Written by Andrew Neal on Oct 30, 2023
How to Best Address Online Payment Concerns
The effectiveness of a healthcare provider’s online payment process has a direct and proven impact on patient loyalty. Consumers who receive medical care expect the same choice, clarity, and security they find in other industries when making their healthcare payments. If they lose trust in their provider’s ability to process their payments, they’re more likely to seek care elsewhere.
When patients have concerns, it’s up to their chosen healthcare organization to listen and respond. Insights from Salucro’s 2023 Patient Payment Technology report reveal five ways that healthcare teams can begin to address online payment concerns amongst their patient audience.
1. Strengthen and Highlight Security Protocols to Bolster Trust
According to the report, 59% of respondents expressed concerns about security and data privacy in online medical payments. Trust in the security of their payment data heavily influences whether a patient chooses to engage with a payment platform – and a decrease in platform engagement can have a profound impact on the cost-to-collect and time a healthcare bill stays in accounts receivable.
Firewalls, encryption, two-factor authentication – most healthcare organizations already have these measures in place. The gap in trust lies in how well you communicate these safety protocols to your patients.
To amplify trust, the psychology of assurance plays an important role. Make the invisible visible. Periodic security audits can be useful for both internal reviews and communications materials to show your patients how seriously you take their privacy.
2. Prioritize Integrated Payment Solutions to Reduce Errors
Potential errors in payment were cited by 51% of survey respondents as a main concern for online payments. Systems that are not integrated are inefficient and are prone to causing confusion throughout the revenue cycle. Disconnected databases, multiple entry points, lack of a centralized review system – each of these contributes to the risk of payment errors.
Once a patient’s trust is broken, it is difficult to regain. Errors in payment processing can cause irreversible damage to patient trust. To go beyond simply debugging your payment system, the goal for every revenue cycle leader should be to create an error-free journey, from the moment a bill is generated to the point it gets paid. This involves cross-departmental coordination between your billing and IT teams to implement user-friendly interfaces and ensure that all instructions are easy to follow.
3. Educate Patients
Survey results from the Patient Payment Technology report show 30% of respondents find it challenging to understand the technology behind online medical payments. Providers are challenged with simplifying the online payment process within a complex healthcare system.
Deploying FAQs, tutorials, and 24/7 live chat can serve as educational touchpoints in the patient financial journey. It’s also an opportunity to simplify the technology, equipping patients with the knowledge to navigate it.
4. Consider Instant Payment Confirmations to Alleviate Patient Worry
Over a quarter of patients are still concerned about not receiving payment confirmation, a reminder that some providers are still figuring out the basics. A patient only knows that their payment was complete when they are assured with a confirmation message their payment was successful.
Going beyond the obvious, payment confirmations are more than automated emails and text messages. The details of that payment confirmation are a great opportunity to communicate important information and reassure the patient that their payment was successful. The message should articulate not just the ‘what’ but also the ‘why’ – what was paid, why it was paid, and what next steps the patient should anticipate. This extra step can have significant operational gains – fewer customer support queries and complaints, which in turn streamlines the efficiency of your revenue cycle.
5. Offer a Fall-Back Option for Physical Bills, Even Amidst a Digital-First Billing Strategy
While the world is going paperless, the latest Salucro report highlights that 22% of patients still value physical bills – one-fifth of the customer base who is expressing a need that is often neglected in the pursuit of digital transformation.
Incorporate diversity in payment options. Offering an opt-in service for print and mail healthcare statements can help to reduce the risk of delayed or missed payments among a material portion of your patient audience. A modern healthcare revenue cycle system includes a variety of payment and communication options that delivers first class service for its community.
Addressing Concerns in Patient Payments
Whether it’s the fear of a data breach or the unease about understanding technology, patients have valid concerns about online medical payments. The Patient Payment Technology report indicates that 59% of patients are concerned about security and data privacy and 51% are worried about potential errors in payments.
Healthcare organizations must keep patient data secure while helping to make patients feel their data is protected. Transparency around security protocols and leveraging investments in cybersecurity can all play an important role in a modern revenue cycle strategy. Create documentation, video content, or webinars to discuss how you are addressing these concerns. This helps to reassure patients their data is secure and positions your organization as a thought leader in healthcare security.
Download the 2023 Patient Payment Technology report for more trends and analysis.