Forget paper, portals, and call centers. Text messaging is the best way to reach patients and collect payments.Improve Patient Revenue
There is no application to download, no portal to log into, and no paper statement to reference; patients simply and securely receive text statements and make payments through a 1-Touch Payment button. The branded logo signifies the bill is coming from the patient’s healthcare provider, not a third-party company. Additionally, contact information within the CueSquared payment screen leverages existing call center infrastructure instead of replacing it.
Say goodbye to AR buckets of 30, 60, or 90 days. Because of the intuitive payment experience, revenue cycle teams collect approximately 80% of dollars within 14 days of the first text message, with day one payments accounting for 30% of dollars on average. Patients will quickly pay outstanding balances that are small copays, large bills, and even aging balances of 120 days+ that would typically go to collections from the moment they receive their first text message. All of this can be measured and tracked in our actionable payment dashboard.
By automating this first touch patient payment channel and reconciling outstanding balances within days, both printed paper statements and call center volume decreases. Additionally, patients with questions on their bills can easily contact the call center to settle bills with a live person or update their insurance information to properly adjudicate claims.
Is your revenue cycle team struggling to collect healthcare patient payments? If so, you may think that a lot of patients do not pay their bills because they do not want to or because they cannot afford to. Maybe your patients don’t have a patient portal login to make payment or they are asking “how do I access patient portal?”
Patients attempting to pay hospital bills face so much friction just to make payment. That is why it is critical to think carefully about how you can make the payment process easier for patients. This can go a long way toward increasing the amount of money hospitals, ERs, and practices select for each visit. Sometimes, all it takes is a simpler approach. Fortunately there are numerous healthcare payment solutions on the market to solve this problem, including CueSquared’s MobilePay.
Take a look at the list below, and remember to use an advanced solution that can make it as easy as possible for your patients to pay their bills. You may be surprised at how many people pay their bills on time when they are reminded that they have one outstanding.
It is true that there are lots of options available to create a better patient payment experience. Some of the potential options out there, include:
It’s critical to keep in mind that not every patient has a lot of experience working with technical applications or are digitally savvy. Therefore, they may get frustrated if there’s a system they cannot use. Or if there is unnecessary friction built into the steps from when a patient receives their bill to when they are able to make payment. Everything from having to log into a patient portal or find an account number tied to mailed paper statement can cause patients to not make payment.
This is one of the most common reasons why hospital and health systems are not able to collect on all of their payments. If the patient cannot figure out how to pay their bills, they are not going to go through a lot of effort to do so. There are even some hospital systems that are still sending bills using physical mail. If hospital systems are willing to put in a bit of effort, they may be able to make the process easier for their patients, increasing the percentage of bills that are paid on time.
One of the most common areas where patients get confused is a patient pay portal. Remember that not everyone spends all day sitting in front of a computer. It can be intimidating to take a look at a screen with lot of buttons and boxes when people are trying to pay their bills. As they evaluate patient payment solutions reviews, doctors and administrators need to make sure they put themselves in the shoes of a patient when they are trying to figure out what the best approach is.
Ideally, this is a payment approach that should have one-click button. That way, patients can pay their bills with a single click. They do not have to worry about remembering a set of credentials, and they do not have to worry about interpreting a bunch of other numbers on the screen. Then, hospitals may be able to collect on-time payments on a higher percentage of their bills.
Here is why it is important to take a look at healthcare payments companies: there are plenty of solutions available across the revenue cycle spectrum. Some companies want to own the entire revenue cycle process, some companies are based on legacy or outdated ways of doing business, and some companies are narrowly focused on solving specific aspects of the revenue cycle process. For example, a lot of organizations are still collecting payments over the phone. When someone has to read out 16 numbers, an expiration date, a zip code, and a security code, it is very easy to get a bunch of numbers mixed up. It can be frustrating for the department, the hospital, and the patient.
This is why it is important to take a look at other payment options. For example, hospital systems may have more success if they use an SMS messaging system to remind patients they have a bill to pay. The vast majority of people open all of their text messages, and this could be an easier way for patients to pay their bills. If they can do so with a single click of the mouse, hospital systems no longer have to worry about patients falling behind on their payments.
There are other situations where this process can be confusing for patients. But, it can also be confusing for revenue cycle teams. The health payments processing technology stack can sometimes feel opaque. What’s a payment processor? What’s a gateway? What is my banking merchant relationship? Do I have VAR sheets and other assorted ephemera. Just remember that the more steps there are, the easier it’ll be for patients and revenue cycle teams to get confused. And, the more likely it is that any new vendor will want to own as many pieces of the payment stack as they can. That’s not necessarily in the best interest of the hospital or health system’s interests.
One of the most popular ways to collect patient payments online is via the existing patient portal. Here’s just a few of the patient portals out there:
There are plenty of healthcare payments software options out there. Physician practices need to think carefully about what software program they use. For example, one of the most important things they have to keep in mind is security. There’s a lot of confidential information that is being passed around, particularly when it comes to payments related to medicine. In this manner, encryption is one of the most important factors everyone has to consider. That way, people do not worried about having their information stolen, and hospital systems can protect themselves against people who may be looking to steal confidential information.
Even though there are some programs that may be marketed as versatile, not every program is going to be compliant with HIPAA. This is why it is always better to use a program that has been specifically designed for the medical field. That way, practices can reduce their potential liability because they are using a program that is HIPAA compliant. Keep this in mind when trying to find the right healthcare payment software program.
Yes, Patientco is a legitimate patient payment option for companies. However, they were just acquired by Waystar, a large revenue cycle billing and management company. It’s anyone’s guess as to how that acquisition will impact their business. For now, patientco reviews are mostly positive.
That said, the payment experience looks like it needs work. When someone is trying to pay a bill using the Patientco system, they need to go to the Patientco login screen. Then, they need to log in using a set of credentials before they are able to pay their bills. This can be a lot for people to remember, particularly if they suffer from chronic medical problems. Some of these problems even impact their memory, which is why they may have a difficult time remembering these credentials. If they cannot remember the username and password they need to log in, then they will have a difficult time remembering how to get through this screen. This can make it nearly impossible for people to pay their bills.
This is why it is so important for hospital systems and physician practices to use a text messaging system, such as the one from CueSquared. This system is unique because patients do not have to remember a set of login credentials. They do not have to worry about remembering the username, and they do not have to worry about remembering a password. There’s no app to download, no patient portal to log into, and no need for a digital experience to be connected to a physical piece of paper. When they receive a message, there will be a link they can use to pay their bills. All they need to do is click on the link to be taken to the payment page. Because the process is so easy, hospital systems should see an increase in the percentage of bills paid on time.