The Healthcare industry has made remarkable changes in transforming the way it communicates to its patients, and by communicating we mean discover alternative ways to receive payments for services rendered. According to recent statistics, nearly 68 percent of patients prefer to pay healthcare bills digital than manual. Some forms of digital can be in receiving their E-statement though their personal email account or log into the app to pay their bill. However, there is still 32 percent of patients that either prefers to pay in the house or do not understand their bill after they have received a service.
One of the biggest fear factors for providers is cost. Providers fear that this transition is costly and will not make the office more productive. According to the 2016 CAQH index report, each manual transaction cost providers and health plans approximately $3 more than each electronic transaction”. A practice can ensure their staff will save time and money from managing inhouse paper checks and deposits.
Providers must remember the patient experience is the ultimate category in sustaining and growing their practice. InstaMed2017 trend reported that 65% of consumers would consider switching healthcare providers for a better healthcare payments experience. Patients are reluctant to open paper checks and junk mail; therefore, they may be missing a provider’s actual health service bill. Adopting the simple process of switching from paper statements to E-statements provides an easier workflow for the Accounts Receivable department.
Lastly, a great reason to switch to digital E-statements is the benefit of providing a secure login for patients to make their payments online or with the convenience of a secured app. When providers are offering an electronic payment system they are saving their staff countless hours searching through documents, printing off statements, making trips back and forth from the bank and follow up calls to patients on receipt of their bill.
Practices must adhere the needs and wants of their patient to make it a satisfactory experience for everyone.