on Wednesday, January 20, 2016
Millennials (those born between 1982 and 2000) now make up 25% of the population. And they are telling practices loud and clear how they wish to be billed. Practices who haven’t adjusted their billing technology to meet these preferences will need to consider doing so sooner than later.
Millennials desire 24/7 instantaneous choices to manage their lives. As they become more accustomed to paying their own household bills, they are also learning to manage their finances. According to the Fiserv 2014 Household Study, 25% of millennials pay their bills late and 43% make emergency bill payments.
More than 50% ditch the paper for the technology.Think mobile payments, use of tablets, guest pay, emergency bill payments (note service fees don’t seem to be a stumbling block for consumers).
They want choices and lots of them. Multiple billing and payment methods have been shown to increase consumer satisfaction.
The takeaway? Bill patients the way they wish to be billed and pay their bills, and watch your practice A/R improve.