Bridge the Generational Divide With Online Payments
Is your dental clinic still clinging to paper billing? That payment method may be off-putting to younger customers, according to a Business.com article.
Gen Z-ers (born between 1996 and 2010) and millennials (born between 1982 and 2004) are “more likely to use technology and mobile devices to pay,” the article said.
Just as your medical services are offered with your patients in mind, your billing methods should also serve the needs of your patients. At StrongBox Solutions, we believe digital billing serves patients of all ages better. Those individuals benefit from our secure online servers. Your dental clinic benefits from a reduction in paperwork, higher payment compliance rates, and lower outstanding accounts receivable.
Generational Payment Habits
Author Kristen Gramigna highlighted generational trends for the Business.com article.
- Generation Z: This demographic will represent 40 percent of consumers by 2020. The young consumers are comfortable using technology for final transactions, including mobile payment apps. Gen Z-ers make up the largest group of mobile payment users.
- Millennials: Millennials are more likely than older consumers to use technology and mobile devices to pay. Around 90 percent of millennials own smartphones, and half of those individuals use their mobile devices to make purchases. Millennials tend to be wary of credit card use.
- Generation X: The vast majority (80 percent) of these consumers (who were born between 1965 and 1983) own smartphones. They are slightly less inclined to use mobile payments compared to millennials. Like millennials, they do use mobile payments and are more likely to heavily use credit cards.
- Baby boomers: Only 33 percent of baby boomers make payments using mobile devices.
How Can I Bridge the Generational Divide for Billing?
StrongBox’s Dental Revenue Cycle Management delivers what younger patients desire – convenience and flexibility to pay their bills online. We offer convenient installment plans, and our payment portal is accessible through smartphones or other online devices. Additional benefits of our online RCM include:
- The ability to originate payments (a feature not found with any of our competitors)
- An easy to use online interface
- Reduced or eliminated paper billing
- PCI-, HIPAA-, and PHI-compliant billing
- The ability for patients to schedule their payment plan
- Secure online storage of patient credit card information
- Reduce debt collections
- Printable receipts
- Collection for no-shows
- Reduced debt collections
- Increased revenues
Online solutions lower risks for your dental practice, from a collection standpoint. Our users often find that our online services result is higher patient satisfaction and higher patient retention.
Recurring payments may be attractive to busy millennials who are used to automatically drafted bills. If certain dental procedures are not covered by insurance, they may be postponed. Being able to create a flexible payment plan incentivizes your patients to schedule treatments they need. The results mean greater revenue for your dental practice and a thriving business.
Contact Our Office Today
Rather than sticking to a “That’s the way we’ve always done it” attitude, we encourage your business to explore what the real needs of your clients are. StrongBox has the tools and knowhow to allow for a seamless transition to online billing. To schedule a consultation with one of our knowledgeable staff members, contact our Boca Raton business online or call (855) 468-7876.