StrongBox Medical Patient Payment Portal: Get Paid Faster
In today’s economy, several medical practice owners are worried about their patients’ ability to pay for services. This is a reasonable concern. After all, in order for your practice to meet its full potential, you must hone your revenue cycle management so that claims, billing, and payments are being processed in a timely manner. Today, our team at StrongBox will discuss how our medical patient payment portal can provide more convenience for your patients and increase your revenue in the process.
Patient Payments: A Significant Challenge
Out-of-pocket costs and insurance deductibles continue to rise. As a result, more and more patients are finding necessary medical care unaffordable. There are a number of other issues that also contribute to this problem as well, including:
- Inadequate billing procedures
- Insufficient billing automation
- Lack of price transparency
- Astronomically high medical bills
As a result of the challenges listed above, medical practices are finding it more difficult to collect patient financial responsibility.
What Is Medical Patient Payment Portal?
At StrongBox, our medical patient payment portal is a response to these billing problems. Rather than pay in person, your patients can use our innovative online system to pay from any device, anywhere, at any time of the day or night. Best of all, this software is fully integrated with our revenue cycle management software so that you can track all payments in real time. Now that the majority of healthcare patients are utilizing some form of online payments, most individuals find this option convenient, fast, and easy to use.
Reasons to Offer Online Payments
Though many medical practices are still primarily accepting payments in-office at the time of services rendered, there are many advantages to making online payments an option. For example, our medical patient payment portal helps to:
- Increase cashflow: Billions of dollars are written off in medical practices every year. Why? Bad debt. Allowing individuals to pay online will help you collect more and reduce bad debt expense.
- Reduce administrative costs: Paper billing, follow-up phone calls, and more can add up quickly. Our medical patient payment portal eliminates the need for paper billing and saves money on supplies. It also frees up time for more productive tasks.
- Accelerate payments: Our patient payment portal helps reduce your days in A/R, because patients can pay online immediately after receiving their statements.
- Improve patient satisfaction: According to a study conducted in 2017, over half of all bills are now paid online. Our medical patient payment portal gives your patients the freedom to pay their due amounts at a time that is most convenient for them.
- Increase workflow efficiency: Because our patient payment portal is fully compatible with our revenue cycle management program, your staff will be able to work much more efficiently. As a result, you will work less and get paid more.
Benefits of Patient Payment Portal
Our medical patient payment portal offers a number of advantages. First, we adhere to the highest security standard. Therefore, your patients’ sensitive information will be protected under our HIPAA and PCI-certified software. Additionally, patients will be able to pay their bills on the go, via their computers, tablets, or smartphones.
Of course, the benefits don’t end with your patients. As a practice owner, you will enjoy:
- Reduced overall costs
- Faster payments
- Reduced days in accounts receivable
- Stronger rapport with your patients
Contact StrongBox Today
If you are looking for ways to maximize your medical practice’s efficiency and productivity, StrongBox’s medical patient payment portal could be a solution. Contact us anytime for a free demo, or call our Boca Raton, FL office at (855) 468-7876.