BillFlash Partner Blog: 5 Payment Processing Trends You Need to Know

BillFlash Partner Blog: 5 Payment Processing Trends You Need to Know

Getting paid quickly and efficiently is critical for medical practices to maintain smooth operations and financial health. However, with constantly evolving regulations, technologies, and patient expectations, keeping up with the latest payment processing trends can be a challenge. Outdated systems can lead to denied claims and frustrated patients.

Improvement is critical. That is why we are sharing five key payment processing trends that medical practices should understand in 2024. Grasping these trends will position your practice to optimize payment processing — you’ll be on your way to improving cash flow, lowering costs, as well as delivering financial care patients appreciate.

Trend 1: Leveraging Digital Notifications for Payment Reminders

digital payment reminders

Communicating with patients through digital channels like SMS text messaging and patient portals has become standard across healthcare. Patients increasingly expect to receive billing notifications and payment reminders via automated text messages or emails.

In a survey, 59% of patients indicated they would rather receive a text notification than a phone call or email for billing reminders. Also, 51% of patients responded that receiving a text message about an outstanding balance would encourage them to pay their medical bills faster.

Medical practices that transition to modern, convenient communication channels for payment reminders demonstrate to patients that their practice embraces advanced technology and values patient engagement.

Implementing automated digital payment reminders provides several benefits:

  • Patients find texts and emails more convenient than phone or mail  — and they work!
  • Automated reminders free up staff from several hours spent on manual calls and letters.
  • Gently reminding patients of balances also drives better follow-through on owed payments.
  • Customized processes help send reminders at just the right times.

Transitioning to modern communication channels for payment reminders also demonstrates to patients that the practice:

  • Embraces cutting-edge technology to optimize operations.
  • Is on a journey to building meaningful patient relationships that go beyond the practice walls.
  • Values convenience and the patient’s financial experience.

Trend 2: Patient-Friendly Payment Plans and Financing Options

As healthcare costs and insurance plan deductibles continue to rise, patients face greater financial responsibility for their medical bills. Many struggle to pay large, unexpected expenses in one payment. This also heightens the need for medical practices to offer flexible payment solutions. Practices that only ask for single, lump-sum payments risk patient frustration and potential revenue loss.

In fact, recent studies show that patients value having options like payment plans that allow them to spread costs over time. Providing customized payment arrangements demonstrates financial empathy. A study from PYMNTS examined how patients are using payment plans to manage healthcare costs. The study revealed that close to 10% of patients have set up payment plans for their most recent doctor’s visits. The survey also discovered that payment plans are much more common among those living paycheck-to-paycheck (13%) compared to more financially secure patients (3%).

Those living paycheck-to-paycheck are most likely to experience financial distress due to unaffordable medical costs, and over half of patients paying with plans had faced an unexpected medical bill. Offering patient-friendly payment and financing solutions increases satisfaction and retention. When patients are presented with payment plans and financing options, they feel financially cared for and are more likely to pay when shown convenient options that align more with their budget. This also demonstrates the practice values the patient experience beyond clinical visits.

Key benefits of payment plans and medical financing include:

  • Helping patients cover big, surprise medical bills without breaking the bank.
  • Making it easier for patients to pay what they owe.
  • Reducing the number of patients who put off care because they can’t afford it today.
  • Allowing expenses to be paid over time without impacting practice revenue.

Offering flexible financial options shows patients the practice:

  • Cares about helping them manage healthcare costs.
  • Understands the realities they face regarding medical bills.
  • Will work with each patient on payments that fit their budget.

Trend 3: Integration of Online Payment Portals

online payment portal

In today’s digital era, patients expect the convenience of seamless online experiences. This includes having self-service payment options through patient portals as well as other secure web platforms. Integrating online payment portals allows patients to easily view balances, download invoices, and make payments on demand. These payment processing trends can simplify and automate payment processing procedures for office staff as well. However, one-third of patients are less than satisfied with their providers’ current digital financial processes for activities like online bill payment.

Many patients would even consider switching practices after having disappointing interactions with digital billing tools and platforms. Providing patient-friendly online payment systems show a commitment to convenience and innovation. This aligns with a patient’s expectations for digital interactions. In fact, patients can take greater ownership over their financial obligations when they are empowered with transparent, user-friendly tools.

