The year is 2021, the world is in the midst of the coronavirus pandemic and struggling to stay on top of everything being thrown their way. On top of this, the ever-changing healthcare landscape is in the middle of it all. Struggling to manage overflowing hospitals and waiting rooms, changing policies, vaccine roll-outs… so on and so forth. While dealing with this all, should clinics still be worrying
Accounts receivables are at an all time high. Providers are doing what they can to stay on top of their AR while still providing the best care they can to patients. The healthcare industry is constantly changing – how hospitals and health systems deal with these changes can make the difference for a healthy bottom line and ability to continue servicing the communities in which they exist.
Keep reading to learn more about what the medical field really looks like in terms of managing healthcare payments in this day and age:
Statistic #1: 28% of providers don’t know how much in patient collections they write off each year.
Do you know how much you write off in patient collections each year? If not, you should. Eliminating write-offs helps clinics become more profitable, encourages more time spent on actual patient care, and frees up budget space to take on more patients, increase marketing, and so much more. Providing your clinic with numerous different patient payment plans can help.
Statistic #2: 72% of providers claim patient payment financial responsibility and collections as their top healthcare revenue cycle management concern.
It shouldn’t be this hard. So many consumers are confused by their insurance, by what their responsibility will be, so on and so forth. Working to bridge these communication gaps can help your patients, your office, and your stress levels, as everyone is able to stay on the same page like a well oiled machine. Utilizing online payment platforms can bridge this communication gap by clearly explaining your cost, your insurance coverage, your responsibility… without the fear that the bill will get lost in the mail.
Statistic #3: 88% of providers rely on manual and paper-based transactions to collect payments.
It is 2021. Many consumers do not even own check books, nor do they carry cash with them consistently. Every other industry has adapted to new technology in this era, so why is technology so far behind? Providing contactless, digital payments offers a safer and better patient experience.
Statistic #4: 40% of providers fail to collect over $31,713 a year from patients.
What could you do with $31,713 per year? In some states, that could be an additional employee salary to increase your workload. It could help you take on numerous more patients, add new services and devices to your clinic. It’s worth it to explore your options for helping you better manage your revenue cycle.
Statistic #5: 66% of consumers will consider switching providers for a better healthcare payment experience.
It’s true. The statistics are even higher for Millennials and Generation Z patients. Patients care about what you have to offer, the ease of their experience, and whether or not they can make payments online.
BONUS Statistic: 65% of consumers prefer online payments for medical bills.
You’re probably seeing a trend here. On boarding a healthcare centric payment gateway can make your life easier, help medical clinics and hospitals become more efficient, profitable, and lower your AR time frames. Best Card Payments has been a trusted provider of healthcare payment processing for over 10 years.
See a graphic version of these statistics below:
If your clinic is struggling to keep up with the times or stay on top of your accounts receivable, we can help. Best Card’s mission is to help medical clinics and hospitals become more efficient, profitable, and lower their AR time frames. With one simple, healthcare-centric payment gateway, hospitals & clinics can now give their patients flexibility to manage their financial obligation anytime, anywhere. Contact Best Card today!