How Integrated Payments Helps Streamline Healthcare Revenue Collection

Tue Apr 16, 2024 by Evercommerce

The future of healthcare is exciting. And integrated systems that streamline payment processing are at its core.

These improvements enhance the patient experience. They also boost efficiency.

In this article, we explore these benefits. We’ll cover how integrated payments improve patient experiences. Plus, we’ll examine how they ensure security and financial performance.

We’ll also give you insight into streamlining workflows. Then, we’ll finish with tips on choosing a solution.

Let’s get started.

The Need for Streamlined Healthcare Payment Processing

Streamlined payment processing is crucial for healthcare organizations striving to adopt industry best practices.

This approach ensures payments connect to other critical functions, such as appointment booking and electronic health records (EHRs). It reduces manual data entry and errors, too.

Streamlined payments also improve services and support. With patient and payment data combined, healthcare staff have all the information they need in one place. This enables them to engage more effectively with patients.

As a Deloitte Insights article highlights, this interoperability—the seamless communication between technology platforms—is critical to achieving consumer-centric care.

Plus, optimized processes enable fast and accurate payment collection.

Securing these benefits in your practice is easier said than done. The current challenges in healthcare payment processing include:

Data Security. With the increase in digital payment transactions, protecting patients’ data against unauthorized access is essential. Healthcare providers must ensure HIPAA compliance to safeguard patient information. This challenge is compounded if their payment processors must be updated with the latest policies.
Errors. The payment process in healthcare is prone to errors, from billing to vendor payments. These errors can lead to delayed or incorrect payments, which affects the practice’s financial health.
Fragmented Payment Processes. The growing number of e-payment options can lead to a fragmented payment process. Healthcare providers must choose payment methods that best fit their operational needs. They should also consider patient preferences.

Adopting an integrated payment solution can help you overcome these hurdles.

Enhancing the Patient Experience

Four in ten patients struggle to understand their medical bills. This can lead to frustration and, in some cases, discourage them from seeking care.

That’s why simplifying billing and payment procedures improves the patient experience.

Patients are more satisfied when billing is easy to understand, and payments are convenient. They are more likely to return for future services.

In addition, many of today’s patients expect an intuitive end-to-end digital experience. They want to book appointments, access test results, and make payments online.

With these technologies, you can meet evolving patient expectations while reducing admin work. It’s a win-win.

What are the features of integrated payment systems that directly enhance patient experience?

Here are three to consider:

Flexible Payment Options

Flexible payment options enable patients to pay their medical expenses in a way that best suits their needs. Solutions include payment plans and recurring payments.

This is particularly important for patients managing high medical costs. It makes it easier for them to stay on top of their payments without extra stress.

DrChrono’s healthcare software platform, for instance, empowers patients to set up personalized payment plans.

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Electronic Communications

Quick access to digital records also improves the patient experience.

For example, with DrChrono, patients can receive electronic receipts, emails, and texts. These securely link them straight to their EHRs.

Fast Refunds

Traditional methods like checks can take weeks to process and may not reach the patient if their address changes. Modern payment gateways offer instant refunds through various digital channels.

This reduces stress for patients waiting for refunds. It also highlights your practice’s commitment to convenience, satisfaction, and patient-centered care.

Doctor using tablet with data security icons

Ensuring Compliance and Security

As medical practice managers and staff, you must ensure secure and compliant payment processes.

Why is this important?

For one, it protects against data breaches. Breaches can be devastating. They can cost your practice and damage your reputation.

Consider the significant breaches at places like Target and Home Depot. These examples show just how severe the fallout can be.

In addition, secure, compliant, integrated payment systems foster patient trust. They show your patients you care about their privacy and financial safety.

Compliance also helps you meet laws and standards. These include HIPAA for patient privacy and PCI DSS for payment security.

Fraud prevention is another critical consideration.

Secure payment portals use advanced technology to flag and stop fraud. This means your practice and patients are less likely to be victims of theft or scams.

When researching integrated payment systems, look for key security features. These include encryption and data tokenization. These scramble data to make it unreadable to unauthorized users. Even if data is intercepted, it can’t be easily used.

