Payments have become frictionless in many different industries, but healthcare still sends paper bills every 30 days to collect a balance owed from the patient. In this eBook we will explore the insights and trends on how you can get paid much faster, reduce overhead, and increase patient satisfaction scores.
An overwhelming majority of patients want to pay electronically. If there are delays asking for payment, paper statements, or any friction in the process, collection percentages will be down. We now live in a world where you can tap, swipe, or use your voice to pay. If you are sending paper bills, they will get filed in the trash can.
The cost of paper and postage alone is around $.50-.60 per statement mailed. If this is a labor intensive process for your organization, the costs can be even higher. Sending text messages and emails are far more cost effective for the healthcare organization while creating frictionless financial engagement for your customers.
According to the U.S. Bank, consumers clearly ranked healthcare as the most difficult industry when making a payment. Paper bills, apps, portals, and more create experiences with many friction points that are not experienced in other industries. By removing the friction, satisfaction and retention rates will rise.
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