Healthcare providers have recently started putting more emphasis on patient collections. Almost 30% of the providers feel that the implementations on various ways of patient billing methods are not successful. But then there is another 58% that reported high satisfaction on their patient payment solutions, according to Data taken from Bank of America. Any sort of negligence regarding patient payment solutions can lead to varied issues in the whole Revenue Cycle of Healthcare providers. Sometimes, patients owe more out of pocket for medical services and this makes the healthcare providers retool their collection workflows. In such scenarios, to ensure patient collection workflows and maintain the revenue cycle, the providers have started to raise their concerns regarding complex payment solutions.
A patient’s financial responsibility comes on the shoulders of healthcare providers and when there is a loophole in payment methods, the providers also face problems.More patients with employer sponsored health insurance must meet a solution before more generous coverage of healthcare kicks in. At around 78% of healthcare providers trust Banks when it comes to Patient payment solutions. Whereas, 68% would feel more confident with the solutions provided by financial brands. Healthcare providers believe in Banks because of their regulated systems and proper understanding of RCM structure of their healthcare services. Banks do have a complex billing system but the chances of mistakes occurring is very less in case of experienced bank officials. Along with banks, providers also have started to invest in revenue cycle management technologies. These technologies can easily fulfill demands like text payment notifications and provide a seamless billing experience to patients as well as the providers. In the long run, Healthcare providers demand the Patient Payment Solutions to ensure patient privacy and HIPAA compliance along with data safety. The healthcare providers must have patient payment solutions that are fully integrated with their EHR (Electronic Health Records) system or revenue cycle software. It is mandatory for healthcare organizations to pay attention to payment methods because that is the only way of ensuring all round development of facilities.