Mobile payment solutions are becoming increasingly popular in the healthcare industry, as patients are expecting the same level of convenience in paying their medical bills as they do their other bills. Mobile payment systems allow patients to self manage their balances by paying in full or setting up payment plans.
According to Laurie Hurwitz, executive director of revenue cycle at Gundersen Health System, mobile payment solutions are beneficial for the health systems as well because they can reduce the number of revenue staff necessary. Gundersen Health System is based in La Crosse, WI and implemented its current payment solution in 2014, which allows patients to pay online through their patient portals.
Jeff Lin, senior vice president at InstaMed, stated, “It’s all about getting providers paid more and making the payment process simple, convenient and secure for the patient.” In 2011, mobile payments made up only 2% of consumer payments, but in 2015, nearly 20% of all consumer payments were from a mobile device. According to Harry Greenspun, director of Deloitte’s Center for Health Solutions, claims that the adoption of mobile payment technology serves to improve both customer service and revenue cycle. Greenspun stated, “Data from our survey of consumers shows that consumers often judge the quality of care they receive by the service experience rather than the outcome.”
Moreover, mobile payment options will help to eliminate collection issues and bad debt. The success of the mobile payment channel may depend on how integrated it is with other systems. One issue to keep in mind is that the mobile payment option does need to be compliant with the proper security and protocols. A single, integrated platform will streamline processes and minimize security risks.
To read more from Caroline click here
To read more from Healthcare Finance News click here