Pivotal Time in the Healthcare Market
Many providers are not yet prepared for an increase in patient financial responsibility; surprisingly, most do not have the ability to collect payment, other than copayment at the time of service. Of those who do have a process in place, the majority only collect a portion of the payment at the time of service.1
Through providing on-demand and virtual payment channels, healthcare providers can open up more automated payment options, while potentially reducing the costs of paper billing and statements―and ultimately, reducing "days sales outstanding" (DSO). DSOs could be cut between 30 percent and 70 percent.
New Technologies in Practice
The shift of patient power in the payments process means that healthcare providers must be more agile in how they accept payments. Recent developments are enabling healthcare providers to easily add new billing and payment options without having to invest heavily in new technology, change existing back-office systems or develop new websites.