Patient-Friendly Billing is Possible

posted on Thursday, March 15, 2018

According to the recent findings from the 2017 Revenue Cycle Management Survey, by Black Book Market Research, there has never been a better time to help patients anticipate, plan, and track their financial obligations. Patients want to have more financing options and easier ways to make their payments.
As a result of a nearly $2,000 average increase in deductibles, and patient out-of-pocket costs rising to nearly $4,500, millions of dollars are going uncollected, causing medical practices and large health systems to lose money.
Medical billing and revenue cycle management companies are always looking to provide improved patient-friendly billing and payment technology that collects payments in a more automated way.  

Survey Highlights

  • In the first half of 2017 nearly 62 percent of medical bills were paid online.
  • 95 percent of consumers would pay online if the provider’s website had the option.
  • 71 percent of patients say mobile pay and billing alerts improved satisfaction.
  • Online payment with guest pay are popular among consumers.
  • 89 percent of healthcare administrators expect that healthcare payments will be made on phones and mobile devices by late 2018; yet only 20 percent are currently ready for electronic payments other than checks, cash or credit/debit cards.

Practices should be looking for innovative technology that engages patients in the payment process, provides flexibility in payment plans and shows patients a more transparent billing system.

Learn more about how POS Patient Payment Services can save you time and help you collect more of your money.