Do You Know Why Patient Payment Options Are Vital In 2021?

Flexible and personalized patient payment options are needed more than ever as patient financial responsibility continues to grow.

Medical care is expensive. In fact, 99% of bills that exceeded $3,000 were not paid in full according to a TransUnion analysis in 2017.

Approximately 21 million Americans have high deductible health plans where they must pay 100% of out-of-pocket expenses until they satisfy the deductible – which could be in the thousands of dollars.

At the same time, 69% of Americans have less than $1,000 in savings according to a survey by GOBankingRates.

The economic uncertainty is causing patients to conserve their cash flow.

Patients “shop” for more affordable healthcare services and demand better patient experiences—a trend we all know as healthcare consumerism.

The pandemic has created a pinch to both patients and providers—patients are struggling to pay for needed healthcare services while providers are experiencing a downturn in their revenue.

The key to solving this issue is through flexible patient payment options and payment plans such as what Mnet’s PaySUITE offers.

During this time of financial hardship, providers are seeing a big boost in the use of payment plans.

From e-statements to text billing, technology has also made paying for goods or services incredibly convenient thereby increasing consumer demand for a variety of payment options.

Patients need help in managing their financial responsibility in a way that doesn’t create financial stress.

Personalized and flexible payment plans allow providers to get more patients to have access to healthcare services they need the most during this time.

Simply sending a paper statement or an email of a patient’s balance just doesn’t cut it anymore in today’s healthcare landscape.

To meet patients where they really are, providers need to give multiple payment options, channels, and payment methods like online payments and text-to-pay.

Healthcare providers also need to look at patients’ financial situations and create personalized payment plans that make sense in terms of the amount and the period that works for them.

They also need to determine whether patients qualify for financial assistance or charity care.

As the world emerges from the pandemic, flexible patient payment options will become a key competitive advantage for providers.

A 2019 survey found that out of the patients who use payment plans, 76% reported they would complete all payments on time.

Other benefits include:

• Increased patient satisfaction

Creating personalized payment plans means providers work proactively with patients to help determine their ability to pay and help them manage their medical expenses. This helps improve the patient’s financial experience and overall satisfaction levels.

At the same time, patients can be saved from the embarrassment of being unable to pay and from having their credit scores impacted.

• Increased cash flow and revenue

Flexible payment plans allow providers to get paid faster and avoid having to chase patients with unpaid balances. It also allows providers to open their doors to more people who need medical care.

Therefore it’s important for providers to work with partners that offer 100% acceptance like Mnet’s PaySUITE to allow for 100% inclusion, never needing to turn any patient away due to credit history.

• Increased patient loyalty

Patients deeply value flexible, interest-free financing plans and payment options.

Patient financing programs drive patient loyalty. This has been the experience of Texas-based Baylor Scott & White.

According to Sarah Knodel, SVP of revenue cycle for Baylor Scott & White, 91% of their patients are saying they return because of the healthcare system’s patient financing programs and 87% would refer them to family and friends.

With Mnet as their partner, providers can focus on delivering an exceptional experience through flexible patient payment options.

Mnet’s PaySUITE provides an end-to-end payment solution in helping patients pay from patient portals to customizable finance offerings.

A custom-branded web and mobile platform, PaySUITE is designed to offer 100% acceptance through custom payment plans, financing, and charity care where applicable.

Providers gets custom branded:

• Website(s)
• Compliant Text-to-Pay solution
• Customizable finance offerings

Patients get:

• Online & mobile bill pay
• Self-help payment plans & financing options
• Customer phone support with multi-lingual agents

With PaySUITE, providers get a full suite of tools which allows them to have a payment solution for every patient.

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.