Key benefits of integrated online payment portals include:

  • Patients can securely pay bills anytime, anywhere at their convenience.
  • Automated reminders and tracking features reduce missed payments.
  • Office staff will also spend less time on manual payment collection tasks.
  • Transparent invoice views and payment histories will lead to better cost management.

Offering digital payment experiences shows that the practice is:

  • Investing in technologies to create intuitive, user-friendly experiences.
  • Meeting growing patient expectations for self-service financial interactions.
  • Focused on making billing and payments easy for office staff and patients.

Trend 4: Streamlining Revenue with Pre-Visit Billing

Medical practices have traditionally billed patients for services after their appointment. But more and more practices are switching to upfront billing before visits. This means collecting patient payment info and confirming insurance coverage details before scheduled appointments.

Pre-visit billing is one of the most important payment processing trends that allows practices to collect copays and estimated out-of-pocket fees earlier in the process. Patients also appreciate knowing what they’ll owe ahead of time. Not only can upfront billing reduce payment delays, but it can also lower denial rates by catching coverage issues sooner. This improves cash flow and reduces unpaid balances.

As patients shoulder more healthcare costs, upfront payment collection is critical. Pre-visit billing also shows you understand the financial stress patients face. This proactive approach aligns with trends toward price transparency and financial planning.

Key benefits of pre-visit billing for practices include:

  • Faster payment collection and improved cash flow.
  • A reduction in claim rejections and denial-related follow-up.
  • Increased ability for patients to confirm and meet obligations.

Transitioning to pre-visit billing models reflects values like:

  • Proactively addressing the overall patient financial experience.
  • Leveraging automation to streamline revenue cycle management.
  • Using innovative processes to collect payments faster.

Trend 5: Compliance and Security in Payment Handling

payment processing

As payment processing trends become more digital, protecting patient data is paramount. Practices must ensure payment activities comply with HIPAA as well as other privacy regulations. Using outdated or improper methods can put patient information at risk.

Processing payments securely requires checks like:

  • Multi-factor authentication for access to financial systems. This adds a layer outside of just passwords.
  • Encryption to make patient data unreadable during transactions.
  • Reviewing third-party providers to ensure compliant data practices.

Regular audits help confirm controls are working and identify any vulnerabilities. Following security best practices also demonstrates the practice prioritizes patients’ trust and safety. In fact, patients are ultimately more loyal to providers they believe protect their personal information from threats.

Robust payment security measures show the practice:

  • Takes transparency and HIPAA compliance to heart when handling patient payment data.
  • Regularly evaluates data practices to meet the highest standards.
  • Values protecting patients first — not shortcuts for convenience or cost.

Looking Ahead with BillFlash & EZClaimPay

The payment processing landscape continues to evolve and practices must adapt to these payment processing trends to optimize their patients’ financial experiences.

We’ve partnered with BillFlash to offer BillFlash Pay powered by EZClaimPay—the integrated solution that helps practices respond to these payment processing trends with features designed to provide exceptional financial experiences for your patients—and staff. Our customized payment technologies enable you to:

  • Implement convenient online payment portals patients can use anytime to view their balances and make payments.
  • Accept payments at your front desk without an additional EZClaim license.
  • Offer flexible payment plans alleviating financial burdens.

Our patient-centered solutions also allow your team to focus on providing great medical care, while we handle the payment process and provide an exceptional payer experience that patients value. We’re here to guide you in strengthening patient loyalty and satisfaction through financial interactions your patients can depend on.

Unlock the power of BillFlash Pay powered by EZClaimPay for your practice…schedule a demo today!

Innovative Enhancements Can Maximize Revenue

Innovative Enhancements Can Maximize Revenue

We see it all the time, a patient visits their doctor’s office to seek treatment and then receives a bill in the mail for their portion of the medical expenses.  When a patient receives the bill, they are often alarmed at the amount that is due and may not have the funding to pay the balance in full.  In a recent study conducted by UCLA, it is estimated that there is $140 billion in medical debt that has been reported on credit reports (VeryWellHealth, 2021).  In fact, this research study found that one in every five consumers was already in collections prior to the COVID-19 pandemic.

