Major Pain Points in Healthcare Practice Management
If you had to make a list of some of the major pain points that come along with running a healthcare practice, revenue management would undoubtedly be right at the top. Especially if you’re a specialty practice providing potentially life-saving care to a patient, you can’t necessarily delay your services just because someone is historically slow to pay their bill. But at the same time, the process itself is often much longer than it needs to be.
- Invoices need to be generated and sent out.
- Those payments need to be sent in the mail.
- The practice's financial books need to be reconciled. The list goes on and on.
Delays in an already convoluted process are one of the reasons why a high claim denial rate can reduce a medical practice’s revenue by up to 10% according to some studies.
Thankfully, accepting online patient payments—especially through Electronic Health Record Software—can relieve the majority of this burden in an instant. This is true for a host of different reasons, all of which are worth a closer look.
What is Online Patient Payment?
As the term implies, online patient payment is a way for healthcare organizations to collect payments for services rendered to patients electronically.
Patients can submit timely and accurate payments via credit cards (or any other form they feel comfortable with) from their own homes if they want to. Everything is handled electronically, which helps generate revenue for the practice as quickly as possible.
Keep in mind that according to one recent study, as many as 67% of people say they actually prefer online payments for all their medical bills.
Online Patient Payments within PrognoCIS EHR:
- Collect patient co-pays and advances securely and efficiently via credit card transactions – stay inside the Electronic health record to accept payment
- Patients can easily and quickly pay for their medical fees conveniently from the comfort of their homes
- Data is entered directly into the PrognoCIS practice management system; prevents messy, time-consuming reconciliations and costly errors
- Very competitive rates
For current PrognoCIS members, our representatives are waiting to take your call to sign your practice up for online credit card payments. Read Payment with Integrity Case-study
How Online Patient Payment Solution Benefits Medical Providers
When you consider how patient payment solutions overlap with the larger healthcare revenue cycle, it becomes clear that these tools benefit medical providers in a wide range of different ways. These opportunities for continuous improvement include but are not limited to ones like the following.
Convenience for Patients
One of the biggest benefits of online patient payment portals to medical providers is that they're a far more convenient process for everyone involved. By offering a straightforward, hassle-free way for people to pay their bills, they're more likely to do so. This means less administrative headache for providers and a faster, more reliable revenue stream as well.
Operational Efficiency
This segues into the second-biggest benefit of online patient payments for providers - it helps improve operational efficiency across the board. When you integrate payment solutions into your existing EHR software, for example, it helps reduce administrative burdens and helps to significantly simplify the billing process.
Improved Cash Flow
When you create a faster and more convenient way for people to make payments, they're more likely to take you up on it. This leads to faster payments after invoices have been generated, which can easily lead to better cash flow management for a practice. This also helps to reduce the amount of days certain invoices spend in accounts receivable as well. Especially during a time when more than 30% of patients leave a medical practice without paying anything, this is obviously a potential problem that you want to get ahead of in any way that you can.
Security Compliance
Another one of the reasons why this is so important has to do with all the security measures that are in place to help maintain compliance with HIPAA and other regulations. It's safe to say that protecting patient data should be a top priority and offering an online patient payment portal creates another potential vulnerability just waiting to be exploited by attackers. Thankfully, the right EHR platform will offer security and compliance-related features so that you don't have to worry about a thing. You get to enjoy all the benefits with as few of the potential downsides as possible to that end.
Real-Time Reporting
These types of integrated systems also offer comprehensive reporting so that you can pull back the proverbial curtain, taking a look at the financial health and wellness of your organization. This can significantly help with not only decision-making, but long-term financial planning as well.
Increased Patient Engagement
As stated, the improved patient experience can also give way to increased patient engagement across the board. Online payment options are known to contribute to improved satisfaction and retention rates.
Customization Options
Finally, online patient payment portals can often be fully customized to meet your unique needs. You can offer flexibility in terms of payment plans, and even reminders tailored to a patient's specific needs.
Maximizing Revenue with Smart Patient Payment Solution Features
While it’s true that not all patient payment software is created in quite the same way, any solution that your own practice is considering using should at least have the following key features:
Seamless integration with other tools a practice is using allows for seamless data sharing with financial software and more.
The right patient payment software will also feature a user-friendly interface, taking something that is inherently sophisticated and presenting it in a way that virtually anyone can use.
Multiple payment options increase flexibility with electronic payment processing, allowing patients to pay using whatever method they feel comfortable with.
Automated billing means that invoices are sent out automatically, freeing up the valuable time of practice employees so that they can focus on more important matters.
Boosting Provider Efficiency with PrognoCIS Online Patient Payment Solutions
At Bizmatics, we designed the PrognoCIS EHR Software to be more than just another example of “Practice Management Software.” It’s a solution built to increase efficiency, patient care, and revenue – all via a suite that can be fully customized to meet the unique needs of your organization.
At a baseline, PrognoCIS offers seamless integration with other tools that you’re using, guaranteeing quick and easy practice and billing management. It also has tools to optimize patient engagement, HIPAA compliance, and more. Regardless of the long-term goals you’ve set for yourself, PrognoCIS gives you the capabilities needed to meet these challenges. This is true even if you operate a specialty practice dedicated to pain medicine, cardiology, internal medicine, pediatrics, etc.
Check Out these other Features
PrognoCIS EHR simplifies practice management with automated patient statements, efficient claims processing, and instant eligibility verification for smoother operations and improved patient experience.
Patient Statement Management
Offers patient statement services with automated reminders, electronic statements, and custom layouts
Simplify Patient Billing
Claims Management
Simplifies claims management and medical billing by integrating automated tools for revenue cycle management
Streamline Your Claims and Billing
Eligibility Verification
Our Eligibility Verification service helps providers instantly verify patients' insurance, speeding up check-in
Verify Insurance Coverage
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