Electronic Statements Increase Prompt Payments
Once you start using electronic statements (eStatements) you’ll wonder why you ever billed any other way.
SAVE TIME AND BOOST YOUR BOTTOM LINE
Patient portals and electronic patient communications, including electronic statements, are key to getting your money faster. High-deductible health plans have made electronic statements increasingly important. The Healthcare Financial Management Association (HFMA) conducted a study to determine how patients felt about electronic statements. The results were interesting and definitely worth considering.
According to the HFMA study, an estimated 36% of people who currently receive patient statements in paper form would convert to electronic statements if the option were available.
THE PATIENT ADVANTAGE
Security of delivery, multiple payment methods, and the ability to pay directly from an electronic bill were the most appealing aspects of electronic statements.
Sixty-five percent of those who currently receive paper statements said they would pay an electronic statement faster than a paper statement. Below are just a few comments received:
- “It’s easier and more convenient to pay. No hassle with checks or stamps and no going to the post office.”
- “I’m on my computer a lot. So, it’d be easy to just log on to my email account and see it right there and then pay it.”
- “I would pay it as soon as I read the email unlike paper bills that I tend to wait a while before mailing it back.”
THE PROVIDER ADVANTAGE
Reduced days in accounts receivable and collecting patient payments faster top the list of reasons why it is advantageous for providers to offer electronic statements. Additional cost savings come from a reduction in material costs, a decrease in postage fees, and the fact that the patients receive electronic statements in less time than paper statements, because there is no time lost in the mail. In a nutshell, it is simple – electronic statements result in faster payments and serve as another way to connect patients to the practice.
THE COMPETITIVE ADVANTAGE
The Pew Research Center claims one-in-four people surveyed said they would consider switching doctors for the option of having their statements delivered electronically. Could this ignite a change in behavior? It is something worth exploring.
With the approval of some of our clients, Onpoint Medical Solutions implemented electronic statements at their practice. So, we know it works! As soon as we sent the electronic statements patients started paying. It happened within minutes! Some called to get more information but once the call was fielded it resulted in a payment.
Start electronic statements today and set your practice apart, reduce the cost of postage and get your payments faster.