As cases of COVID-19 increased in 2020, many consumers feared visiting their doctor’s office that they avoided their routine office visits, and/or lost their employment further impacting a patient’s ability to pay for any medical expenses.  As providers continued to keep their offices open, many providers witnessed a decrease in patient volume while also seeing a reduction in revenue.  According to a recent article published in Medical Economics (2021), 55% of practices were impacted by a decrease in revenue while 60% were impacted by a decrease in overall patient volume.  Combined with the number of patients that were already in medical debt and/or collections, many practices faced a financial crisis as a result of the COVID-19 pandemic.

As the COVID-19 pandemic seemed to become more stable in early 2021, many patients felt comfortable returning to visit their doctor and/or were able to secure employment, providing patients with employer-sponsored insurance coverage. With the current rise of COVID-19 cases increasing again, practices are left with the ongoing challenges of attempting to maximize revenue collection with the risk of history repeating itself and the patient’s inability to pay their medical bills or avoiding their office visits.

Contrary to belief, consumers actually want to pay their medical bills and are seeking more payment options.  According to the 2020 Trends in Healthcare Annual Report, providers and consumers must adapt to a new payment experience in order to enhance how they interact with one another. In addition, more than half of consumers would consider changing their provider for a better payment experience.  One may ask, what constitutes a better payment experience?  Consumers are showing a higher demand for contactless payments and the ability to work with their providers to create a payment plan or auto-payment options. Unfortunately, many providers have not adapted to their consumer’s needs and continue to operate with traditional methods creating dissatisfaction amongst their consumers

How can providers change their operations to facilitate a more consumer-friendly experience for their patients? Front-office staff play a pivotal role when interacting with patients and should be collecting up-to-date contact information to ensure patients are communicated with effectively, have the most recent insurance data to avoid any processing delays, and should collect a patient’s consent ahead of time for new features such as eBills, texting, and payment preferences.  EZ Claim customers can streamline their revenue collection opportunities by partnering with BillFlash for innovative billing opportunities and various payment collection features that consumers highly desire.  While nobody can predict if this recent wave of COVID-19 cases will lead to another quarantine phase or not, it is important for providers and consumers to enhance how they interact with one another to create solutions for healthcare needs.


For more information about automated patient statements and patient payment options, contact EZClaimNexTrust BillFlashGetPaid@BillFlash.com, or call BillFlash at 435.940.9123 (Option 3). For more details about EZClaim’s medical billing software, visit their websitee-mail their support team, or call them at 877.650.0904.


Resources

Hui, K. (2021).  Americans owe $140 billion in medical debt. Here’s how to avoid it.  Very Well Health. Retrieved from https://www.verywellhealth.com/medical-debt-medicaid-study-5194846

InstaMed (2021).  The Trends in Healthcare Payments (11th Annual Report) 2020.  Retrieved from https://www.instamed.com/white-papers/trends-in-healthcare-payments-annual-report/

Luz, M. (2021).  How an effective revenue cycle management strategy can help reduce burnout.  Medical Economics.  Retrieved from https://www.medicaleconomics.com/view/how-an-effective-revenue-cycle-management-strategy-can-help-reduce-burnout

 

Connecting with Patients Early is Formula for Success

Connecting with Patients Early is Formula for Success

There is no surprise that the cost of healthcare continues to rise creating financial hardships not only for patients but for physicians as well.  While the COVID-19 pandemic severely impacted how patients interacted with their physician’s office, it is important to understand that patients want to be financially responsible for their medical bills and have preferences on communication methods to increase revenue.

In order to improve the overall patient experience and collection of revenue, it is important for physician offices to truly understand the demographics of their patients and the differences amongst their generational behaviors.  Using a one-size-fits-all approach to communicate with patients is an outdated method and oftentimes leads to patient frustration, lack of engagement, poor retention, and missed opportunities to enhance revenue collection.

In a recent article published last month, physicians must adapt to the patient’s digital experience in order to enhance receiving payments for medical bills (Healthleaders, 2021).  Patients desire modern payment options such as a payment portal, mobile ability, texting capabilities, and/or scanning a QR code. In addition, 76% of healthcare consumers desired a contactless method that allowed them to view their statements online and make payments without the need to visit the doctor’s office.  According to (Healthleaders, 2021), the number one payment option patients desire is contactless debit and credit card options.  In addition, patients desire payment options to help them manage their medical expenses such as payment plans and/or auto-pay methods.

