5 Steps to Create an Omni-Channel Payment Experience
The concept of omni-channel payments has been around for several years now. Many large retailers pioneered the concept to develop conveniences we use today in our everyday lives, i.e. buy-online and return in-store.
The concept is simple: provide consumers with multiple ways to pay for a product or service while simultaneously connecting that transaction seamlessly back to the consumer’s record for full historical record. An omni-channel experience:
- - Allows the business to make edits (void, credit, refund, etc.) to that transaction regardless of the payment method
- - Provides the consumer with an up-to-date view of their payments in one location
- - Consolidates the entire payments experience
This concept has become a necessary business strategy for healthcare providers. If we rewind the clock back 5-10 years ago, the patient payments experience was a necessary evil for most providers. Most of the reimbursement was provided by the insurance company and was more of a guaranteed revenue stream. In recent years, patients have become a more integral part to the reimbursement process. With the shifts to high deductible health plans, patients are now more responsible for the cost of care. When you combine that with the fact that 40% of consumers are unable to pay a $400 bill, the burden of collection falls to the provider.2
Savvy providers have differentiated themselves by creating a smooth patient payment collection process. In doing so, they’ve also turned patient payments from a financial risk to a competitive advantage. The payments process is an extension of the patient experience. The billing process is the last 10-15% of the interaction with a patient. A broken/disjointed payments experience can turn excellent care into frustration. In an environment where 69% of families with children have had to make financial sacrifices to cope with medical expenses1, creating a solid experience is a strategic imperative.
Strategies successful practices have used to enhance their position:
1. Utilize solutions that are integrated to your billing platformThe billing platform is the central nervous system of your business operations. To create a true omni-channel strategy, every payment modality needs to integrate into your billing suite.
2. Provide multiple ways for patients to payIn today’s environment it is not enough to take payments just at the front desk or through your
3. When available leverage one solution to collect paymentsthis simplifies reconciliation and allows staff members to focus more impactful tasks
4. Automate patient paymentsrecurring payment plans are a powerful tool to increase patient collections and ensure patient retention
5. Don’t forget about securityas healthcare organizations we talk about patient privacy constantly, it is important that we extend that same rigor into the payments process. Protecting cardholder data should be a core pillar of a revenue cycle management strategy
If your organization has questions about how to enhance your patient payments process contact us today. ImaginePay is an all-in-one patient payments solution designed to improve staff efficiency, allow your organization to get paid faster, and drive patient satisfaction.