Did you ever try text-to-pay can improve payment collection systems and enhance revenue cycle management? Well, smartphones have been playing a major role from last decade in terms of technology. Over 260 million Americans owned smartphones in 2019 and on an average they check their phones 96 times a day. It’s not a small number!
However, smart phones aren’t at risk of falling out of season. These can do more than ever before. Just that healthcare professional must be wise enough to make use of them correctly. Incorporating text-to-pay in their revenue cycle management, medical providers and healthcare professionals can reach their clients very easily.
Text-to-pay service is majorly emerging in the recent months. It’s a necessity that allows healthcare professionals to improve their billing cycle in overall revenue cycle management process. It’s available to any healthcare professional and easy to adopt as well.
How does Text-to-pay improve Revenue cycle management?
- Text-to-pay to pay is a type of billing service that functions with texts. Its main work is to allow patients to receive notifications regarding their billing status via texts on smartphone.
- It provides them an option to pay the bill with few taps. Compared to emails, phone calls, paper bills, the response is immediate. Texting is much higher than any other mediums.
- Text-to-pay also paves a way to have communication and interaction with clients by building trust. It secures and makes faster payments by tightening the revenue cycle management from end to end.
- Upgrading to latest technology isn’t required. Healthcare professionals need not shift to new software technology if such method is adopted.
- Text-to-pay does not require any built-in capabilities or additional effort and cost from the clients or patients.
- It’s considered to be a great billing practice which allows integrating into portfolio of any billing payment options. But it’s just a payment method to follow, and is different from the other revenue cycle management processes.
How Text-to-pay enhances practice?
- Alerts and immediate reminders
- Easy communication
- Faster payment collections
- Less paper work
1.Alerts and Immediate Reminders:
- Notifications on their emails will not be activated by everyone. Very less people do it only if they find it necessary. Younger generation respond faster to texts rather than emails.
- Text-to-pay will be the best option as it won’t waste most of the billing days waiting for the email responses. As texts are immediate and faster, patients will be more eager and will be encouraged to pay the bills earlier.
- Reminders through texts is an easy method of sending notifications than depending on mailers for payments.
- When patients have doubts and questions regarding their bills, it’s easy to set the documentation and try to deal with it later when it’s in electronic or paper format.
- The above situation can be very detrimental for healthcare professionals and patients as well. The patient might forget the payment and might get a late fee for missing the deadline. Healthcare professionals will have to spend their valuable time sending those statements again and again.
- Sometimes, calling the patients and imposing extra fee also won’t work effectively. Healthcare professionals will have to face revenue cycle management issues.
- With the help of text-to-pay option, patients will be free enough to call their healthcare professionals on any inquiries or questions related to billing and payments.
- The phone number appears just with a tap on the SMS box. There are options to also receive and accept text message responses from the patients.
- Instead of making calls and sending emails to patients, a simple text can resolve your payments issues very easily. It can create feasible interactions with less complications and quicker responses.
3.Faster Payment Collections:
- As explained earlier, just a tap would do things much better. Patients with text-to-pay will pay the bill as soon as they receive the text messages.
- Replacing collection processes which takes multiple days and sometimes months to receive payments and consumes several days to respond to multiple questions, text-to-pay is very immediate. It can instantly improve healthcare professionals’ billing and revenue cycle management strategy from the bottom line.
- Response rates for text method is apparently high compared to other communication methods. By interacting with your patient where they already spend most of their time, you remove part of their burden, that typically exists within the medical billing process.
- Text-to-pay enables patients to pay from anywhere and anytime. Whether at a movie theater, grocery store etc. Patients will have no reason to delay payments with this method.
- Patient responsibility and patient care can be focused more than concentrating on billing and payments.
4.Less Paper work:
- Though supporting emails and postal service is better and convenient, paper statements can be expensive and burnt paper won’t be recycled as well.
- To be a part of supporting clean and green environment encouraging paper statements wouldn’t be a great idea. Text-to-pay is such an easy task for revenue cycle management process and an alternative to paper statements.
- Clients who choose to prefer paper work will be encouraged to try paperless option.
- Healthcare professionals must let patients know in advance about Text-to-pay option and send reminders those will help recover parents quickly. If reminders are sent to patients who aren’t aware of this particular method, there’s a chance for him/her to avoid them as spam messages.
Text to Pay and Healthcare-Using Data For better Patient Experience:
- By implementing Text to Pay services, healthcare industry gets an opportunity to increase and streamline the data collection in a way it enhances patient experience prior and post treatment.
- Complete data or information collected will be used to improve patient billing communication and revenue payment chances further.
- In order to capture data effectively, Text to pay services remain as better option because of its flexible infrastructure.
- Text to pay services also facilitates card on file agreements which can communicate patient’s estimated payment responsibility in advance and capture their consent to pay with their preferred mode of payment.
- It means that patients are allowed and given time to agree and pay up to certain amount online or patient’s insurance after the claim is processed.
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