Online payments are revolutionizing how hospitals and practices get paid.
While its clear that online payment processing allows medical practices and hospitals to get paid sooner, the benefits go much deeper. Online payments can positively impact your workflow, improve cash flow and support growth.
Instant payments mean instant notification.. and gratification
Online payments adds a level of automation. Not only are you notified right away of each transaction, but your patient is also immediately alerted that their payment was received. While this may seem routine, instant payment means an improvement in your cash flow. Since time is money, the sooner you get paid, the better you can manage your practice.
Fewer manual processes
When set-up, recurring payments can also keep cash flow consistent. Payments are automatically collected, drastically reducing the manual processes by your billing staff. This saves time, ensures maximum revenue on recurring payments, and reduces the risk of human error. No more forgetting to bill a patient.
Reduced set-up, training, and fees
An online payment takes the hassle out of set-up and training by employees. Once your online bill pay form is configured on your website, you can literally start collecting payments within minutes.
Greater revenue opportunities
An online payment form allows you to offer patients options when paying for their healthcare. This may mean that they will choose to have procedures sooner, rather than waiting until they meet their deductible. This additional cash flow can drive growth.
Patients are accustomed to paying online
As a consumer, paying by credit card online has become routine. Patients expect the same convenience from their healthcare provider as they already receive from others they do business with.
Greater flexibility to offer promotions and event registrations on your website
With online payments, your hospital or practice can offer specials on the fly. It’s another way that you can easily draw in more revenue and reduce workload.
Healthcare providers that are adopting online payments are seeing enhanced efficiencies, reduced costs and greater opportunities for revenue.
Ready to improve your cash flow in 2017?
Ask us about setting up online bill pay for your website.