July 27, 2023

How the patient payment experience can impact patient loyalty

An omnichannel payment solution can mean you offer patients their preferred ways to pay, collect more at the time of service, and communicate balance information in ways patients understand.

In recent years, the healthcare industry has advanced but the patient payment experience has remained behind. Outdated payment systems and processes often lead to patient dissatisfaction, which in turn can have a negative impact on patient loyalty.

Patients are consumers, and they expect a payment experience that mirrors what they encounter with renowned brands in other industries. In fact, a recent study reported that two-thirds of consumers would switch healthcare providers for a better payment experience. This means that healthcare providers who aspire to keep patients satisfied and loyal must prioritize improving that experience.

Provide an omnichannel payment solution

By adopting an omnichannel payment solution, healthcare providers can offer patients the flexibility to pay in their preferred manner while collecting payments at the time of service and communicating balance information through the patient’s preferred channel. By facilitating easy bill payment for patients, providers can not only enhance the patient payment experience but also bolster patient loyalty.

Why offer an omnichannel payment solution?

The following are some of the benefits that come with embracing an omnichannel patient collections solution:

  • Increase payment collection rates: Studies indicate that the implementation of omnichannel collections platforms can boost payment collection rates by more than 20%.
  • Improve patient satisfaction: Patients value the convenience and flexibility of paying their bills in the way that suits them best.
  • Reduce administrative costs: Omnichannel collections solutions automate many billing and collections tasks, thereby helping providers cut down on administrative costs.

If you are seeking ways to improve the patient payment experience and foster patient loyalty, adopting an omnichannel collections platform is an excellent place to start.

How else can I improve patient payments?

Below are some additional tips for enhancing the patient payment experience:

  • Be clear and transparent: Patients should be well-informed about the amount they are expected to pay and the methods they can use to pay it.
  • Offer multiple payment options: Patients should have a range of payment options from which to choose, including in-person, online, and mobile wallet options (such as Apple Pay or Google Pay). Plans also provide patients with a convenient way to pay over time.
  • Simplify the payment process: Minimizing friction during the payment process increases the likelihood of successful collection. The process should be seamless and hassle-free for patients.
  • Provide responsive support: Patients should be able to obtain quick and easy answers to their billing inquiries.
  • Express gratitude for payments: A simple thank-you note can go a long way in demonstrating to patients that you appreciate their business.

By implementing these tips and embracing an omnichannel payment solution, you will be well on your way to improving the patient payment experience and cultivating strong patient loyalty.

Want to automate your patient payments?

Learn how Tebra's platform can help your practice collect payments more efficiently