Tips for accepting online bill payment for healthcare providers

In today’s rapidly advancing digital era, healthcare providers are increasingly embracing the convenience and efficiency of online payment options. This stems from the fact that patients, like all consumers, commonly use online payments for their everyday needs. Meanwhile, staff can capture patient payments with ease, streamlining their workflows and improving revenue cycle management (RCM) results.

Value of multiple payment methods

The transition from physical to online payment not only enhances patient satisfaction, but also improves administrative efficiency. And with 44% of all patient payments made after hours and on weekends¹, the added convenience can really strengthen reimbursement. When patients can pay their bills with their preferred payment method at their preferred time, providers can better focus on other important tasks like delivering a high-quality patient experience at every step in their care journey.

Additionally, having multiple online payment options saves time and money. This offers flexibility as the cost savings opportunity for medical providers to adopt electronic transactions has raised to 32%. And by automating transactions, the industry has already avoided spending $187 billion annually.

The implementation of multiple payment methods for patients streamlines the RCM (Revenue Cycle Management) process, which benefits both healthcare providers and patients alike. By offering a variety of payment

options such as credit cards, eCheck/ACH, and mobile payments, providers cater to the diverse payment plans and financial capabilities of their patients. This could reduce administrative burden and enable faster patient payment collection.

Accepting online payments with Patient Payment Management

Patient Payment Management enables all forms of electronic payment in any setting. This cloud-based SaaS solution can save time and money by reducing administrative burden. And by shifting to fully electronic payments, providers will also improve financial processing efficiency as well as improving claims administration.

Inovalon’s Patient Payment Management solution enables you to capture more revenue and improve patient satisfaction. The software facilitates all forms of payment before, during and after service, which helps improve cash flow and reduce outstanding A/R. The application also offers access to a 24/7 patient payment portal which allows all payment data to be in one place.

To further enhance the patient payment process, Inovalon’s Patient Statement Management delivers customized, branded statements to patients both electronically and in the mail. This type of service can send different statements to multiple patients at once while providing patients with easy-to-read breakdowns of outstanding balances.

Learn more about our Patient Payment Management solution

Inovalon’s Patient Payment Management software accepts all forms of payment at any point in the revenue cycle with user-friendly, cloud-based functionality. By delivering 24/7 access, this application allows you to capture more revenue and improve patient satisfaction.

Request a demo to get started with Patient Payment Management, powered by the Inovalon ONE^® Platform.

1. Approved transactions data, Patient Payment Management, 2022

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