Importance of Accepting Electronic Payments

1. Importance of Accepting Electronic Payments in Healthcare Patient Payments Electronic payments are readily accepted in almost all industries. The total digital transaction value is expected to rise with a CAGR of 14.86% resulting in an estimated $3528 billion by 2027. But medical groups and healthcare practices have not yet wholly adopted electronic payment methods and are missing the potential benefits that digital payments can offer them. It is seen that only 29% of the patients receive medical bills. Healthcare practices that use traditional paper-based statements frustrate the patients and increase the chances of late payment. When the patients were asked about their preferences on receiving the medical bills and invoices, 58% of patients said they wanted e-statements and online payment options. Still, their healthcare providers fail to give them these facilities. Accepting electronic payments helps satisfy the patients and provides immense benefits to the healthcare business. Here are the top 3 reasons you should start accepting electronic payments. Streamline Workflow Healthcare practices are always short of time and cannot waste their precious time on ineffective processes. Yet the traditional billing and payment method is extremely inadequate. It includes printing bills, mailing statements to patients, and waiting for cheques from patients. The manual paper-based statements delay the process for providers and patients, resulting in inconvenience, which ultimately affects the bottom line. When providers offer online patient payment services, they receive payments faster, and patients don’t forget the payments. Implementing an electronic payment process streamlines the entire payment workflow. Providers can send statements via email or text. Patients can view the statements and pay bills online. Enhance Revenue Cycle Management Manual payment slows down the cash flow as the providers must wait for a minimum of 45 days after providing the healthcare service. These amounts keep piling up as accounts receivable in the accounting books. Upgrading the traditional billing practices will reduce the waiting period for providers as the statements are being sent electronically, and payments are made using digital technology. When the patients receive their bills quickly, and their payment method is simplified, there are fewer chances of delay in payments. Simplified Record Keeping Independent practices think that they have mastered manual medical billing processes. But it is an open ground to delays and errors.

2. Online patient payment solutions can create digital invoices, send the invoice via email, and receive online payments. This removes the need to manually track the patients who have been invoiced, patients who need extra communication, and patients who have made the payments. With digital payment methods, practices can centrally access all the patient invoices and get all the information on patient payments. It improves the overall efficiency and enhances the financial growth strategies. Conclusion Change is not easy for any healthcare provider. The switch to accepting electronic payments is worth making. Patients will positively accept the modern way of sending invoices and receiving payment. Providers can benefit from enhanced revenue cycle management, high efficiency, and accurate bookkeeping. AnodynePay provides a solution to accept online payments. We help providers to generate electronic statements and mail them to patients digitally. Providers can send payment reminders and also get a brief report on patients via our analytics tool. Visit https://www.anodynesimplepay.com/contact to know more.