Everyday consumers receive bills and invoices with the expectation that they will be clear and provide convenient payment options.
For the healthcare industry, this means, no more confusing statements with perforated attachments and non-secure methods of collecting payments. According to the Instamed 2017 Annual report, 70% of customers report that they are confused by their medical bills. Even further, this same study revealed that 65% of patients would consider switching providers for a better payment experience.
Fortunately, redesigning a statement, using the right formatting, messaging and directives can do wonders in helping practices reduce time in accounts receivables and providing patients a convenient payment experience.
Use Design for Clarity
Sometimes all it takes is some design elements to help organize information in a way that consumers see more clearly. The design of a paper statement is critical in how the patient processes the information when they see it. Making sure the account balance is bold, highlighted and obvious is a suggested practice. Also adding a providers logo and branding can help patients easily remember and identify the source of the statement as well as establish trust in the brand.
Many statements go way overboard with information regarding HIPAA and insurance benefits, leaving patients overwhelmed and confused with what they are reading. Including one section with basic info for payment options and contact information is plenty to get the patient paid up. If they have additional questions they can use the contact info provided. This strategy allows the patient to stay focused on paying the bill.
Remove the Payment Coupon
The legal days putting your cc# on a form and putting it in the mail are long gone, yet billing companies are still producing statements with perforated coupons attached. Not only is mailing a loose credit card number a high risk for fraud, mailing documents increases turnaround time, not to mention increased costs for envelopes and stamps. In today’s world of online payments it only makes sense to do away with all the alternatives to direct patients where they want to pay anyways, online.
Drive Patients to Pay Online
Pay Your Bill Online! Make it clear, make it colorful and provide an easy to remember URL that drives patients to an online payment portal. Having an online payment option provides convenience and ease that patients desire. Data shows that more than 80% of consumers pay their household bills online. Similarly, more than half of consumers prefer to pay their medical bills through an online payment platform. It’s definitely time for healthcare providers to make the switch.
A clickable link to the patient portal within the e-statement would allow patients to pay bills at their convenience. Giving patients tools and resources puts them in control and improves the patient experience. Possible resources that can be incorporated in the patient portal and online payment option include: automatic payment plans, digital wallet and access to 24/7 payment history.
Learn More About PaymentCare Patient Statements
PaymentCare Patient Statements are customize-able to the practice. Used in conjunction with the PaymentCare Patient Portal they include a URL directing patients to the online portal, providing them with tools and resources to pay bills, get balances and set up payment plans.
By utilizing PaymentCare and combining and offering solutions- including automatic payment collection, patient portals and various payment options- practices are able to maximize collections and decrease costs. For more information, contact us to find out why PaymentCare would be a great addition to your practice.