The benefits and importance of getting online bill pay for medical practices and offices cannot be stressed enough, especially at a time when ecommerce is widespread. People of all ages have become largely used to the idea of taking care of many important financial transactions online, such as travel, banking and retail shopping. With such convenience at their fingertips, many people may also be given the choice to pay their medical bills online. A medical office that provides such a service is bound to please its customers and reap several other benefits at the same time. Here are some of the advantages of using an online payment system.
Online Medical Bill Collection Reduces Administrative Costs
Collecting payment from patients is a time-consuming process. Clients must be sent notices and reminders for payments. Sometimes there must be follow-ups over the telephone. There is a lot of paperwork involved and this can get in the way of the hospital or clinic’s larger mission to provide better lives to the maximum number of people possible. Making it easy for patients to pay their bills online will cut down on these administrative costs and help physicians to focus on their goals.
Online Payment Ensures Timely Payments
One of the biggest problems faced by medical offices is that of delayed payment of bills by patients. A large number of patients wait more than a month before they pay their medical dues. A 2011 survey by Intuit Health recently found that this is usually not due to the patients’ inability to pay. Instead, the results of the study suggest, it is because the patients usually face difficulties in figuring out their bills. For instance, a large number of patients interviewed said that they are often unsure of whether to pay their physician or insurance company when they receive their medical bills.
This entails further visits or phone calls before the payment is finally made, at great costs to the hospital or clinic. The physicians or clinics have to deal with the costs of sending multiple mails simply to collect a single bill.
This problem can be curbed to a great extent by enabling patients to clarify their bills via email and then pay their bills online, swiftly and securely. Emails would cut down the time taken for bills to be explained. Online payments will be quick and convenient for the patient, and ensure that the medical office receives its dues in time. The Sanford Health Online Bill Pay system, for instance, can help patients pay the bills online conveniently and at the click of a button, for any of the many medical offices under the purview of the parent health organization.
While the anxiety of healthcare costs is still prevalent among patients, many of them would still prefer to pay online. Researchers speculate that this may be because it gives them a greater sense of control over the process.
Online Payment Systems Facilitate Error-Free Collection
There is yet another benefit reaped by medical offices that offer online bill pay. For medical practices to be able to efficiently handle the large number of patient information that they must deal with, there are several efficient bill pay systems available. These systems give clinics the convenience of collecting payments from credit cards without having to swipe the cards or manually enter information. This can bring down errors and ensure efficient transactions.
Online Bill Pay for Medical Practices may also make the payment process even more seamless by doing away with login processes altogether after the first login. Patients that don’t have to remember and input their login information each time they pay their medical bills are more likely to pay their bills on time. The systems also offer competitive transaction rates. It must be ensured that to maximize the convenience for patients, most major credit cards should be accepted.
Helps to Keep Track of Incoming Funds
Besides collecting funds, another significant task is keeping track of incoming funds. Online payments systems help maintain records of transactions without a lot of time spent in manually entering the information into a database. Many online payment collection systems generate reports based on the transactions and provide other useful metrics. It is also possible to help patients file their insurance claims online, such as the way OU Medicine Bill Pay system does.
Combined with a good and efficient online communication system, a secure online bill pay system may be able to simplify the billing process, reduce overheads, keep medical offices organized, and ensure that payments are made in time.