Industry Trends

07. 23. 21

The pandemic affected patients and providers alike. With new challenges and a change in patient expectations around the provider experience, it’s essential to position your practice to retain and attract patients in this new landscape.

Upgrade Your Digital Patient Payment Solutions

Healthcare providers learned many lessons from the rush to create digital customer experiences during the COVID-19 pandemic. One of the main insights was that customers expect seamless and convenient digital payment and communication solutions.

The Healthcare Payment Experience Report, a study on the impact of digital customer experience in 2020 and the source of the statistics in this post, reveals that 22% of extremely loyal patients would switch providers if they found superior digital services elsewhere.

Read an overview of how you can upgrade the patient experience with Rectangle Health’s infographic on improving patient experience through digital solutions, where we outline the challenges and the solutions for the rise of technology demands in the medical community. Learn more about the obstacles covered in the infographic with in-depth information on the benefits of digital patient payment solutions.

Technology can provide experience upgrades by allowing practices to implement these measures.

Create Payment Installment Plans

Medical debt is a significant barrier to patient healthcare and timely payment for medical providers. When a provider offers a payment plan, they empower patients to receive medical care and widen their pool of potential customers.

Studies show that two-thirds of patients actively desire payment plans. Despite this reality, only 44% of patients received a payment plan offer in 2020.

One major solution is to offer patients an income-based sliding rate. It is common to use the U.S. Federal Poverty Guidelines as a standard. Those beneath the poverty line receive the lowest fees, while those above the line are billed at incrementally higher costs based on their income.

Schedule Through Digital Communication

One of the main touchpoints where providers can upgrade their customer experience is scheduling. Our report on healthcare during the pandemic in 2020 notes that 35% of patients had difficulty scheduling appointments.

This fact reveals an opportunity for providers to retain patients. When clients have excellent scheduling experiences, they will likely associate the provider’s name with a unique level of convenience. Patients want simple, clear digital communication, with 56% opting for text messages and 68% selecting email as their preferred solution.

Provide Contactless Payment

The growing trend of patients using services like Apple Pay and Google Pay reveals that customers want contactless, digital payment. In the healthcare industry, more than 9% of patients had difficulty paying bills in 2020. Providers often lose revenue when users become frustrated and impatient with the system.

The healthcare community can recapture this revenue by tapping into the 43% of customers already willing to automate their payments for convenience. There is also a significant opportunity for in-house human resources staff to save time and money on accounts receivable by using contactless payments.

Offer Digital Processing

Patients want digital technology to update the traditional in-office experience. The option to fill out forms digitally would convert 58% of patients from one provider to another. When providers combine scheduling, contactless payments and installment plans, they create an experience that builds an affinity with the provider’s brand.

These methods of digital processing can increase the speed and efficiency of healthcare services for both patients and providers.

Get Convenient Digital Patient Payment Solutions From Rectangle Health

Rectangle Health offers a variety of automated patient payment solutions to upgrade your customer experience. Automated options, from contactless payment to online and mobile payments, provide the solutions your medical practice needs to thrive.

Limit the stress on your staff by reducing accounts receivable workloads and cutting down on payment turnaround times. Contact Rectangle Health to discuss our automated patient payment solutions today.

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