Six months into the pandemic, it’s no news that COVID-19 has shaken up the revenue cycle. With health systems playing such a critical role at this time, it’s never been more important to recover payments and focus on continuity. Though it may not seem like an obvious solution, providing an online payment portal can play a major role in stabilizing your organization’s finances.
Online portals make account management more accessible and convenient for patients. Beyond the financial impact, many patients’ individual circumstances have been significantly altered by the pandemic. Regular business hours may be interrupted by homeschooling children, changes in working hours, taking care of sick family members, or more. Providing online options allows patients the flexibility to manage their accounts on their time through the method most convenient for them – be it a computer or smartphone.
The Coronavirus has also impacted operations in a variety of ways, including the ability to provide prompt service by phone. In a recent survey, 70% reported longer than normal call wait times. This amplifies the inconvenience of making payments by phone and negatively impacts the patient experience. Patient relations were already a major concern pre-COVID. Rising premiums and increased out-of-pocket costs were creating a shift in patient behavior; creating healthcare-consumers who sought out value over brand loyalty. Now, in the COVID-economy when patients’ financial situations are even more complex, a positive experience is more important than ever.
Another way to ensure a good patient experience is to give patients what they want and in 2020 that’s digital engagement. A recent study illustrated the impact on patient preferences pre and post COVID-19 finding increased demand for digital communications with healthcare providers in general. In their report patients reported a 14% decrease in desire for person-to-person phone conversations and an uptick in satisfaction during the pandemic for digital and automated financial communications. Many health systems turned to patient portals at the onset of COVID-19 out of necessity; a method for minimizing contact by limiting non-essential visits. But now these same systems are noting engagement levels for their online portals are holding steady even when telehealth visits have waned since traditional appointments have become available again.
Our internal data is reflecting this sentiment; payments made via our online portal, PCS DirectPay, have increased by 29 percentage points compared to this time last year.
Aside from the benefits to patients, providers also reap a number of rewards from a digital strategy. Self-service options keep patients actively involved in the billing cycle, which results in more timely payments. Portals offer an opportunity for more efficient direct patient communications, cutting back on overhead for patient outreach efforts. They also allow providers to optimize their resources, utilizing technology for more efficient billing processes, and reduced administrative costs. Additionally, automated processes are less prone to error and easier to audit for compliance purposes.
Learn more about PCS DirectPay and how our technology applications can help recover critical revenue for your organization, visit this page.