In this economic climate, financial stress weighs on both provider and patient. With about half of adults in the United States struggling to pay for their healthcare, patients and providers are looking for avenues to address financial responsibility alongside medical needs and treatments. Keeping up with the latest technological advances can be daunting, but there are solutions that offer viable options.
Managing payment systems with technology can deliver an affordable, secure solution to the practice’s revenue cycle concerns. Rectangle Health’s Practice Management Bridge solution lets practices focus more on excellent patient care – from reducing accounts receivable to relieving administrative burdens – so that they can have a healthy practice that produces healthy patients. Practice Management Bridge allows the office manager to communicate with the patient through customizable text messaging, the practice to offer contactless payment options, and the patient to utilize flexible payment plans that fit their financial needs. When it comes to improving the practice’s bottom line through patient satisfaction, having a thorough collection process can improve the overall payment transaction and return on investment.
Managing the practice’s revenue cycle is critical for an organization to thrive. Office management relies on technology to manage their day-to-day operations. Patients want to lean on technology to quickly get in and out of the office. When these systems break down or are disconnected, it can easily become a frustrating experience for both staff and patients.
How Can Having a System for Payment Processing Help Your Practice?
When thinking of practices’ payment processes, the immediate advantages relate to the financial benefits; however, there is also the office staff and the practice to consider. Practice Management Bridge helps form, maintain, and strengthen the patient’s relationship with the practice’s team. The practice retains these relationships through accessible and convenient communication options, upcoming appointment reminders, and personalized payment programs.
Simplifying the patient’s payment process through financial plans that fit within their budget helps them afford their care without penalty for missed payments. With nearly 100% approval rates, our patient financing program can set patients’ minds at ease regarding making payments that fit their socioeconomic status. Ultimately, user-friendly tools that address the patient’s needs give them the confidence to afford their health care and interact with the office manager free of fiscal embarrassment, strengthening the practice-patient relationship.
The office manager empowers the patient with modern, everyday communication tools like text messaging which sends patients appointment reminders, payment portal links, and even digital registration forms. Regarding the office manager, imagine the time saved and work reduced if patient reminder phone calls did not inundate them. Instead, they have the option to communicate with the patient through everyday, convenient means—their mobile phone.
How Will Having a System for Payment Management Improve Patient Collections?
Payment collection is challenging for healthcare providers to navigate. A news article recently reported that practices using manual collection methods (rather than text-to-pay or contactless payments) might result in lost revenue by reducing payments’ timeliness and increasing accounts receivable. When using outdated practices, human error is also a concern that may negatively affect the patient’s relationship with the provider and office manager. A simple transition from manual to digital can give the provider the satisfaction of knowing the margin of human error is minimized, front-of-office processes are more efficient, and the practice saves costs while improving their accounts receivables.
Payment options are vital to retaining patients, which includes the flexibility and security offered with Card on File –saving their cardholder information for convenient payments. According to a survey conducted by the US Bank of 1113 individuals, consumers are looking for digital payment options such as paying via an online portal, by text, or by mobile app. The survey also reported that 75% of patients expressed interest in flexible payment plans, which not all healthcare providers offer. Saving a patient’s payment method in the practice’s system is convenient for the office manager and patient, but there can be concerns over the data breach.
Healthcare solutions like Practice Management Bridge that include PCI-compliant storage for patient cardholder data extend additional protection to the patient, the provider, and the office manager. These added layers of security can encourage patients to save a card on file with the practice for billing purposes. Reassuring patients with a solution that demonstrates protecting their information is a top priority for the practice, further cultivating patient loyalty and satisfaction.
Let Rectangle Health Help You Get More Done
As a leader in healthcare technology solutions, we understand the friction points in your administrative processes that drain valuable time from each day. We’ve designed our innovative work and cash flow platform, Practice Management Bridge, with ease and efficiency in mind.
By modernizing and simplifying practice operations, our system saves your staff time while helping you achieve faster payments, higher revenues, and improved patient satisfaction. Contactless payments, Text-to-Pay, online payments, and Card on File (CoF) give patients the payment options they want while eliminating the need for issuing checks and paper statements. Other features include digital registration forms, customizable text messages, automated payment posting, streamlined workflows, and an effortless user experience for staff and patients.
Considering the patient’s preference for digital collection over manual methods, the provider can quickly provide that simple solution with Practice Management Bridge and add reassurance on affording care. With healthcare affordability concerns, our patient financing program makes care affordable for patients without any financial risk to practices. Practices receive their funding upfront while patients make installments to a trusted patient financing company, thus improving the patient-to-provider relationship and increasing the practice’s cash flow.