“Key trends in Healthcare Patient Payments” documenting trends in healthcare patient payments, focuses specifically on the ever-increasing need for providers to optimize their patient billing and collections processes. One of the many observations made in the report is the fact that “healthcare providers… are not providing the level or the sophistication of payments services that consumers expect.” -JP Morgan’s research report
This could not speak more succinctly about CareCap’s payment management solution than if we had written the report ourselves! CareCap was designed to help your business stay ahead of the curve by providing your patients with payment options. As the report points out, in this environment of increasing patient financial responsibility, payment options will be paramount to providers achieving “patient payment optimization.” Here are 3 key points from the report that indicate the need for a payment management system:
- According to the study, the responsibility to pay has largely shifted to the consumer, meaning their barriers to payment have only increased. Providers have the power to easily ameliorate the situation- they are simply lacking the right tools to do so.
“When asked why they would opt not to pay a medical bill, the survey respondents indicated that a lack of options for payment plans, poor timing of bills and difficulties coping with confusing statements or policies were major barriers to paying. Clearly, providers are in a position to lower many healthcare consumers’ barriers to paying. One approach would be to adopt new approaches to make payment more convenient and less confusing. A second approach would involve helping consumers distribute their healthcare costs over time.”
Payment plans, or even better, a comprehensive payment management solution is an easy way to alleviate a lot of the payment confusion and financial hardship consumers are facing today, without layering on any additional administrative burden for providers.
- There are gaps in the healthcare coverage that force people to pay out of pocket.There are gaps in the healthcare coverage that force people to pay out of pocket.With the rise of consumers paying for their healthcare out of pocket, the percentage of bad debt has risen significantly. A sick patient requires immediate care. Treatment can be expensive, and if the funds are unavailable, what options do they have? Oftentimes, they have no other choice than to turn down the care they are prescribed or go through with the treatment and incur large debts.As a provider, why not adopt a simple solution that allows more patients to accept the care you prescribe, affordably? And it doesn’t hurt that the same solution allows you to easily collect on any outstanding receivables you may be currently holding on to.
- Heavy reliance on paper-based payments is holding you back.Do the methods you are currently using to accept payments align with the online world we are living in? If the answer is no, you’re not alone.
“The healthcare industry as a whole still transacts with high volumes of paper checks, in spite of the fact that patients today require capabilities for web, phone, credit card and e-check payments, as well as payment plans… Hospitals and clinics have become like retail organizations, which need to provide their consumers with access to payment capabilities at point of service, via the web, through payment plans, and more.”
Getting paid is hard enough. Why not increase the number of methods your clients can use to pay you? After all, today’s consumer is used to having a multitude of payment options at their disposal. E-invoicing, for example, is a great way to bolster your menu of payment options, while catering to the expectations of today’s consumer. The simplicity of this functionality will keep staff happy, customers coming back and ultimately make you more money.
In short, consumers are paying more out of pocket for treatment. They want to pay their bills but are at a disadvantage when their only payment options are confusing or less-than-affordable. Are you capturing that business or is it waking out the door?
See how a current CareCap customer has achieved “payment processing optimization” here.