Text payment solution helps healthcare organizations more efficiently
collect patient payments while meeting patients’ need for convenience
LEHI, Utah–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Healthcare?src=hash” target=”_blank”gt;#Healthcarelt;/agt;–With seventy-five percent of patients saying they would prefer to get
payment notices via text, Solutionreach,
the leader in patient relationship management (PRM) solutions, announced
today the availability of SR Pay, a solution that will enable mobile
“Medical billing is complex, and it often takes a long time to get
paid,” says Jim Higgins, Founder and CEO of Solutionreach. “At the end
of the day, every healthcare organization is also a business with bills
to pay, and they spend too much time trying to collect payments. We saw
an opportunity to use our expertise in mobile and text to help improve
that process with SR Pay.”
While providers have moved to electronic claims on the payor side, many
still use outdated processes for patient billing and payments.
Modernizing that is a natural next step to ensure faster payments and
help providers collect all that is owed by patients. This is critical as
patients pay more out of pocket. According to Becker’s
Hospital Review, in 2016, consumers paid $423.8 billion toward
medical bills, but about 30 percent, or $126 billion, went unpaid. In
2019, the out of pocket amount will rise to $515 billion. Providers
simply can’t afford to have 30 percent or more of that unpaid.
Using SR Pay, healthcare organizations can collect patient balances much
faster than they can using a traditional 20 to 30 day paper statement
cycle where it takes an average of three statements to get paid. Balance
notices can be sent directly to a patient’s phone as soon as the billing
office knows the patient due amount. The text message includes a direct
link for patients to access a secure payment screen and complete the
transaction on their smartphone using a debit, credit, HSA, or FSA card.
Then, like any credit card transaction, the money is deposited in the
organization’s bank account.
“We started using SR Pay and quickly found the value it offered,” Janet
Burns, Business Manager, University Family Medicine. “With SR Pay, and
the ability to send payment requests via text, we are able to update and
modify our billing processes to shorten the time to receive payments and
reduce the costs to collect.”
Using text to send balance due notices and allowing patients to pay
balances is also more cost effective. For an average provider seeing 20
patients a day, it costs thousands of dollars a year just in postage to
send statements, not including the paper, printing, and staff time. Text
messaging costs nothing, and is generally a more preferred method of
communication by patients.
To learn more about Solutionreach and SR Pay, visit www.solutionreach.com/pay.
Solutionreach is 100 percent focused on providing the technology, and
the expertise on how to effectively use it, to deliver better care and
build a more profitable practice. We show practices how to improve
patient experience and connect with patients in the way they want to
connect. The result? More patients schedule more appointments and
actually show up for them. More patients leave glowing reviews of their
providers for others to see, and then they book appointments. And all
patients get regular communications that keep them connected to the
practice and coming back. To learn more, schedule a consultation now at www.solutionreach.com.
MERGE Atlanta for Solutionreach