A recent Availity Research Study — The Impact of Consumerism on Provider Revenues — concludes that collecting from patients at or before the point of service is critical to good financial performance. TransFirst® offers customizable solutions for online and offline credit card processing that can be specifically tailored to meet your needs.
According to the study, managing the financial performance of a medical practice has become trickier than ever, due in large part to the emergence of consumerism, which it defines as a trend in which individuals are becoming more involved in, and responsible for, their healthcare purchases and decisions. In other words, consumerism is the evolution from “patient” to “patient-as-payer” that has resulted from the recent rapid growth of high-deductible health plans (HDHPs), which have lower premiums and higher deductibles than a traditional health plan.
The study states that patients are much more aware of their health care costs and, as a result, have become more selective in the providers they choose to see. “Not only does this dynamic drive increased competition among providers for patients, it also makes collecting from patients at or before the point of service critical to good financial performance,” says the study. “Why? Because the likelihood of collecting from patients after they leave the office drops dramatically.”
Although providers who participated in the study overwhelmingly agreed on the importance of obtaining patient payments at or before the point of service, only a fraction of those fees are being collected up front. Specifically:
- An average 90 percent of physician practices and facilities agreed that collecting patient financial responsibilities before the patient leaves the office is important to the health of their businesses.
- More than 85 percent of providers agreed that collecting from patients post-visit is a difficult task.
- Physician practices reported collecting from 59 percent of patients while they are in the office, representing 35% of fees due from patients.
Integrated and automated payment acceptance, like TransFirst’s online payment solutions, can simplify the process for medical practices and patients alike while improving practice efficiency by providing:
- Automatic posting of payments to the patient’s account
- Reduced manual processes and duplicate data entry
- Reduced costs through the elimination of dedicated phone lines associated with stand-alone terminals
- Insightful reporting capabilities that simplify patient payment management and reconciliation
- Elimination of time-consuming credit card processing phone calls
Patients appreciate integrated payment acceptance because they can pay their bills easily and efficiently in a private and safe environment, they have 24/7 access to their payment history, and they can take advantage of convenient multiple payment options that can fit into their budgets, including recurring payments.
Integrated payment processing streamline collections, helping practices improve cash flow, collect payments on time and reduce collection calls. And Transaction Express® — a payment gateway available only from TransFirst — is customizable and flexible enough to grow with your practice.
Let TransFirst help you improve patient satisfaction while increasing payment assurance and practice efficiency. Talk to one of our representatives today about our progressive payment solutions for the healthcare industry.