How Mnet's Solution, Text-to-Pay, Will Save You Money and Get You Paid Quicker

With many healthcare facilities, we see that those best positioned for growth are focused on programs and investments that both provide more value to their patients and advance their healthcare mission.

These providers look for solutions that help them deliver the right care in the best way, improve the effectiveness and performance of their operations, and provide the best patient experience.

What patients really want is a more helpful, transparent experience — one that is quick, easy, and simple.

Our case studies demonstrate this and show how we have increased patient collections using simple yet powerful technology.

For example, Baylor Surgical Hospital at Las Colinas reduced bad debt expense by $1.1M and improved average monthly self-pay collections by 121% (i.e., from $70k to over $155k monthly) after implementing Mnet’s Text-to-Pay Solutions.

In addition, in the first 60 days of offering Text-to-Pay, 63% of patients who agreed to manage their bill by text, paid in full, while 27% of patients used Text-to-Pay to set up a payment plan.

Some facilities may think that, in order to be better, they have to add and change a bunch of things like getting the latest and most-expensive technologies with all the bells and whistles.

But in reality, the solution may be much simpler than assumed.

Pre-COVID, text messaging was steadily gaining traction as an effective communication channel for engaging patients.

But since COVID-19 hit, texting capabilities have quickly shifted from being “nice-to-have” to “must-have.”

According to a McKinsey survey, following the COVID-19 outbreak, 30% of Americans report that they are more likely to spend time texting, chatting, and messaging.

Some providers have employed special sanitation technologies and some even disinfection robots which are commendable efforts.

Interestingly, many providers have also realized the power of low-cost text messaging and the way it can be used to limit person-to-person interaction, prevent queuing, notify patients of new protocols, launch patient engagement campaigns, and can even be used for contactless payments.

In a time of crisis, consumers want to simplify their communication channels and use what they know best, which is texting.

Providing patients with more options, specifically more ways to pay, adds to the patient experience in a better way and adds to the value they are receiving.

Text-to-Pay is simple, it’s speedy, and it’s what patients actually prefer. Mobile payments increase the speed to payment and the convenience factor that so many patients today expect.

In fact, a 2017 report found that 80% of patients prefer to pay their provider from their mobile phones.  Patients love Text-to-Pay because it is a contactless payment solution for managing their medical bills. It’s easy to use and yields fast results.

It has a 98% open rate and it’s a great way to connect to patients on a channel they’re likely to prefer. Response rates for texts are almost 40% higher than response rates for emails.

When patients receive payment options quickly, not only do they save time, but their frustration is reduced, resulting in a patient experience that is more satisfying.

Therefore, the best healthcare providers offer conveniences like online appointment scheduling, mobile bill payment, live chat, and other personalized and customized touch points along the patient journey.

Happier patients mean increased referrals, more word of mouth, patient loyalty, and respect in the community.  Learn more about Mnet’s Text-to-Pay solution and increase your top-of-line revenue: https://mnethealth.com/text-to-pay/

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.