Contactless checkout and digital billing methods are on the rise in the healthcare industry. The COVID-19 pandemic combined with growing healthcare consumerism has Americans searching for healthcare experiences that prioritize safety, convenience, and flexibility. Consumers have grown accustomed to digitized payment in other retail industries and expect a similar experience in healthcare. In fact, 56% of consumers would consider switching healthcare providers for a better payment experience. Features like mobile pay, auto-pay, and online patient portals are emerging in healthcare, and have been shown to enhance patient engagement along the financial journey. As healthcare providers know, a positive patient experience is crucial in maintaining patient retention and a strong bottom line. Here are three ways contactless checkout can benefit both patients and providers:
1. Save Time and Reduce Costs
By implementing contactless checkout, healthcare providers are able to streamline workflows and optimize their revenue cycle management. Paper billing and manual processing slows down productivity and reduces efficiency. 65% of patients reported that they would use a mobile application to pay for their healthcare costs, yet 86% of patients still receive paper bills from their provider. Additionally, reconciliation and manual AR leave room for human error, which can lead to revenue losses. Contactless payment options can reduce the administrative cost and burden of the RCM staff while optimizing the collections process. The implementation of a third-party patient financing program simplifies the management of patient payments by seamlessly integrating into the provider's system.
2. Increase Cash Flow
When consumers are given the flexibility to pay how and when they want, they are more likely to make payments on time, improving provider collections and cash flow. Manual collections and paper billing take much more time to process which slows accounts receivable. 83% of physician practices said slow payment of HDHP patients is their top collection challenge. Digital payments deliver funds within days, reducing AR days and eliminating the need for collection letters and phone calls. Utilizing a digital patient financing program with contactless checkout empowers patients to pay, which enhances provider revenue.
3. Improve the Patient Experience
In today's healthcare climate, consumers are seeking price transparency and simplicity regarding the financial side of care. Healthcare providers must prioritize the patient financial experience in order to maximize collections and patient satisfaction. 80% of patients prefer to pay for the accessibility and convenience of paying for care online. Solutions such as contactless checkout help patients manage their finances and take charge of their wellness, facilitating stronger patient-provider relationships. Transitioning to a technology-driven, easily accessible platform helps to re-engage patients in the payment process, improving their overall experience.
Healthcare organizations looking to improve the patient experience and increase revenue can benefit immensely by implementing a non-recourse patient financing program. BridgeMed allows providers to digitize patient collections, improve patient engagement, increase patient volume, and improve the overall patient experience to increase patient loyalty. Our program is easy and accessible with a digital patient portal and frictionless integration into the health system. To learn more about the benefits of BridgeMed, contact us at info@mybridgemed.com, or visit our website, www.mybridgemed.com
