Written by Andrew Neal on Aug 7, 2023
Debunking Myths About Online Payments in Healthcare
The era of convenience, speed, and security in healthcare payment transactions is here. Patients no longer feel obligated to navigate convoluted payment procedures, lengthy paper bills, or inconvenient office hours. Instead, they prefer to fulfill their financial responsibilities on their time, and online.
Digital payments and communications, despite their increasing adoption, are often misunderstood. Let’s debunk some of the most common myths that revenue cycle leaders may believe surrounding healthcare payment technology and a digital-first approach to payments.
Myth #1: My Patients May Not Be Tech-Savvy Enough for Online Healthcare Payments
While the learning curve for online healthcare payments technology can be a concern for some, today’s leading online payment systems are patient-friendly, and designed for simplicity and ease of use. According to a recent Salucro study, 93% of healthcare consumers expect technology to be used more and more for payments.
Healthcare revenue cycle processes that are built for the future include customized, personalized, and intuitive patient portals that allow people with even rudimentary experience with online or mobile applications to easily navigate and complete secure transactions.
Myth #2: Online Payments Aren’t as Secure as In-Person or Payments by Mail
Security and compliance should be a top priority for all modern consumers and the businesses they interact with. Healthcare financial technology vendors like Salucro undergo continuous audits to authenticate their security practices. Vendors adhere to strict standards like PCI DSS and HIPAA compliance.
Salucro has earned both PCI DSS Level 1 Service Provider and HITRUST CSF Certified status with its proven commitment to data security.
Myth #3: Online Payments are Too Costly to Process
In reality, inefficient revenue cycle tools and outdated systems can be much more costly to a healthcare provider’s bottom line. Efficient online payment systems can result in significant cost savings by reducing manual labor, lowering transaction costs, and improving the speed of payment collections, ultimately benefiting revenue cycle management efforts. One health system that partnered with Salucro saw a 102% increase in collection revenue and a 79% increase in patient payment transactions.
Myth #4: Online Payment Platforms Lack the Personalization Required for Them to Be Worth Implementing
Contrary to this myth, online payment systems can offer surprisingly high levels of personalization. From setting up automatic payments to choosing a payment plan that suits their needs best, patients have more control and customization options with online payments.
Positive billing and communication efforts can improve patient loyalty and make for a more efficient revenue cycle – ultimately saving your teams time and money. Patients are asking for accuracy, transparency, and efficiency from their providers.
Myth #5: Online Payments Complicate an Already Complex Billing Process
Technology sometimes has a way of solving one problem while introducing several more. But effective revenue cycle technology that works within your existing EHR workflow can simplify and automate the billing process for both patients and revenue cycle teams.
Healthcare is complex enough. Patient payments and billing don’t have to be with online bill pay solutions and payment integrations. With an integrated billing system, revenue cycle teams are able to work in a single application as opposed to jumping around between their EHR, payment application, and billing reconciliation software. Having payment and patient data married in one system allows for more efficient and accurate billing and coding.
The Reality of What Revenue Cycle Leaders Can Expect by Implementing Integrated Online Healthcare Payments
By optimizing online payment processes, healthcare providers can not only enhance their revenue cycle management but also improve the overall patient financial experience.
- Convenience: Patients can easily pay their bills online whenever and wherever it suits them, making the process less time-consuming and more patient-friendly.
- Security: Online payment platforms utilize advanced security measures to protect patient data, giving both patients and providers peace of mind while shifting part of the security burden revenue cycle leaders face on to qualified, third-party vendors.
- Speed: Digital transactions are processed almost instantly, allowing healthcare providers to improve their cash flow and reduce the days in accounts receivable.
- Cost-Effectiveness: By streamlining the billing process and reducing the need for manual intervention, digital payment solutions can result in significant cost savings for healthcare providers by helping to automate existing manual processes and free up your revenue cycle teams for more value-added, service-based activities.
- Transparency: Online payment platforms can provide detailed billing information and real-time updates at the click of a mouse, improving transparency and understanding for patients.
Patient payment solutions like Salucro’s can be integrated with existing healthcare IT systems, making the transition seamless and the system adaptive.