Secrets & Insights for Patient Payments in Healthcare Learned in 2022

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. Here are the insights and trends on how you can get paid much faster, reduce overhead, and increase patient satisfaction scores.

Patients want to pay electronically

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.

Paper is more expensive than it looks

The cost of paper and postage alone is around $0.50–$0.60 per statement mailed. If this is a labor intensive process for your organization, the costs can be even higher. Sending text messages and emails is far more cost effective for the healthcare organization while creating frictionless financial engagement for your patients.

Healthcare is the hardest industry to pay

According to U.S. Bank, consumers clearly ranked healthcare as the most difficult industry in which to make 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.

See what this looks like for your organization

Mend streamlines internal workflows, automates key patient touchpoints, and improves the patient experience. Schedule a demo to see it against your own workflows.