How to Use Technology to Increase Patients Payments and Revenue
The purpose of technology is to make our lives more efficient and easier. When it comes to healthcare, it can help in a variety of ways like improving health outcomes and generating market share, but what about increasing patient payments?
If anything, technology is your best bet to increasing patient payments. It’s the quickest way for you to connect with healthcare consumers, the easiest route to get their attention and the simplest way to automate your processes. These are some of the ways we recommend using technology to help with your patient payments.
Before providers even meet with a patient, it’s ideal to collect their payment for their upcoming appointment. But much of the time, that isn’t the case. That’s when reminders come in handy through a digital health platform. Automatically, patients can get sent reminders to pay their bills through email, text, app notifications or by phone, all without your staff having to do any extra work.
And if you use PatientBond’s Patient Engagement Platform, we take it a step further with psychographic segmentation, which allows providers to segment patients based on the characteristics that motivate them to pay their bills. It allows your reminders to resonate more with patients so that they are motivated to pay their bills in full sooner.
Multiple Payment Options
Bill pay is much more sophisticated than it used to be and just like any other consumer-facing industry, patients should have the option to pay however they want. That begins with offering multiple payment options so that patients can choose their preferences.
At the minimum, allow patients to pay through your website, app or in-person. If they are in need of financial assistance, provide information on how that works and make the information readily available to find on the billing page of your website or app or on kiosks at your center. Payment plans are necessary when 73% of Americans agree that a $500 medical bill would negatively impact them.
When you’re willing to work with patients on their terms, they are more likely to pay their medical bills. Any payment is better than no payment at all.
PatientBond Insights Accelerator
In an ideal scenario, you’d love to understand your customers better, but that isn’t easy in healthcare. Fortunately, there are options out there like the PatientBond Insights Accelerator™. It allows you to use healthcare consumer data, including data that incorporates psychographics, to determine how to appeal to healthcare consumers in a variety of ways. One of those ways is to encourage patients to pay their bills and through our clients, we’ve been able to increase patient making payments by 61% thanks to our insights.
It doesn’t have to feel like pulling teeth to get patients to pay their bills. Let PatientBond help you today and contact us about utilizing the PatientBond Insights Accelerator™.