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More and more individuals have access to the internet via smart phones and other portable devices. And for many consumers, the ability to pay online is their preferred method for resolving their financial obligations. Considering these facts, the value of offering your patients the option to pay through an online payment portal is undeniable.
40% Average Year Over Year Increase of Online Payment
PDCflow has been offering free hosted online payment services since 2005. We have collected data from many of our long-term clients on the impact of an online portal on their inbound payments and overall revenue stream.
Specifically, in the healthcare industry, we have seen the hospitals and medical billing companies who were early adopters of online payment services increase their payment cash flow year over year by an average of 39.49%. Web payments have contributed an average of 40.46% to their year over year increase.
Progressive companies that made the move to offering online payments five and even 10 years ago have been reaping the benefits with increased revenue while decreasing the cost to accept those payments.
One of PDCflow’s Hall of Fame clients, Albany Memorial Hospital, began accepting payments through an online portal a decade ago. In 2008 when their online processing began, it represented 3.10% of their total payments. Ten years later, they ended 2018 with 42.88% of their total volume coming from online payments.
Why Do Consumers Prefer to Pay Online?
- Convenience – A patient can go online and make a payment 24/7, so paying their bills is done at a time that works best for them, when they have the money available.
- Avoid Talking to a Cashier/Collector on the phone – Especially when dealing with past due accounts or collections, patients can avoid some of the embarrassment of being delinquent on their medical bills.
- More Control – Patients feel more in control of their financial situation, and may pay more online than a cashier or a collector would suggest.
- Save Money and Time – With easier solutions available, people rarely prefer to pay bills with paper checks. Save your patients the need to buy stamps and mail in payments. With an online option, consumers can make a payment on payday, and the money is immediately posted on their account as paid.
8 Easy Methods to Increase Online Payments
Be aware: an online payment portal isn’t as simple as “build it and they will come.” So how do you get the word out to your consumers that you offer online payment services?
There are many simple, low and no cost methods to informing your consumers that they can make payments 24 hours a day, 7 days a week.
The PDCflow Customer Success Team has compiled a list of eight simple methods that you can begin using today to increase your online payment traffic. Implement them, and you may see your inbound payments increase by as much as 40%.