Flexible Electronic Payment Solutions Benefits Both Provider and Patient

The current economic situation has the capacity to force patients to decide between discontinuing their routine healthcare appointments or making other payment arrangements. Possible solutions offered by healthcare providers include medical credit cards, or automated electronic payment plans (such as “auto-debit”).

Affordable, electronic payment plan options now play a vital role in the financial health of a practice more than ever before. With declining insurance reimbursement, patients are now personally responsible for a larger portion of their healthcare expenses.

Finances have become a barrier for many patients who are not able to receive the care they want and need.

Easing the financial burden for patients and making it easy for them to plan their budget with an automated electronic payment plan is essential, as it provides the opportunity for preventive care which will inevitably minimize the need for emergency care that results from lack of routine health appointments. It is much less costly for patients and society in general, if routine screening and maintenance healthcare is made fiscally available.

From the healthcare practitioner’s perspective, the predictability that comes with steady, recurring revenues from electronic payment plans is most important during times of economic uncertainty. If providers are completely subject to patient decisions on when to have their routine check-up, they ultimately lose out if a patient cancels due to an unforeseen bill or other such budgetary burden. Payment plans make sure that care is already budgeted for. With greater predictability of income, comes the confidence for providers to take control and better plan for the financial health of their business. For a sustainable system, both the needs of the patient and the provider must be met.

One of the primary benefits of being in private practice is maintaining control over patients and ensuring independence. Most private practices have at some time spent sizable amounts of time and dollars growing an organization and brand that identifies them. In most cases, communicating this brand to patients contributes to a significant portion of the practice’s marketing expense. Successful practices know the importance of converting potential leads into new patients to take full advantage of those marketing dollars. The ability of an office to convert new patients is greatly enhanced by offering electronic payment plan options that have the flexibility to fit into the patient’s budget.

Opting for partner companies who will assist providers in offering flexible, electronic payment solutions will ultimately lead to healthier, happier patients and goes a long way to strengthen and grow a practice.