PracticeForces on the Benefits of Offering Digital Payment Options in Your Medical Practice
PracticeForces is a leader in innovative medical practice technologies and explains why digital payment options are a wise addition to any medical practice. Discover some of the main benefits of implementing these payment options in doctors’ offices and how they suit both the patient and the provider.
Digital Payments Are Fast and Convenient
Patients lead busy lives and are always on the go. The majority of modern-age patients prefer the most convenient option whenever possible so they can quickly return to their routines. For many, debit or credit card payments are far more convenient than paying with cash or a check.
Medical offices can take convenience to the next level by accepting payment directly from a patient's smartphone. Mobile wallets such as Samsung Pay, Apple Pay, and Google Pay allow them to complete their payment with the touch of a button. App-based bank transfers also offer convenience and guarantee payment since the money comes straight from the patient's bank account.
Lower Risk of Theft
Digital payment options are secure and protect all parties from theft. Online payment processors encrypt data so a patient's information is safe from cyber thieves. On the other hand, clinics aren’t guaranteed to receive payments through the mail since they could end up at the wrong address.
Reduces Unnecessary Operational Costs
A doctor's office wastes money on paper and printing supplies for every billing statement they mail to patients. Offering digital payment options reduces the need for these supplies and saves the practice supplemental costs. In addition, the clinic can benefit from reducing the labor involved with preparing and sending out paper bills, despite the industry's shift toward value-based payments.
Allows Recurring Payment Set-Ups
Online payments make revenue collection seamless during every patient's visit because many processors have a feature that allows recurring payments. Patients and providers don't have to worry about missing a payment this way because the system automatically has the information to transfer funds on a set schedule. This also helps medical practices improve their claims approval rates.
Improves the Patient Experience
Patients receive more satisfaction from their healthcare experience when their medical expenses are easy to manage. Offering digital payments or patient portals increases their trust in the system and gives them greater flexibility. When patients don't need to spend time on the phone talking to medical personnel or billing specialists, they have more freedom and are more likely to think favorably of a medical practice.
For more tips on how medical practices can minimize underpayments and improve their revenue collection processes with digital payment options, call PracticeForces. They offer strategic medical billing solutions. Contact PracticeForces at (727) 270-8511 to learn more about their services.
