January 2, 2018
Dan Brames, FIS | Head of Retail and Corporate Payments
The soaring cost of healthcare in the United States has led to an increasing amount of bad debt faced by medical practices. To help stem this, healthcare providers should turn to an example from the retail space and streamline their payment processes.
Just as in the retail environment, technology can eliminate wasted time and money by cutting down manual processes, improve patient experiences and increase the likelihood that payments are made on time.
The good news is that surveys show that patients like self-service options. Check-in kiosks provide a more seamless consumer experience by eliminating paper forms, which often require patients to enter their information multiple times. They also offer additional benefits such as:
Ask yourself these questions about your current payments process:
Adopting new software or using your current software more effectively can significantly improve the health of your medical practice. If your medical practice management software is up-to-date, make sure that its payment mechanism is activated. It also should connect to your general ledger to eliminate inefficiencies and mistakes associated with manual keying-in of information.
Advancements in medical practice management software and other technologies such as patient check-in kiosks provide opportunities for additional boosts to the bottom line, plus better patient and employee experiences. Check in regularly with your software or payments provider to make sure that you have the tools you need and are fully leveraging their benefits.
Most medical payment processes can be broken into four stages. Make sure your processes are maximizing payments by asking these questions about each stage:
FIS | Head of Retail and Corporate Payments
Dan brings over 20 years of financial and payments industry experience to FIS through senior marketing and management roles. Most recently, he was a management team member at Valutec which was acquired by Metavante in 2007 and FIS in 2009.