As a medical billing expert, EZClaim can help medical practices improve their revenue through their billing and scheduling software in conjunction with BillFlash, which provides contactless and modernized communication methods that patients highly desire.  Let EZClaim and BillFlash enhance the options to modernize your medical billing and communication systems.


ABOUT EZCLAIM:
As a medical billing expert, EZClaim can help the medical practice improve its revenues since it is a medical billing and scheduling software company. EZClaim provides a best-in-class product, with correspondingly exceptional service and support. Combined, EZClaim helps improve medical billing revenues. To learn more, visit EZClaim’s website, email them, or call them today at 877.650.0904.

How To Improve Medical Billing Collections

How To Improve Medical Billing Collections

With patient payment responsibility increasing each year, medical practices need to be extra diligent in collecting patient payments. This includes sending accounts to collections when necessary. Fortunately, there are steps you can take to make collections easier and more effective—both of which contribute to more revenue for your practice.

Here are three ways to improve your medical billing collections.

1. Be clear about your payment expectations
Make sure patients know when they will be expected to pay, and what payment methods you accept. Collecting copays before each visit is one of the best ways to avoid having accounts sent to collections, so making payment a part of the check-in process is a good idea. Post signs throughout the office to keep bills top of mind for patients. The more reminders you give patients about their payment responsibility, the less you will have to deal with collections.

2. Reach out to patients who have stopped paying
Keep an eye on delinquent accounts. If an account is approaching 30-60 days past due, it’s time to reach out to the patient. Try to have an empathetic conversation to see what you can do to help them pay off their bill. If they are experiencing financial difficulties, offer to adjust the payment terms to something more suitable to their situation. Even if it means you are only collecting part of their payment now, both the practice and the patient will be better off in the long run.

3. Automate what you can
The collections process is slow and cumbersome—if you’re doing everything manually. Software like BillFlash Integrated Collection Services saves your staff a lot of time by handling the manual processing for you. After that, all you need to do is approve which accounts to send to collections, based on the aging and amounts you prefer, and a collections expert will get to work collecting your revenue.

So, visit one of EZClaim’s partners, BillFlash, to learn more about how BillFlash Integrated Collection services can improve your medical billing collections.


ABOUT EZCLAIM:
As a medical billing expert, EZClaim can help the medical practice improve its revenues since it is a medical billing and scheduling software company. EZClaim provides a best-in-class product, with correspondingly exceptional service and support. Combined, EZClaim helps improve medical billing revenues. To learn more, visit EZClaim’s website, email them, or call them today at 877.650.0904.

[ Contribution from the marketing team at BillFlash ]

Modernizing Medical Billing Payments

Modernizing Medical Billing Payments

How to Modernize Your Medical Billing Payments Now

It is now very important to modernize medical billing payments capabilities since upwards of 80% of medical services that don’t get paid by insurance, never get paid!

Are you tired of providing medical services and not getting paid? Have you billed patients for their medical visit or co-pay just to find out that the bill showed up in collections? Are you looking for a better way to use modern technology to increase the number of medical claims being paid on time?  If you own a medical practice or work in the medical billing industry, then chances are you have answered each question with a hearty Yes!

 

Last month, medical billing industry leaders came together to discuss how medical practices can streamline their payment systems and integrate credit card processing into their billing system. [ Participants: Dan Loch (VP of Sales & Marketing, EZClaim), Tony Peterson (VP of Business Development, BillFlash), and Michael Jones (Payment Services Analyst, FullSteam) all joined host Susan Martinez (Sales Consultant, EZClaim) ].

[ Click Here to LISTEN to the Exclusive Podcast ]

Medical Billing Payments Podcast

[ Click Here to VIEW the Exclusive Video ]

KEYS That Came Out of the Discussion:

• CHANGING SYSTEMS AND PROCESSES: The practices that are winning in the payment collections game, and seeing the highest percentage of claims paid, are the offices that have updated their systems from the old school and traditional forms of payment collection to the modern, state-of-the-art systems with payment integration. Plain and simple, this means first educating the patient from the moment they walk in the door and streamlining your payments into one medical billing system to prevent human error. [ Click here to LEARN MORE ].

