With the current state of patient payments and the healthcare industry trending towards high deductible health plans (HDHPs), it only makes sense to utilize recurring billing at your medical practice.
With automated recurring billing, you can effectively collect patient payments, expand your practice’s services and streamline front-office work. Read on as we delve into the benefits of recurring billing.
A 2018 survey by Zirmed revealed two interesting patient payment trends, 1) the desire for digital payment options is growing across age groups and 2) digital correspondence is preferred for billing communications.
How do those findings tie into recurring billing? When you consider HDHPs in conjunction with these trends, recurring billing is a no-brainer.
Recurring billing is a digital payment option at its core. With patients' credit card information securely stored on file and custom payment schedule options, patients are completely hands off, but you still get paid. The bonus? Patients can receive digital receipts via email for every payment.
You can collect patient payments effectively while meeting their expectations. It’s a win-win situation.
High-priced procedures may be medically necessary, but can be delayed due to the inability of the patient to cover the full amount up front. It isn’t uncommon for a surgery to be postponed until the patient can cover the out-of-pocket cost, even if this goes against doctor’s orders.
Allowing your patients to pay for their services on a schedule you work out with them is something that not only improves the health of your patients, but greatly improves doctor-patient relationships. Offering flexibility to your patients builds rapport and a certain level of loyalty to your practice.
Sticking to old-school technology limits your practice’s ability to expand services, payments included. With the shift to HDHPs, boutique-style medical treatments are becoming more popular, and patients are expecting more options when it comes to regular visits and treatment regiments.
An easy way to enable this is with recurring billing. Your practice can offer wellness and Rx-based services and auto-bill patients on a custom schedule.
Whether you’re a chiropractor seeing patients on two to four week cycles, an internal physician offering a concierge medical model, or a plastic surgery center with frequent out-of-pocket payments, you can integrate recurring amenities like wellness and Rx-based services into your medical office and lean on recurring billing to streamline it.
Of course, with changes and expanded services comes more work for your practice, but that’s the beauty of recurring billing, it actually decreases the manual work behind payments.
Take the concierge medical office we mentioned above. This business model requires patients be billed on a regular basis. Without recurring billing, this would result in a ton of paperwork and manual work for your front-office team. Instead, with recurring, you can set it and forget it. Obtain payment information and authorization once and the future payments run automatically.
Are you considering offering amenities such as wellness services at your practice? We’d love to hear how your business is expanding below!