As an eye care specialist, quality patient care is a top priority at your ophthalmology practice. Creating a positive patient experience at your healthcare center should involve flexible, efficient options for registering, scheduling appointments, and making payments. Patients want their healthcare payment experiences to mirror the ease and convenience of paying for things like retail products and travel (Adams, 2023).
Ophthalmology patient payment software lets you manage tasks like billing, booking, and communication in one intuitive platform. From patient billing and text-to-pay options to appointment reminders, various features can help simplify the payment process for your customers.
If you’re wondering how to choose the right payment software for your ophthalmology patients, below are some key benefits and features to look for.
Benefits of a Good Patient Payment Software
Medical payment software is expected to thrive substantially in the coming years. According to a report by Market Research Future (MRFR), digital payments in the healthcare industry are projected to hit $35.64 billion by 2030 with a compound annual growth rate (CAGR) of about 24.23% (GlobeNewswire, 2023).
With the ever-increasing digital demand in healthcare and many other industries, making your operations more efficient with technology is essential to keep up with the evolving market. Here are some advantages of an electronic payment process for your ophthalmology practice.
1. Lower operational costs
They may seem small at first, but the costs of mailing paper statements can quickly add up when you consider expenses like postage stamps and envelopes. Creating and printing individual statements is tedious and requires printer ink and toner costs, which can also snowball over time. Furthermore, physically storing paper copies of statements, bills, and other financial documents warrants time and space.
Endless rows of file cabinets can be expensive, and they take up considerable square footage. Locating a client’s individual file and payment information can be time-consuming, as well. When considering these collective factors, mailing statements, collecting and depositing checks, and storing physical documents warrant critical time, space, and money.
Ophthalmology payment software lets you digitally store patients’ payment information, retrieve data quickly, and avoid repeatedly searching for and charging cards. Employees don’t have to oversee physical paperwork, manually locate payments, or inquire about payments following appointments. Digitizing this process automates those time-consuming tasks to save time, space, and operational costs.
2. Increased revenue
Patients that pay for ophthalmology services out-of-pocket or have high-deductible health plans (HDHPs) may postpone their payments, especially if the process is inconvenient or complex (e.g., paying over the phone or via mail). Offering simpler, more flexible online payment methods can boost collection rates, ultimately increasing profits.
3. Improved patient experience and satisfaction
Patients desire a more digital and streamlined healthcare payment process. About 82% of consumers prefer to make all of their medical payments in one place. Additionally, 85% of consumers prefer electronic payment methods for their healthcare bills, despite many providers still sending out paper bills (Patel, 2021).
Whether digital reminders about bills or easy text-to-pay options, patients want flexibility and convenience when it comes to healthcare payments. Digitizing this process can help meet patients’ demands and expectations, boosting their overall satisfaction with your ophthalmology practice.
Electronic payments are more efficient for both patients and healthcare staff. Workers don’t have to manage payments manually, meaning fewer phone calls to make, letters to send out, and people waiting at the front desk to pay. Your team can get patients in and out more efficiently, devoting their attention to providing quality care rather than worrying about physical payments.
Patients will likely appreciate paying from the comfort of their homes instead of filling out loads of paperwork in the waiting room. They can provide all relevant details without feeling rushed, creating a more positive experience.
Ophthalmology Patient Payment Software from Rectangle Health
Choosing a patient payment software for your healthcare center is a critical process. You’ll want options that provide the most streamlined, user-friendly experience for customers.
Fortunately, Rectangle Health has the solutions your ophthalmology practice needs. We specialize in innovative healthcare technology solutions, including digital registration forms, appointment scheduling, and flexible payment options. Our Practice Management Bridge® solution makes it simple to access and manage payments from one dashboard.
Below are some key features our Practice Management Bridge® software offers.
1. Text-to-Pay
With Text-to-Pay, you can send patients a text message with a payment link and their balance due. They can pay quickly and easily from their mobile devices with a user-friendly checkout page.
Text-to-Pay allows you to collect outstanding balances with minimal time and effort. You can text patients individually or send bulk messages. It’s a convenient option for you, your team, and your patients.
2. Card on file
Card on file (CoF) provides a simple, secure patient payment method and an easy way for you to manage payments. Customers can place their preferred payment method on file in an encrypted electronic vault, meaning they don’t have to fill in their card details during future checkouts. Staff members can also place cards on file for patients during an office visit or over the phone.
3. Contactless capabilities
Our contactless payment solutions use near-field communication (NFC) and radio frequency identification (RFID) technology. They allow patients to pay by placing their card or mobile device against a card reader.
Secure contactless payment offers a convenient way to protect staff and patient health and safety. We accept all forms of contactless payments, including:
- Touch-to-pay cards.
- Digital wallets.
- Mobile wallet apps like Google Pay™, Apple Pay®, and Samsung Pay®.
4. Flexible payment plans
With our flexible automatic payment plans, you can work with patients to break up large balances into manageable payments. This also ensures a consistent cash flow for your business, so you don’t have to wait for a lump sum. You can set the minimum threshold for payment plans and automate weekly or monthly payment installments based on your preferred schedule.
5. Online payments
Our online payment technology lets patients pay at their convenience with a payment link to your ophthalmology practice’s website. Practice Management Bridge® works with your existing management system to make payments more accessible for patients and simpler for your practice to manage.
You’ll receive a custom URL to share with patients via text messages, emails, and statements. Your patients can easily navigate this intuitive platform to pay their balances.
With flexible online payment options at their fingertips, your patients are more likely to pay quickly. That way, you and your staff can skip the time and hassle of tracking down late payments.
Contact Rectangle Health to Learn More About our Automated Patient Payment Software
If you’re looking for ways to streamline your ophthalmology practice patient payments, turn to Rectangle Health for flexible online solutions. For more information about our ophthalmology patient payment software, schedule a demo today.
References
- Adams, K. (2023, May 15). Why Patients Are Demanding a More Digital Healthcare Payment Process. Retrieved from https://medcitynews.com/2023/05/digital-payment-consumerism-healthcare-bill/.
- GlobeNewswire (2023, March 16). Digital Payment in Healthcare Market Expected To Reach USD 35.64 Billion By 2030 – Report by Market Research Future (MRFR). Retrieved from https://www.globenewswire.com/en/news-release/2023/03/16/2628308/0/en/Digital-Payment-in-Healthcare-Market-Expected-To-Reach-USD-35-64-Billion-By-2030-Report-by-Market-Research-Future-MRFR.html.
- Patel, R. (2021, July 6). US Bank Survey: Consumers want digitized healthcare payments. Retrieved from https://www.insiderintelligence.com/content/us-bank-survey-consumers-want-digitized-healthcare-payments.
