Leveraging Contactless Payment Methods in 2022 I Payspan
The healthcare industry was no stranger to mobile payments before COVID-19 took the world by storm. The idea, the technology, and the applications were already gaining massive popularity and healthcare payment firms were seeing impressive adoption rates as well. But it can be said, without a doubt, that COVID-19 and its many variants, have in fact accelerated mobile payment adoption rates across the US.
So, what exactly do contactless payments imply? In today’s world, where COVID-19 safety protocols are still very much in effect, one of the most significant implications is never having to come in direct contact with money, checks, and other forms of physical payment communications, which can potentially spread germs. It is a smart, simple solution that bypasses concerns such as diseases, pandemics, and even natural disasters, allowing people to make and receive payments without having to even leave their homes (or their chairs!).
Providers should encourage patients to pay electronically in 2022, and here’s why:
The first case of the Omicron variant of the corona virus was detected in California earlier last week. As we come across more research on the matter, it can be safely said that this is neither the first variant, and unfortunately, nor is it the last. The situation does seem less formidable than it was a year or two ago, with vaccines now readily available and more awareness on how the spread of the disease can be contained, but this does not mean that we can go back to the ‘old normal’.
If we look past COVID, simply to focus on the idea of electronic payments, we will understand that any other method of paying for healthcare has long been obsolete and perhaps shouldn’t be dragged into the new year. Electronic payments are simple, swift, convenient, low cost in terms of execution – and quite frankly, a no-brainer when it comes to relevance based on time, need, and the current situation.
How can providers benefit from contactless, electronic payments?
Increased foot traffic to practices:
Results from surveys shown that patients prefer being offered multiple payment options that they can choose from, instead of being forced to use one set method – they are also likely to switch practices simply because another provider office has better, or multiple payment options available. This means that adding electronic payments as an additional method at your practice can potentially increase patient traffic to your office.
Better patient satisfaction:
By giving your patients multiple options to pay – one of which makes healthcare payments much easier, faster, and hassle-free, you are automatically earning points in patient satisfaction. The more satisfied your patients, the more likely they are to refer your practice to others – and the less likelihood of them ever having to search for a different provider.
Cost-effective office management:
Conventional billing and payment methods require printing, postage, and mailing costs associated with sending out bills and payment reminders to patients. Electronic payments mean cutting miscellaneous postage/shipping costs from your yearly budget and leveraging automated systems that send out timely reminders and billing information when needed.
Go Green by doing your bit for the planet:
Large-scale corporations are also the largest consumers of paper and paper products on the planet. Paper is made from trees, and the demand for more paper products contributes to the deforestation and the consequential loss of our non-renewable resources, and the species that inhabit them. Each individual and every company can prevent this, simply by being cleaner, and greener in the way they live and operate.
If you have any questions about electronic payments and how they can benefit your practice, feel free to contact us!