HiLiteMD Financial Management: Communication For Better Patient Collections
New care delivery models for Digital Health aren’t just offering convenient options for sick patients and clinical care teams; they’re also extending that convenience to their billing and payment processes. The adoption of patient engagement for Financial Management is essential for hospitals, health systems, physician practices, and the like, who have often struggle with inefficient and ineffective ways to collect patient open balances.
Sometimes patients have no idea what they owe. Bills are often needlessly complex, and even if a patient understands their financial responsibility, they cannot pay immediately. So they put it off … and put it off … and put it off.
Healthcare providers are seeing bad debt for medical services increasing at more than 30% each year even among insured patients & the amount of patient out-of-pocket expenses is skyrocketing. HiLiteMD offers a better approach to patients’ financial engagement and keeps these problems from escalating.
How do payments through digital communication work?
- The patient’s statement and payment process are streamlined digitally
- Digital statements are sent via text message and email
- Patients are “1 click” away from paying their open balances in these messages
How is digital communication effective to increase payments from patients?
Studies show that we unlock our smartphones more than 150 times per day, and 90% of text messages sent are read within 10 seconds of receiving the message. Therefore, when digital statements are sent via text message and email, patients are more inclined to review statements and pay outstanding balances. The use of HiLiteMD thus increases collection rates, reduces AR, and provides efficiencies at your practice, along with lowering current overhead expenses.
With HiLiteMD, you can also personalize digital statements with branding and targeted messaging to increase payments. There is an additional option to incorporate an explainer video to your billing process and understanding message, which scales instantly and can be viewed anytime and anywhere your patients have access to the internet or their smartphones. It reduces calls to your busy billing department hence speeding up the process of the collection even higher.
Now you might be wondering will patients opt for digital payment? Yes. Here’s why.
- Simplicity and convenience
Patients can review their statements 24/7/365 and make payments at any time easily with one click. Using digital payment can be the biggest motivator for easy, efficient, and transparent money transactions. As with other workflows within the HiLiteMD platform, our system uses recorded video as an explainer video embedded in the messaging to provide a better understanding of the payment and statement process. This ensures consistent messages for compliance and understanding. This process will also increase patient’s financial engagement and provide a level of comfort to use the digital payment process.
Although there is always the risk of security breaches, HiLiteMD safeguards financial data with the highest standards. For customers to adopt this digital workflow, it has to be seamless and as simple to use as possible with deploying necessary security standards. Customers have confidence in HiLiteMD because it meets both HIPAA and PCI compliance, deploys strict security standards, and is a convenient way to deliver a statement and payment features. Patients are likely to adopt this process since they use these payment options with other retail businesses already.
- Easy to track expenses
Patients can trackback their payments and review previous statements. This information is available with accessing the payment portal or reviewing past messages received.
With HiLiteMD, when a patient receives and pays using our automated process, there is an 80% drop in overhead expenses, while AR for patient open balances are decreased by more than 70%. Patients can pay their open balances anytime, anywhere with simplicity, and this provides a reduction with billing overhead and accelerates payments collected. There is little to no staff involvement once the automation is set up, which creates efficiencies and ensures patients will continuously receive information on what they owe.
Perks for Online Billing Statements
Decrease your paper statements and pay a third of the cost for statement overhead. Patients can access older statements for transparency, and billing departments can easily access statement information to work with patients to understand better-owed balances. Our payment process was designed with 30 years of healthcare financial performance experience. HiLiteMD offers Financial Dashboards to gain insights on patient financial performance for better decisions, better outcomes.
For more information, visit our website or set up an appointment to receive a personalized ROI:
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