From ballooning healthcare costs to rising deductibles and out-of-pocket expenses, financial stress will weigh heavier than ever on patient budgets in 2024. According to one survey, more than 55% of consumers nationwide feel anxious simply when they just think about their bills — not to mention the stress and frustration when it comes time to pay outstanding balances.1 In the healthcare space, approximately 71% of patients feel confused and overwhelmed when reviewing and paying their medical bills, creating a perfect storm for revenue loss in even the most efficient and profitable practices.2
To help close the gaps between patient responsibility and practice A/R, healthcare businesses are leveraging online payment portals for a streamlined and convenient patient-pay experience. These portals have already paid dividends for countless providers. According to one healthcare payment analysis, patient-pay transactions to one network of providers increased by 106% from 2019 to 2022, with an average increase of 27% each year.2 However, the secret to patient-pay revenue growth lies beyond a simple payment portal. The key to unlocking bottom-line value is constructing a portal with features and functionalities that encourage collections and help patients tackle even the highest barriers to payment.
Not All Portals Are The Same
The growth in portal utilization points to a deeper need for a more accessible, patient-first approach to the billing process. At PatientFocus, the patient experience reigns supreme in every interaction and transaction we complete. Our team operates with a clear understanding of patient-pay behavior, taking patient billing strategies one step further with a positive, compassionate, and understandable financial ecosystem that seamlessly moves patients through each step of the billing process. Our unique payment portal unites every element of our patient-centered model to deliver the optimal billing experience that every patient deserves.
The New Era of Payment Portals
The PatientFocus payment portal leverages the close connection between quality of billing experience and patient-pay revenue to help practices maximize financial gains. Our branded portal helps practices achieve their collection goals with:
- Security at the forefront. The PatientFocus portal provides surround-sound security for patient billing information with industry-standard data encryption, role-based access controls, password protection and multi-factor authentication, custom terms and conditions, audit trails for federal and state laws, and full compliance with the Payment Card Industry Data Security Standard (PCI DSS).
- User-friendly design. PatientFocus built simplicity and efficiency into the payment portal from the ground up, making every step of the process intuitive, easy, and highly patient-centric. By removing functionalities and technical information that only apply to billing office operations, the PatientFocus portal helps minimize confusion and move payments across the finish line.
- 24/7 access and convenience. Patients can access their billing information and payment details around the clock, including PDF copies of all prior statements along with an itemized history of all charges, adjustments, and payments. In addition to paying balances, the PatientFocus portal can also help patients schedule future payments and create payment plans based on each practice’s unique business rules.
Deliver a Superior Patient Financial Experience
With an estimated 69% year-over-year increase in cyberattacks on healthcare organizations, practices should take action now to implement robust cybersecurity protocols to protect critical patient information from breaches, all while maintaining a convenient, consistent, and clear billing experience that helps patients pay their bills on time and in full.3
That’s a tall order for an understaffed and overstretched in-house billing office. With PatientFocus, practices can alleviate the burden on their billing staff while providing the ideal payment experience for every patient, helping increase satisfaction and maximize patient collections with a new approach to payment portals and patient-pay optimization.
Discover the significant savings and revenue recovery opportunities for your practice with the PatientFocus patient-center payment portal. Try our easy-to-navigate calculator now to estimate your practice’s potential revenue enhancement.
Sources
- 2023 ACI Speedpay® Pulse Report: Billing and Payment Trends and Behaviors. (2023). ACI Worldwide®.
https://www.aciworldwide.com/wp-content/uploads/2023/08/2023-ACI-Speedpay-Pulse-Annual-Report.pdf - Trends in Healthcare Payments: Thirteenth Annual Report 2022. (2022). J.P. Morgan.
https://site.instamed.com/Trends_in_Healthcare_Payments_Annual_Report_2022.pdf - Cyber Attack Trends: Check Point’s 2022 Mid-Year Report. (2022). Check Point Research.
https://www.checkpoint.com/downloads/resources/cyber-attack-trends-report-mid-year-2022.pdf?mkt_tok=NzUwLURRSC01MjgAAAGP4Dd9wVZs-yGnNcdAU7iH-OMfgE_TxhzzjGUT0su_bK3YshiLrjbOesbPcFSFrZ6ESjJILGWXUXeNOozumMtzn8yjbfS7GOwIaMOGZW2Ncnfv5xbVhttps://www.ibm.com/downloads/cas/E3G5JMBP