Earlier this week, the CEO for the health care payments network InstaMed, Bill Marvin, wrote a contribution blog piece explaining how online payments can help improve health care efficacy. Marvin cited data from a recent InstaMed survey, which found that 76 percent of providers said that it took more than one month to collect from a patient.
However, patients have made it clear that they prefer to have the option of making payments online. Consumer responsibility is also increasing, Marvin wrote, but many providers still rely on paper-based, manual payment collection and posting processes.
As a result of waiting for those payments, Marvin explained that providers are spending more money and more time to collect, yet still accumulating a large amount of bad debt.
The majority of providers – 76 percent – did say that they offered the option of online payments to their patients.
“As providers and their clients increasingly rely on consumer payments for revenue, many have started to use more consumer-centered strategies, like payment plans, to collect payments,” Marvin wrote. “However, they will have to implement best practices and policies, including automating payments and communications, and ensuring payment data is secure, to improve collection processes.”
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