The potential benefits to your bottom line include lowering operating costs from electronic transactions, greater efficiency and productivity through automation, improved cash flow, greater collections and lower write-offs.
2. Visibility into Key Metrics
Today, healthcare provider management does not necessarily have access to reliable, near-real-time data on a granular level. Managers need visibility into higher-level metrics such as:
- What percent of your patients pay some or their entire amount due at point of service, web, phone, before/during/after meetings, etc.?
- What percent of what you bill for do you actually collect?
- What are your average receipts by service type, location, payment type?
Answers to these sorts of questions—or visibility into this data via reports and dashboards—can drive real performance improvements over time, in part because it allows for benchmarking.
3. Integration into Systems and Workflow
Providers must integrate payment processing into their health care systems, including clinical information systems, hospital information systems, patient accounting modules, enterprise resource planning systems and general ledgers. This means integrating payment processing into healthcare workflows so that your patients can pay at the point-of-service, by web, by mail, by phone, and via payment plans.
The key benefits of integrated payment processing include:
- Operational efficiencies like automated payment posting
- Improved financial performance via higher and quicker collections
- Better reporting
- Improved compliance resulting from the substitution of electronic transactions for paper