.
With Stax, you can start an invoice on a virtual terminal and complete it at a physical terminal. This lowers your interchange costs for transactions. Furthermore, with mobile apps for both Android and iOS, you can track and manage payments no matter where you are.
Collecting payments for health services can be an efficient process with best practices in mind. Clearly stating your collection policies and using integrated technology speeds up the process, while accepting multiple forms of payment provides convenience. With the right tools, collecting payment can be a straightforward part of your patient’s visit.
At Stax, our platform streamlines the entire payment experience. You can create, send, and track invoices, and manage customer information. Plus, our technology integrates with existing hardware and software. You’ll have everything you need to manage your payments, all with transparent pricing.
Learn more about how Stax helps you effectively collect payments and improve your patients’ experience. Request a Custom Quote today.