• STREAMLINING CREDIT CARD PROCESSING: Practices often have jumped headlong into credit card processing by using simple systems with variable fees like Square or Stripe. The problem with that is two-fold: First, understanding processing fees, and secondly, avoiding the errors that occur in the steps of processing those purchases over to the billing record. However, now EZClaim’s medical billing software has an integrated payment featurewhich streamlines the billing and simplifies the fees. [ Click here to LEARN MORE ].

 

These are only a few of the very informational topics that were discussed during this podcast. If you are interested in learning how your practice can put these systems in place, increase patient payments, and simplify your billing process in your office, then click here to listen to the podcast and prepare to learn some new,  up-to-the-minute ‘insights’ on modern medical billing systems. 


ABOUT EZCLAIM:

EZClaim is a medical billing and scheduling software company that provides a best-in-class product, with correspondingly exceptional service and support. Combined, they help improve medical billing revenues. To learn more, visit EZClaim’s website, e-mail them, or call them today at 877.650.0904.

5 Things Medical Practices Need to Get Right in 2021

5 Things Medical Practices Need to Get Right in 2021

There are five primary medical practice fundamentals that, if focused on, will ensure your practice is working toward goals that will make the biggest difference. Practices are pulled in many directions each day, and it can be difficult to know what to prioritize, so the following are some recommendations.

1) Define Patient Engagement Goals
Perhaps one of the most overused terms in today’s medical field is “patient engagement.” Much like the drawer filled with important yet miscellaneous items, if you can’t actually define it, you probably aren’t going to do something with it.

In 2021, it is imperative to define your office’s patient engagement goals in order to determine whether they are being met, and more importantly, if the value you’ve placed on engagement is benefitting your bottom line. This could include engaging via a more personal checkout process that explains how billing and payment will be done and asking patients if there are certain times of the year they wish to be notified for annual wellness checks.

2) Ask For Online Reviews
Reviews remain one of the highest drivers of new customer acquisition. As a local business, you can create a Google Business account online that provides your address, phone number, and link to your website. Included is the ability to add reviews as well as phrases and keywords about your business within the Google Business dashboard, and it’s all free!

To encourage your patients to leave reviews, create cards with step-by-step instructions for posting online reviews via Google. Be picky. Make sure you ask your best patients to participate, who will be honored that you asked. Don’t forget to monitor to see how your business listing looks to potential new patients.

3) Offer Friendly Medical Bills
Of course, we’re not suggesting you add flowers or poignant sayings. Rather, explain a statement to your patients at checkout or within their financial package; this helps the process flow more naturally. BillFlash patient statements have five different messaging rows you can customize for communication. Plus, you can also send electronic patient statements through text and email.

In 2021, communication with patients—even on billing statements—should be natural, friendly, and simple. Getting paid is a segment of the medical practice workflow and should be as easy and frictionless as possible.

4) Ask About Payment Preferences
People are driven by routine and behavior. In today’s world, when paying for an item, the buyer is offered numerous options including cash, debit and credit, no-interest, pay-over-time plans, payment apps, or even Near Field Communication (NFC) like Apple and Google Pay. Granted, the last two have had very low adoption rates, but keeping an eye on payment trends costs little more than time and may add something unexpected to your bottom line.

In 2021, identifying the preferred patient payment options could be the difference between getting paid quickly and not getting paid at all. Don’t overlook the enormous value people place on how they give and take money.

5) Use RCM Services
An RCM vendor helps you get the most out of your practice revenue. They help you collect more from difficult balances, empower patients to pay in full, and improve your claims processing—without adding extra work for your office staff. Working with the right RCM services provider ensures you are paid more for the work you do. They also help identify reasons for claims denials, which have a positive impact on your practice revenue, as well.

 

For more information about automated patient statements and patient payment options, contact EZClaimNexTrust BillFlashGetPaid@BillFlash.com, or call BillFlash at 435.940.9123 (Option 3). For more details about EZClaim’s medical billing software, visit their website, e-mail their support team, or call them at 877.650.0904.