5 Key Patient Payment Processing Challenges that Medical Practices Still Face Today
No business can function without an efficient payment process. This is true for all businesses, especially the healthcare sector. The tracking, receiving, and managing of patient payments are essential for the smooth functioning of any business. Alas! It can also be tedious, time-consuming, and put an overwhelming amount of burden on staff members responsible for providing patient care.
Both quality patient care and payment processing are essential if you want to run a profitable healthcare practice. Juggling these equally important elements harms a practice or hospital’s chances of earning profits or growing in scale. Fortunately, we live today in a world where mobile technology has made almost all crucial and mundane aspects of our personal and commercial lives easier.
We have patient payment solutions today that can effectively automate payments at the behest of healthcare staff. To understand how essential and convenient many of today’s payment patient tools are, we need to first acknowledge the challenges of traditional payment processing.
So without much further ado, here are seven challenges that the healthcare industry has always faced regarding patient payment processing.
1 – Over-reliance on Manual Processes and Paper-Based Checks
According to the Medscape Physician Compensation report of 2018, nearly one-third of physicians claimed they spend more than 20 hours on invoices and other manual payment-related processes. Achieving operational efficiency is difficult when physicians have to oscillate between unfathomable volumes of paperwork and patient care. Although we’ve seen many industries adopt electronic payment solutions, the healthcare industry is still lagging behind.
A majority of healthcare organizations around the world still rely on paper checks. Healthcare organizations need to realize how tedious, error-prone, and expensive the traditional payment process can be. Some data shows that it can cost approximately $31 to manually manage each invoice and paper check.
2 – Absence of Payment Trends and Spend Insight
There are a plethora of options out there when it comes to patient payment solutions. However, not all of them are good. You need patient payment software that can offer accurate insight into your practice’s spend with the help of intuitive analytics. Many healthcare practices today have adopted systems that provide little to no helpful analytics.
Data analytics is instrumental and should be an integral part of the patient payment solution your healthcare practice chooses to go with. It can help with quick and fast decision-making. With automated data analytics, an organization’s finance staff gets thorough insight into the status of payments. As such, they can devise effective strategies to ensure payments are received on time and in full.
3 – Poor HIPAA Compliance
Medical practices need to protect their patient’s data unless they want organizations like HIPAA to penalize them for violating established rules. This is easier said than done as medical practices need to stay up-to-date with constantly changing HIPAA requirements. Failure to do so can result in hefty fines and patient trust being compromised.
Suffice to say, protecting patient information is critical for a healthcare practice. Thankfully, there is no shortage of reputable patient payment solutions today that include HIPAA compliance as one of their top features.
4 – High Fraud Risk
According to a recent AFP Payments Fraud and Control Survey, payment fraud cases have been reported to be at a record high. Almost 82% of the organizations surveyed in the study said they were the victim of such incidents in the last year. It is straightforward for hackers or other malicious attackers online to access patient records when appropriate security measures aren’t built into the systems being used.
It is essential to look for an automated payment system that comes with integrated fraud protection technology. It should feature a robust data and payment encryption system that ensures patient information remains safe and secure 24/7 and 365 days a year. Mitigating such risks helps build your organization’s goodwill and secure essential financial records.
5 – Multiple E-Payment Options
Another challenge that is severely complicating the payment process is the integration of too many payment systems. Adopting multiple payment options can result in confusion… both for administrators operating the system and patients using it to make payments. A healthcare organization must first consider what features they need from the payment system.
Choose a single system that meets all your requirements. It should be capable of easily integrating with your business’s current accounting system. It should also be sufficiently automated. Now, you might think that finding a single patient payment system that features everything you want is difficult, if not impossible.
Well, we would like to apply brakes on your quest for a robust patient payment software with our own solution – DENpay!
DENmaar’s DENpay is Patient Payment Made Easy
If you seek a robust, automated patient payment solution that lets you stay HIPAA compliant while collecting payments, then DENpay is the ideal solution for your medical practice.
Our unique payment software features a virtual terminal that facilitates remote patient credit card payment processing, card storage, and an endless array of automated payment processing options. Our Patient web portal and mobile app can send auto alert reminders directly to patients via email or text, thus reminding them of balances and insurance issues.
DENpay also offers credit card processing, real-time auto-posting, statements, and receipt printing, all with our RCM. With DENpay, your practice remains HIPAA compliant throughout the billing process, thus substantially reducing claim rejection rates.
DENmaar’s DENpay is the only solution you need to overcome all challenges that face modern medical practice today.
Contact DENmaar to learn more.