StrongBox Delivers Self-Pay Options for Consumers
If your medical practice is only focused on insured patients, you may be missing out on a significant revenue stream. Self-paying consumers seek healthcare services but choose to pay out-of-pocket, either because they are unable to use their insurance’s high deductible policy or because they simply lack health insurance. Nearly 30 million Americans lack health insurance, according to the United States Census Bureau.
A 2018 article in Becker’s Hospital Review reported on data compiled from the credit and information management company TransUnion. The article noted that 80 percent of hospitals’ self-pay revenue comes from a small number of uninsured patients.
If your company has fallen behind in providing convenient payment tools for self-pay consumers, StrongBox can help. Our Mobile solution & Payment Portal are an innovative and easy to use online, digital payment convenience options integrated with the StrongBox cloud-based platform that self-paying patients can access from any online device, 24/7, 365 days a year.
Findings from the TransUnion Report
The TransUnion data is important for hospitals and healthcare providers to note because the uninsured populations and remaining balances after insurance is accounted for have increased in recent years, the article said.
“The number of working-age uninsured Americans grew by an estimated 4 million since March 2017,” the article said, citing a survey released in May 2018.
TransUnion data found that remaining balances after insurance was accounted for rose 8 percent in 2012 to 12.2 percent in 2017. Hospitals are focusing on cost control measures, a TransUnion spokesperson said, but they are missing an important part of the picture: an optimized revenue cycle which ensures earned revenue becomes paid revenue.
Let StrongBox Help You Serve Self-Pay Consumers Better
StrongBox is an online digital payment Platform as a Service (PaaS) that is uniquely suited to service self-pay consumers. Once your medical practice is integrated with our online solutions, your self-paying patients can access our Mobile & Payment Portal at any time. From there, the patient can pay the outstanding balance in full through our fully secure credit or debit card payment option.
Patients can also store their payment information via our Payment Portal. Because this sensitive information is securely stored in the Amazon Wed Services cloud and servers in a HIPPA and PCI compliant manner, your medical business will not have to worry about their information being compromised. Patients can set up monthly drafts using our easy to use payment automation options.
If your self-paying consumers prefer to finance their payments, we offer two financing options, Select and Pro, that are accessible at your office or from any online device. The application takes less than five minutes to complete. Self-paying patients who use our online financing options benefit from:
- No hidden markups
- Fixed-rate loans
- No impact on credit score
- Access to top-tier lenders
- No interest hikes for late payments
- Fast response from lenders
- Hassle-free payments
- Set monthly payments
TransUnion Healthcare president Dave Wojczynski recommends that hospitals look at their current approach and determine which patients or accounts are most likely to result in full reimbursement.
“Determining which patients or accounts may present the best opportunities for payment is just one way a healthcare provider can increase their chances of maximizing reimbursements for services rendered,” he said.
As part of that approach, StrongBox’s Mobile & Payment Portal and convenient online financing should be integrated into your medical clinic’s self-pay options. As health insurance costs and other factors push a growing number of healthcare consumers to self-pay for treatments, StrongBox’s online solutions can ensure that this growing part of the patient population has the resources they need to make timely payments.
Contact StrongBox in Boca Raton, FL Today
We’re here to answer any questions you may have and to provide details on how your practice can improve earnings, profitability, and efficiency. You can reach a member of our team by contacting us online or calling (855) 468-7876.