Managing billing and payments is easily one of the most burdensome tasks for healthcare providers. Historically, handling patient billing and payments has primarily involved manual invoicing and data entry. However, when you integrate payments with EMR (electronic medical records) and EHR (electronic health record) software, payment processes become more modernized, seamless, and secure.
Most other industries have already adopted more seamless, modern payment processes, but many providers in healthcare are lagging behind. Find out why integrating payments with EHR or EMR software can be such a beneficial change for both providers and patients.
Why EMR and EHR Payment Integration?
Better Collection Rates
Without question, traditional medical billing practices can be time-consuming. Providers are responsible for mailing invoices. Patients then have to go to an online portal to submit a payment or mail a payment to the provider. To complicate matters further, medical bills are not always paid in full, which means tracking account standings over time is an added responsibility for the provider. When you integrate payments with EMR and EHR, billing becomes a more automated process. Therefore, time spent creating invoices, collecting payments, and auditing accounts is reduced.
More Reliable Patient Payments
When payment systems are separate from EMR/EHRs, patient payment processes can be more tedious and less reliable for both the patient and the provider staff. For example, a patient may get an invoice that does not clearly show a breakdown of the charges paired with the services offered. Over half of patients are confused by the medical bills they get from providers. This can lead to disregarded bills or slow patient payments. An integrated payment system negates these kinds of issues. Further, payments can take longer than necessary to process because working with different payment processes and protocols can mean it takes longer for funds to settle.
Save Time and Resources
Tying patient records with patient payments automates many aspects of account management. In-office staff no longer have to manually input data harvested from hard-copy invoices. Therefore, the staff can allocate their time to other practice responsibilities. Further, objectives like account reconciliation and account reports are more streamlined and accurate. Because there is less manual input required, there is also less of a chance of human error with patient payment accounts.
Improve Compliance and Reduce Risk
A disintegrated, outdated system for patient payments can generate unnecessary compliance risks. Relying on multiple systems for maintaining patient records and processing payments may even pose risks in terms of security. In the first half of 2021, there were over 19 million patient records exposed due to healthcare data breaches. A more cohesive approach with payment integration can help lower these risks.
Accept More Types of Payments
When you integrate payments with EMR, patient online payments become more simplified. Patients don’t just gain a greater insight into what they are paying for, they also have access to more payment options. For example, the practice may gain the ability to accept electronic ACH (Automated Clearing House) payments. Annually, the ACH Network handles more than 20 billion payment processing transactions. ACH is reliable and can reduce credit card processing fees and make it possible for customers to set up automated payments.
Improve Patient Experience and Satisfaction
While payment integration benefits the provider on many levels, patients also benefit from the transition. Research indicates that 93 percent of customers in healthcare may opt to switch providers if they have a negative billing experience. This high number goes to show how important it is to have the best electronic healthcare payment solution. Integrating EMR/EHR with online payments is a step toward making sure patients are overall satisfied with your services.
Set Up Patient Online Payments with PrognoCIS EHR
Are you a healthcare provider who is ready to see more seamless patient payments? PrognoCIS works directly with Integrity to ensure your practice has a modernized online payment solution. Find out more about integrated payments for EHR software from PrognoCIS.