Recurring billing is an effective way to control billing cycles, minimize collections, and make bill-paying more convenient for patients. It helps both provider and patient manage their finances better. Everyone knows what the financial obligations are, and recurring billing is the best way to handle them. It creates total transparency.
For the Provider: fewer collections, less paperwork, more revenue
Healthcare providers have the opportunity to decrease the manual work behind collecting and monitoring payments. This gives room for expansion of services and streamlining administrative work. The recurring billing model has been successful because it allows businesses to expand their market size by offering flexible payment options.
Due to the way the recurring billing process is set up, it can help facilitate more predictable streams of revenue. When customers participate in recurring billing, your healthcare practice can confidently proceed with operations, knowing the payment will be issued on a specific date. Since payment and frequency are established at the beginning with the initial payment, medical and dental providers, as well as healthcare organizations, will know exactly how much to expect not only during the billing cycle but for the lifetime of the customer relationship.
These recurring billing plans apply to both dental providers and medical. In fact, pediatric dentistry and orthodontists especially are the top users of these plans.
For medical providers specifically, recurring billing can help avoid delaying medical treatment due to patients not being able to cover the full cost amount at one time, improving the patient-provider relationship.
Subscription payment models are becoming more popular and provide convenience (and in some cases VIP treatment for patients), as well as a steady revenue stream for healthcare providers. Providers can improve the customer experience and their own bottom line by implementing a modern payments system with advanced technology that automates payment processing and provides patient alternatives. The flexibility of allowing smaller payments, changing payment dates, and upgrading services can increase customer satisfaction and retention. Providing these options helps attract new clientele and shows that the business is open to accommodating customer needs.
For the Patient: Less stress, better budgeting, highest satisfaction
Customers can avoid missing payments when they sign up for automatic recurring billing that saves time and money by not having to pay late fees for past-due medical bills. This can be especially helpful to those who travel frequently, have busier schedules, or don’t always have access to the invoices.
Waystar™ released its second annual Patient Payment Check-Up™ survey in 2018 and found that the desire for digital payment options is growing across age groups, and medical patients prefer digital correspondence for billing communications. By making payments automatic, both these desires are fulfilled. Customers aren’t required to login to their accounts each billing cycle. Instead, they can login to change a payment date or check to make sure their method of payment is still valid.
For many healthcare disciplines, Liquid Payments is the answer for recurring billing and automatic payments
With the Liquid Payments solution, practices all across the healthcare spectrum are recognizing the value of advanced technology tools that allow them to get paid on their own schedules.
Liquid Payments is helping providers in many healthcare sectors, including:
- Community Health Systems
- General Practice/ Internal Medicine
- Dental and Orthodontic Practices
- Group Practices
- Eye Care
- Specialty Medical Practices
- Veterinary Practices
Feature-rich platform to deploy and manage plans
The Liquid POS solution is giving healthcare practices a modern feature-rich platform to drive financial health, create operational efficiencies, and improve patient convenience. The Liquid solution leverages an AI-based technology, known as RPA (Robotics Processing Automation), which enables integration in to any EMR/EHR or practice management system, without dependencies on the underlying companion system.
The platform provides a simple, yet technically advanced patient payments solution built on modern, mobile technology. The results arefaster and easier payment options, stored payment information for automated/recurring billing plan setup, reduced collections costs, and much more.
Key features include:
- Robust, flexible recurring billing platform
- Multiple frequencies/scheduling options and current/future start dates available
- Card verification and tokenization at the time of the plan setup – Liquid Payments unique solution to validate patient card in advance of future billing
- Flexible data entry: Provider can enter card details or patient can be sent a text/email to enter card information
- Powerful management/admin console to manage recurring billing plans, i.e., make edits to the plan, change the card on file, view transactions and more
- Advanced and detailed reporting
- Patient communication embedded in the solutions: text/email messaging capability notifies patients of payments made and current balance
Working for both the healthcare provider and the patient, the Liquid Payments solution is an agile, customer-centric payments system that provides exceptional features and value. For a demo call us at 872.572.6682 or email us at firstname.lastname@example.org.