Patient Financing: How to Create a Better Experience
Across the healthcare market, a primary issue among practice administrators is collecting payments on time. Many doctors fear that increasing collections will result in decreased patient satisfaction. However, by implementing convenient, updated billing and payment methods, healthcare professionals can truly have the best of both worlds. The StrongBox team explores the continuing problem of patient financing and discusses how to improve the overall payment experience for your patients while reducing your administrative headaches.
Why Has Patient Financing Become a Significant Concern?
Many of the payment issues emerging in the healthcare field are due to the rising costs of medical care. What’s more, is that many individuals are being forced to choose health plans with high out-of-pocket costs. In fact, the average out-of-pocket costs per patient has increased almost 230% over the last 12 years. Furthermore, deductibles have increased 67% since 2010. With these kinds of upsurges, is it any wonder that many patients can only pay a fraction of what they owe?
This is not the only reason that healthcare facilities have experienced a collective drop in patient payments. According to the Consumer Financial Protection Bureau, some individuals can afford their medical bills, but choose not to pay them. This occurred regardless of age, income, race, ethnicity, and credit score. In fact, approximately 50 million American have some form of medical debt. What is interesting, however, is that the average outstanding balance is only $200. This fact is illuminating; it shows that most patients fail to pay because of a processing issue, not the inability to pay.
What is the Solution?
If we take heed of the information above, we begin to understand the importance of modern bill-pay and patient financing options. As a whole healthcare facilities readily admit that their IT systems require an overhaul; unfortunately, many do not know where to start. To shed light on this topic, we must first ask ourselves, “What do patients want?”
If online shopping is any indication, consumers want a convenient, customized experience. How can we apply these same standards to patient financing? To do this, it is important to implement a seamless payment experience from the very first time they walk through your door. StrongBox can help you achieve this goal with our patient finance options and payment portal software.
How StrongBox Can Help
StrongBox’s patient payment portal gives individuals the ability to pay from any device, anytime, anywhere. Better yet, all payments are automatically tracked in your software program, so everyone is always up to date on how much is owed on a particular account. This lightens the administrative load and frees up more time to spend with patients. As a result, you can save time, cut costs, and receive patient payments faster.
To address the problem of rising healthcare costs, StrongBox offers a patient finance module. This allows patients to browse loan offers online, with no markup. Once they find a plan that works for them, they can apply without impacting their credit score. This is a win-win for healthcare providers and their patients. You collect the payment that is due to you, and your patients can receive the high-quality care they deserve.
Find Out More
If you are suffering the consequences of high-cost deductibles, find out what the StrongBox team can do for you. Call our Boca Raton, FL office at 855-468-7876 for more information, or schedule a free demo.