Even though more than half of today’s patients prefer to receive medical bills electronically, 77 percent of healthcare organizations still use paper based billing methods for their patients. While recent research has proven that electronic patient billing acceptance is low, incorporating electronic billing in healthcare facilities can lead to faster, more complete payments.
Approximately 52% of healthcare entities that were surveyed stated that it takes over three months for their patients to completely pay the healthcare expenses they are responsible for. In addition, hospital revenue cycles are particularly hurt by slow patient payments. Believe it or not, one-quarter of hospital executives revealed that their patients take more than six months to pay their balance.
Since many providers are still managing their patient billing process manually, they are missing out on the advantages of digital billing options. By keeping patient credit cards on file, they can improve their revenue cycle. Automated payment plans would also help healthcare organizations by allowing them to reduce the cost of collections.
Why Healthcare Providers are Hesitant to Switch to Electronic Billing
With so many businesses including banks, mortgage companies, and utility providers practicing electronic billing today, you may wonder why so many healthcare practices are behind the times and still focused on paper billing.
The truth is that some healthcare organizations do not want to invest in electronic billing technology, do not have any incentives to forgo paper billing, and have the mindset that the switch is not worthwhile.
Benefits of Electronic Billing
The benefits of transitioning from paper medical billing to electronic billing are endless. Here are several of the many benefits of electronic billing for healthcare entities:
Paper billing forces healthcare providers to keep all of their medical billing documents in one place. Losing a single document can drastically affect a patient’s bill or patient. With electronic medical billing, the risk of misplacing a bill or damaging a piece of paper is avoided.
An Automatic Process
Electronic billing eliminates the need for healthcare practices to deliver physical bills and automates the entire process. This saves both time and money.
An electronic billing system gives healthcare providers the ability to receive more patient information in a short period of time. They can easily access many reporting charts and connect them to the billing system.
Contact Applied Medical Systems
If your healthcare facility still relies on paper processes when it comes to billing, it’s time to implement an electronic billing method. This way, you can please your patients, stay ahead of the competition, and collect patient payments in a faster, more efficient matter. Contact us today for more information.