How Hospital Billing Software Improves Workflow
For large enterprises, staying efficient and organized is everything. There are only two ways you can grow your enterprise and support its continued success: increase revenue and improve the patient experience. There are many different ways you can go about making your patients happier and more loyal to your hospital or enterprise.
But you may be struggling to figure out how to get them to pay their medical bills. Health insurance usually does not cover every expense, and what remains is the responsibility of the patient. As of 2021, Americans have more than $140 billion in medical debt. Which means your enterprise isn’t getting paid.
So where are you going wrong and what can you do to address the issue of collecting unpaid medical expenses? The answer is clear: hospital billing software that improves your workflow and makes it easy for your patients to make their payments.
Why Your Enterprise Needs Electronic Billing
We’re living in the digital age, and when the global pandemic took the world by storm in 2020, in-office visits became scarce. Almost two years later, patients expect to be able to do the vast majority of their medical care via telemedicine, and be able to access their information online.
If your hospital or enterprise hasn’t already implemented electronic billing software, you’re very likely losing revenue and struggling to support the growth your enterprise needs. If patients are unable to make payments online, they are less likely to pay them. In fact, according to the Federal Reserve Bank of San Francisco, online payments are the preferred payment method for more than 55% of consumers.
The Medical Group Management Association even says that it takes an average of three physical paper notices to be sent to a patient before the bill is paid. This isn’t because your patients don’t want to pay their bills, but rather because your hospital isn’t making it easy for them to do so.
Cut out the extra step and get Beam Health’s healthcare management system in place today so you can begin collecting electronic payments as soon as today.
What to Look for in Hospital Billing Software
When you get online and start looking for the right hospital billing software, you’ll be inundated with different options. And we know you don’t have time to spend trying out different systems until you find one that works for your organization. Here are the top three things to look for in high-quality hospital billing software.
Multiple Payment Options
Now that you’re ready to start accepting electronic payments, you want to be sure that the software you choose is capable of supporting several different types of electronic payments.
Some patients are going to respond well to being able to make their medical payments instantly with a credit or debit card. Beam Health takes it a step further and gives patients the option of storing their information for future invoices.
Other patients will be happier being able to make their payments via a direct ACH bank transfer. These options can save your patients additional fees as well.
The ability to offer your patients payment plans that don’t require financing is going to make your hospital or enterprise stand out from the others in your area. Patients no longer need to apply for a line of credit.
They can set up payments over the course of several weeks that don’t accrue a cent of interest. Your patients are far more likely to make their payments on time when you give them the option to spread out their medical bills over a longer period of time.
When you’re choosing your hospital billing software, you want to find one that allows for automation. Not only should your patients be able to set up their own automatic payments using their stored payment method, but you should also be able to send out automated payment reminders and be able to automatically charge a patient’s stored payment method at your specified date of choosing.
Contact Beam Health to Request Your FREE Demo
Are you ready to increase your enterprise revenue? Are you anxious to reduce your patient churn and improve your patient’s experience? If so, get started with Beam Health’s hospital billing software today! You can request a demo or call us at (929) 226-0624 with questions or concerns.