We’re seeing mobile payments as an option more and more. Whether it’s through popular apps like Starbucks or Lyft, or online checkout through Airbnb and Etsy, or even in person at your favorite brick and mortar. In fact, it’s becoming increasingly difficult to find places that don’t accept mobile payments. However, not all businesses have acquired mobile payments as an offering. While some healthcare organizations offer their patients this highly convenient and trending payment option, not all have. If your practice is still slow to adopt a mobile patient payment technology, now is the time to get a leg up on your competition.
A recent study has shown that there has been a solid, 63% increase in mobile patient payments for healthcare bills since 2018. Payments made via desktop are still the most common channel for online payments, however, the study showed a decline across all age groups, most notably those under the age of 40. It’s clear that younger generations have a propensity to use mobile-enabled payments.
Specialties, including primary care, pediatrics and adolescent medicine, gastroenterology, OB/GYN, orthopedics, orthopedic surgery, general surgery, cardiology, and urgent care, have all seen increases in online payments. A look at these specialties combined shows that the percentage of outstanding balances paid within 6 months increased from 81.4% in 2017 to 82.6% in 2019.
Happy Patients, Happy Bottom Line
Adopting mobile payment technology is a great way to improve patient financial engagement at your healthcare practice. It’s true that patients crave a quick, seamless payment experience. In fact, a recent survey found that 50% of consumers would leave their current physician to find a better digital patient experience. Mobile solutions are essential to satisfy patient demand and protect your bottom line.
Practices spend a lot of time and resources trying to get patients to pay their balances in full, with little to no luck. A one-size-fits-all approach isn’t effective for patients who have varying financial needs and preferences. Implementing trending payment options will not only help patient retention but also help to increase patient collections.
Trending Mobile Payment Technologies in Healthcare
The following mobile technologies will arm your healthcare practice with payment options your patients are really after.
With patient self-pay features, you can give patients the ability to make payments from their preferred mobile device. They can set up electronic alerts and notifications to enhance patient engagement and make bill pay a breeze.
When you think of a speedy, convenient check out process, digital wallets usually come to mind. Think PayPal, Venmo, and Apple Pay. When consumers already have a mobile wallet set up, all they have to do is select “Buy with Apple Pay” or “PayPal Checkout,” for example, and their transaction is complete in less than a minute. Entering personal and billing information at every transaction is a think of the past when using a digital wallet.
Pay with a Picture in Seconds
Saving time when it comes to paying bills is what Papaya’s payment technology is all about. With the Papaya Payment App, all you have to do is take a picture of your bill and your payment is made in seconds. This option can be included right in your payment portal’s checkout page so your patients can get in and out without hassle.
Be Open to Innovation
Since mobile payment technologies aren’t exactly new anymore, they are expected everywhere. Without these options in place, patients will become frustrated and look for this convenience elsewhere. In order to keep current patients happy and attract new patients, it may be worth considering an upgrade to your payment options.
HealthPay24 is committed to delivering the most innovative payment solutions that offer the convenience and flexibility that patients truly want. Get in touch with us today to learn how you can incorporate these mobile payment technologies at your healthcare practice!