Benefits of eStatements
Having a cost effective, intuitive and supportive Billing advocate is essential for a Medical Practice to survive in today’s fierce marketplace. Patient Consumerism have increased, educating patients about benefits they should seek after. Automation and advanced technological solutions to the services patient avail i.e. like taking loans, paying utility bills, vehicles purchase payment etc have made everything easily available online. This need, to have all the information easily available have pushed Medical Practices to raise their standards and offer their services online for their patients as well.
Studies show that patient prefer Practices that provide them with online information access including their appointment schedules, their outstanding payments details, their claim statements, their medical history etc. This extends to giving them access to eStatements/epayments.
We at AltuMED, through a controlled case study, realized that when Medical Practices allowed their patients with easy payments options i.e. epayments and provided them with clear payment expected of them via estatements, their receivables increased reducing their AR days significantly. More so, paper bills/statement are expensive and inefficient, not just increasing the cost associated with (postage, paper, printing and labor) but also time. Medical Practices are known to issue statements, then reminders, it takes days, weeks or even months to finally collect the payment.
Paperless billing is the new norm and with smooth implementation Practices/patients prefer this method over the conventional one. It makes it easier for patients to understand what is expected of them, make payments, reducing the time and costs associated with paper billing. If collections can be made within hours than why not to take the hassle out of patient billing by implementing paperless method (eStatements).
AltuMED specializes in making the Billing process easy for its clients, allowing access to estatements is therefore an integral part in the bundle of billing services we offer. Leave us a message to find out more.