Make Collections process simpler With Automated Payment Plans.

Contactless patient payments are proving to be an attractive gateway to enhancing the way healthcare organizations provide care. Automated payments platforms can reduce administrative costs and manage a high balance simultaneously.  

Health care automation offers effective alternatives to billing and many other business processes.  

Is Automated Payments the Future of Healthcare Payment Processing? 

In a digitized world, the contactless payment revolution is underway.  

A recent poll showed that 50% of Americans would like to use a digital wallet for day-to-day purchases. Given these statistics, healthcare providers from hospitals to dental practices are getting on board the contactless payment train.  

As per the Tenth Annual Trends in Healthcare Payments Report: 

• 74% of providers say that it takes more than a month to collect a patient's balance.  
• 46% of respondents mailed three statements before the patient balance is sent to collections.  
• 78% of providers cannot collect a patient balance of $1,000+ in 30 days.  

Automation helps providers get paid faster with less time and effort and provides benefits to patients by making the payment experience easy and convenient.  

Why Use Automated Payments? 

Well, statistics have shown that automated payments increase sales productivity by 14.5%.  

Here are some reasons why one should opt for automated payments:  

• Payment automation is an integrated solution that allows companies to pay computerized invoices directly through an electronic payment system.  
• Automated accounts payable solutions simplify processes, eliminate human error, reduce costs, speed up invoice processing, and more.  
• Automated payments save time as they are processed instantly and automatically.  
• Accounts payable fraud detection is easy with an automated system.  
• Collecting patient co-payments and advances safely and efficiently through credit card transactions stay in the electronic health record to accept payment.  
• Digital payments are easy to track and share with a complete history of transactions. 

Best Practices for Automated Payments 

Easily integrate with PrognoCIS EHR (Electronic Health Record) to manage your practice’s medical billing.  

Our healthcare practice management system has a very robust tasking system. You can use filter-based search features to quickly find and assign claims to work on. Once claims are worked in the tasking module, feedback from the completed task can be found and filtered on the outstanding claim screen. Some automated tasking functions will assign claims to be worked after a specific date from claim sending.  

How Automated Healthcare Payment Solutions can help your Practice? 

Consumer expectations are molded by their experiences with other industries. They want simple, fast, and reliable digital interaction.  

Studies have shown that 75% of patients felt that billing methods need to improve.  

A cloud-based Practice Management solution allows for quick and easy billing management, which enables your practice to:  

• Quickly identify and confirm patient insurance benefit eligibility level and copay  
• Work with many different clearinghouses 
• Efficiently manage your accounting books  
• Easily reconcile patient accounting and insurance billing  
• Quick and easy online patient payments 
• EOB/ERA processing  
• Customized Statements  

Automated payment solutions assist your practice in:  

• Enhancing patient care 
• Increasing collections with low balances 
• Connect with patients anywhere, anytime 
• Saving time and increasing practice revenue 
• Establishing and customizing emails for payment reminders 

Automated Payments improve Patient Experience 

The modern consumer expects flexibility and convenience in paying for services, and that expectation now extends to healthcare. More organizations are adapting Automated Payment Technology.  

This technology when used in conjunction with digital tools like a patient portal, customized statements, or standalone products can prove to be beneficial for patients.  

A few ways Automated Payments Plan improves Patient Experience are:  

• Patients set up and manage their AutoPay agreements through the online portal, automatically adding new statements.  
• Payments are made automatically and on time.  
• Healthcare organizations must automate the collection of patient balances and deduct payments from the saved payment method as soon as a balance is due.  
• Help patients pay in full or draw up a payment plan.  
• Reporting tools track payments across your organization and channels and explain when payments are scheduled and when cards are set to expire.  

Key Takeaway 

By automating payment collection, healthcare organizations can minimize the potential friction of using contactless payments, thereby facilitating the use of this payment mechanism.  

Using PrognoCIS Practice Management and Medical Billing Services, your practice will benefit from the services provided by our experts.