4 reasons to consider automated patient payments
The proportion of practice revenue coming directly from patient payments is increasing dramatically.
With no sign of slowing, it’s essential for practices to develop strong, automated patient payment strategies to stay financially healthy.
Although patient payments comprise the fastest-growing slice of practice revenue, they also constitute the segment over which physicians historically have had the least control.
Going forward, practices will depend on understanding the patient revenue cycle and making it seamless and transparent for patients. When building a business case for patient payment solutions, practices should consider these four strategies:
Treat patient payments like claims
Few practices look at patient payments the same way they view insurance claims. As a result, there’s been little emphasis on standardization. Now is the time to standardize and automate patient payment processes, just as with insurance claims.
Track patient payments
Staff often need to go outside the practice management system and into another program in order to process patient payments. Those payments then must be reconciled through yet another system and posted back to the accounting system. Managing these multiple payment channels can cause a lag in reporting, which in turn delays the ability to track payments and make data-driven strategic decisions.