As patients across the country are seeing an increase in responsibility for their portion of medical bills, it’s becoming more and more difficult for medical practices to collect on those payments. While it’s easy to throw the blame for current medical billing challenges on patients or the financial strain many are experiencing due to COVID-19, the reality is that healthcare practices have struggled for years with collections, largely because of an antiquated and inconvenient approach to patient billing.
While the rest of the world has adapted to consumer payment preferences and our fast-paced, on-the-go digital world, healthcare seems to be one industry that’s stayed stuck in the past. Many practices are making the same billing mistakes they were making decades ago, and unsurprisingly they’ve continued to struggle as a result.
If you’re finding your practice struggling with collections and wasting a significant amount of manpower trying to chase down patients for their outstanding bills, chances are that you’re making one (or several) of these classic medical billing mistakes.
Mistake #1: You’re Sending Paper Bills
The majority of healthcare practices still rely on paper billing, which is becoming more and more ineffective as time progresses. This could be because your addresses on file are wrong, the bill you send gets thrown out, the bill doesn’t get delivered, or the bill is lost after being opened. It’s easy for consumers to forget about a bill when it comes in the mail and they don’t receive regular reminders!
Wellpay helps solve this billing snafu by digitizing the entire billing process, making it easier for patients to both receive and access their bills while supplying them with friendly, automated payment reminders via text or email. An additional perk? Your practice will cut down majorly on mail costs!
Mistake #2: Your Invoices Are Confusing
Honestly, most medical bills are confusing for patients. This could be because they contain too much information, no information at all, or too much jargon. At Wellpay, we know that patients are more likely to pay a bill when they understand what it is they’re actually being asked to pay! With our platform, simple and easy-to-understand invoices are automatically generated for each patient. Due to the simplicity of our bills, your invoices will get paid faster and won’t strain your bottom line.
Mistake #3: You Don’t Accept The Right Payment Types
Perhaps one of the biggest mistakes that you might be making has less to do with your invoicing system and more to do with the types of payment you accept. It’s 2020, and the majority of your patients are using a multitude of online payment services; let’s meet them where they’re at and get your invoices paid the quick way. The way forward involves more than just accepting checks, cards, and cash. With Wellpay, your patients can also pay with Apple Pay, Google Pay, and PayPal!
Mistake #4: Your Process Isn’t Automated
Most practices hire the majority of their workers for billing purposes. If you think your staff might be wasting time calling patients or sending out paper bill reminders, you deserve a better system. Here at Wellpay, we manage your patient communications for billing directly; however, it’s no hassle because almost all of our contacts are automated! Patients will receive text and email payment reminders - they can also set up automatic payments for any outstanding bill.
Medical Billing Software Is A Must
Wellpay offers a simplified yet robust patient billing solution that’s designed to address common billing issues and propel providers forward. Our platform provides the simplest medical billing software available for streamlining your practice’s payment collection process, regardless of your specialty.
With Wellpay you can manage and send bills digitally with technology designed specifically for healthcare practices! The bills are created with your patients in mind, with easily understood language and clear instructions for payment. We also help position your practice as more empathetic towards patients by providing a variety of flexible payment plans and automated payment scheduling options that meet each patient’s unique financial needs.
Interested in a free demo or want to schedule a quick call to learn more about how the platform works? Get in touch with our team today! We can’t wait to show you how Wellpay can help your practice improve collections and save tens of thousands of dollars annually on credit, debit, and lending fees.