There are many reasons to try online patient collections. Perhaps the number one reason is that it can help you improve your cash flow.
When patients can pay their bills online, it helps them stay organized and it makes your billing process simpler and more efficient. In this blog post, we will discuss this reason some more so you can learn more about implementing online patient collections.
Delinquent Patient Accounts Can Decrease Monthly Cash Flow
One of the biggest issues that practices face is delinquent patient accounts. When patients don't pay their bills on time, it can put a strain on your monthly cash flow.
This is because you have to wait longer to receive payment and you may have to pay interest on the outstanding balance. In some cases, you may even have to hire a collection agency to help you collect the money owed.
All of this can be very costly and it can take a toll on your practice's financial health. However, when you switch to online patient collections, you can help reduce the number of delinquent accounts.
This is because patients will be able to see their account balance and make payments easily and conveniently from their computer or mobile device.
Online Patient Collections Can Automate Your Billing System
Another reason to try online patient collections is that they can automate your billing system. When you use paper bills, you have to print them out, stuff them into envelopes, and mail them to patients.
This can be very time-consuming and can lead to errors. For example, you may accidentally put the wrong address on an envelope or forget to include a statement with a bill.
With online patient collections, all of this paperwork will be eliminated. Your billing system will be completely automated and you'll be able to send bills electronically. This means that there will be fewer errors and your patients will receive their bills.
Ready to Simplify Your Billing Process
As you can see, online patient collections are an effective method for streamlining your hospital's billing process. If you're interested in learning more, contact us today to schedule a meeting with us.