Many medical practices and medical billing companies still use paper bills for invoicing their patients as well as sending medical claims to insurances. According to the Medical Group Management Association (MGMA), the average practice has to send out more than three paper bills before receiving any payment, and the average number of paper forms required to receive compensation for services provided is increasing. However, as more and more healthcare consumers started using the Internet to manage their finances, it is the time for medical practices to adopt an online bill payment system to improve their returns. Not only does this system make the payment procedure fast, but also helps physicians to manage their accounts easily with online billing software. Lets take a detailed look into how online billing benefits medical practices.
Enhance Patient Experience
A 2013 study conducted by Billtrust revealed that more than 60 percent of Americans prefer to receive their bills and statements exclusively through electronic channels or a combination of physical and electronic channels. People find the online system more convenient to pay bills quickly. Even if the paper bill is completely clear and comprehensible, people often put it aside to revisit another time and may be paid after that. Moreover, paper bills come in different envelopes in different days which create resentment among patients and in the end practices wont get paid promptly. On the other hand, when people see bills in their e-mail, they pay their providers more quickly as it is quite convenient for them to send than by post. Online payment service also enables patients to see all the associated charges at the same place.
Cut Cost and Time
As there is no need to use envelopes and pay postal charges, the time and money required to produce online bills is very less compared to paper bills. According to PatientPay, Inc, online billing service can reduce the time and cost to issue a bill for $100 by about 50 percent. There is no need to send out costly follow-up statements that seek payment, which again brings major cost savings. This also enables practices to adopt more strategic or customer-facing tasks and avoid engaging in time-consuming and error-prone processes.
Improve Patient Collection
As per a recent report in The Oregonian thousands of healthcare consumers who have signed for the states exchange program have not paid their premiums. ACA allows individuals to make good on premium payments till 90 days before losing their coverage so that healthcare providers offering care for patients will know that these patients dont have coverage. Though insurers increase their deductibles and keep their monthly payment more affordable to manage the costs, many individuals will have huge out-of-pocket burden while visiting a doctor or a hospital. So, medical practices may not receive payment promptly. By providing electronic payment solutions that process all forms of payment (check, debit and HSA cards) and accept online payment, medical practices can avoid this issue and improve patient collections.
Manage Accounts Easily
Online billing and payment system eliminates the need to reconcile accounts manually. Medical practices can access all the data regarding online payment easily with the help of reliable billing software and manage it very easily. With all that information, the software can generate Superbills to submit the billed information to insurers.