Two-factor authentication (2FA) is another effective defense. This requires users to provide two forms of identification before accessing sensitive information.

Maximizing Financial Performance

The right integrated payments solution reimagines how your medical practice manages its finances. It optimizes your revenue cycle and helps you get paid on time.

Here are three specific ways integrated payments can enhance your financial performance:

Credit Card Payments from Insurance Companies

This feature allows your practice to accept credit card payments from insurance companies. This can speed up the time it takes to receive payments after processing claims.

DrChrono offers this capability. It enables your practice to convert insurance payouts into cash flow. This helps you avoid delays with traditional check payments, which can get lost or stolen.

Payments for Non-Appointment Services and Fees

Integrated payment systems enable your practice to collect payments for services unrelated to appointments. This includes late fees and no-show charges. This ensures all revenue opportunities are captured.

Automated Invoice Reminders

Late payments can affect your practice in many ways.

They reduce your cash flow and increase administrative work. Staff must spend additional time chasing down funds.

Late payments can also strain your relationship with patients.

Integrated payment systems can automatically send invoice reminders to patients. This proactive approach reduces administrative overheads and increases the likelihood of on-time payment.

Patient wearing mask and using phone to pay medical bill

Streamlining Existing Workflows

Integrated payments software gives you access to features that streamline your existing workflows. The positive impact is far-reaching.

Let’s explore four features that optimize your processes. These lead to a more efficient and effective payment experience.

Online Payment Portals

An online payment portal lets patients view their bills and make payments online.

They receive a secure link to access their billing information. From there, they can make payments at home without calling or visiting the office.

This means less time spent on your practice’s billing inquiries and payment collection. Staff can focus on patient care and other essential tasks.

Convenient Payment Solutions

Online portals are not the only tool for increasing efficiency. Features like text-to-pay and pre-payments can also streamline payment processing workflows.

With a platform like DrChrono, you can send payment requests to patients’ mobile devices. Patients can then pay securely through a link in the text message.

Or, patients can pay when booking their appointments. They secure their time slot, and you get upfront revenue.

These features are all about convenience for patients. When there’s less friction involved, patients are more likely to pay on time.

Automatic Payment Reconciliation

Automatic reconciliation of payments with patient accounts eliminates the need for manual matching.

Here’s how it works—integrated payment systems automatically update patient records with payment details as soon as a payment is processed.

Patient accounts are always up to date. And, staff do not need to spend time entering payment information.

Automatic payment reconciliation improves accuracy and speeds up the billing cycle. This allows for faster revenue recognition and improved cash flow management.

Merchant IDs by Location

Also offered by DrChrono, this feature is for practices with multiple locations.

The multi-merchant capability allows you to apply different merchant IDs per location.

When processed, the system connects a payment to the correct location’s merchant ID. This streamlines reconciliation. It makes it easier to track revenue and payments by location.

Multi-location practices can get clear financial insights with this tool. This informs resource allocation and financial planning.

6 Tips to Choose the Right Integrated Payments Solution for Your Practice

Ready to streamline payment processing with an integrated payment solution?

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Here are six tips to help you make an informed choice:

Assess Your Practice’s Specific Needs. Consider the size of your practice and the volume of transactions. Think about the types of services you offer and any unique billing requirements.
Consider Your Patients’ Needs. Look for features that offer convenience. This includes text-to-pay, online portals, and automatic payment reminders. Ensure the solution supports flexible payment plans.
Identify Major Pain Points in Your Current System. What issues are you currently facing? Delayed payments, high processing fees, or complicated billing systems? Choose a solution that addresses these pain points.
Research and Compare Options. Look for reputable providers with experience in the healthcare industry. Read reviews and case studies to understand other practices’ experiences.
Check for Compliance and Security Features. Ensure the solution complies with healthcare regulations, including HIPAA and PCI DSS. Look for advanced security features like encryption, tokenization, and fraud prevention tools.
Ask About Integration Capabilities. The solution should integrate with your EHR system. Check if it offers APIs for custom integration needs.