5 Important Reasons to Try Online Patient Collections Today
Check out these five important benefits showing why online patient collections can be a smart move for medical practice owners and billing companies – for greater efficiencies, lower costs and a greatly improved cash flow.
1. Online collections streamline the patient payment process.
Now more than ever, patients are looking for a contactless, digital payment option that allows them to pay bills quickly and easily. Providing your patients with an e-payment platform streamlines their experience and allows your practice to collect payments through a secure system. Payers can receive billing information on their phone via text, and pay via credit card with a single click.
2. Online payments increase collection volume.
A digital billing platform reduces the probability of late or skipped payments. That’s because e-communications are much more reliable than old-fashioned snail mail. Kareo’s secure online dashboard lets medical providers store patient payment and insurance information in the EHR. Through this feature, patients can pay online without having to re-enter their credit card information. Staff can set up and send 1 automated text balance reminders and electronic statements to patients, verify clients’ insurance eligibility, and process claims.
3. Online billing reduces medical administrative costs.
By incorporating an online payment option into your practice, your team reduces time previously spent dealing with tedious paperwork, printing and mailing out statements, chasing down clients, or transferring accounts to collections. Online billing eliminates long lines of customers waiting to pay in the office.
4. Online patient communications are secure.
Kareo’s online platform was built with security in mind. To ensure that patients’ data is secure, Kareo’s payment terminals are designed with PCI compliance, industry certification, end-to-end encryption, and built-in fraud detection. Providers can rest easy knowing that patients’ information is well-protected.
5. E-billing improves patient engagement.
Patients say that they appreciate the convenience and ease of e-billing. They like getting timely updates. They are eager to avoid the hassle of finding an envelope or stamp to submit paper bills. Since many younger people rarely even check their snail mail, e-billing helps them stay on top of their affairs, and avoid embarrassing second notices or late charges. E-billing helps your staff, too. Providing an online payment option for patients keeps providers focused on healthcare. They can spend more quality time with patients, improving the clinical experience. Also, an e-system puts communication documentation at your staff’s fingertips, helping them to answer patient billing questions faster and more competently.
The Time to Take Action is NOW
Providing patients with a modern, digital checkout solution is quickly becoming a must-have for any medical practice. Not only does it give patients a seamless experience, but it also increases the revenue stream for medical offices by reducing the probability of missed or late payments. Online payment platforms reduce administrative costs by creating a central online location for billing and collections, saving your practice time and money. Kareo's Patient Collect Online Patient Payment Solution is a good place to start. The solution is an industry leader in e-billing and collections, offering the powerful and effective options for automating the entire billing cycle.
Ask your Kareo rep for more information or visit us here to find out how Kareo's patient collections solution could transform your medical practice or billing company.
FAQs About Online Patient Payments
What is an online medical billing system?
An online patient billing system is billing software used by healthcare providers to bill patients, verify patient insurance, store credit card information, process claims, and communicate with patients over email or text. It replaces traditional paper- and mail-based accounting processes with cutting edge automation. Kareo Billing Software is an example.
A: With an online payment system, patients receive an email or text with billing information. Most of the time, payers view the message on their mobile phone immediately after it is sent, trimming days off the cash flow cycle compared with snail-mail bills. A large percentage of patients pay their bill right away. That’s because it’s so easy to send money via credit card, ApplePay or GooglePay with a single click. If the payer wants, they can save their credit card information, making subsequent payments even faster and easier.
Q: How does medical e-billing work?
Q: What types of medical bills can be paid electronically?
A: Healthcare payments come in four forms:
- out-of-pocket remittances
- private health insurance
- government financing
- employment-based private group insurance
Online billing and payments are changing the way that all methods are handled, as automation replaces human data entry and administrative tasks through the workforce in general. It is now common for items (b) through (d) above to be automated, both for submissions and remittances. What is relatively new is the use of automating the billing and payment of out-of-pocket remittances, which typically involve individual patients themselves rather than large organizations.
Q: What are the benefits of online medical billing and payment?
A: E-billing offers myriad benefits to both medical practices and billing companies:
- Increased revenue
- Faster payments
- Fewer accounts sent to collections
- Decreased administrative tasks
- Streamlined cash flow
- Less paper-mail complications and delays
Q: What is the best time to collect payment from a patient?
A: The best time to collect payment from a patient is when they come in for their appointment. One of the benefits of e-payment is that patients can pay on their phone while they are at the reception desk, or even prepay before they arrive at the office.
Q: How can we learn more?
A: Ask your Kareo rep for more information about Kareo’s powerful e-billing and communications platform. Or click here for the latest on Kareo’s online payment options.