Electronic payments from patients can increase the average speed of collections because they eliminate mail transit and check-processing times. In addition, patients who pay online tend to pay quickly, according to an internal study of payment data including multiple large healthcare organizations:
- 13% of all electronic payments were received within five days of the statement date—a near impossibility for payments sent by mail as a physical check.
- 87% of all electronic payments received, arrived before the due date (30 days).
- 29% of “no-login” online payments were received within five days! Patients are more likely to immediately make a payment when presented with a “no-login” (quick-pay) online option.
By applying creative approaches to patient communications–such as placing the credit card payment box on the reverse side of the statement and, instead, using that space to direct patients to websites–we’ve seen healthcare providers increase the percentage of payments received online by as much as 46% in the quarter following a focused project.