Automated payment plans have become an essential tool for healthcare practices, enabling patients to cope with daunting medical bills. 

Understanding how they work will enable you to continue to provide optimal care in spite of spiraling costs.

Automated payment plans defined

Patients are increasingly being asked to pay staggeringly high medical costs for the treatment they need. As a practitioner, you are dedicated to delivering comprehensive care to your patients. 

At the same time, you must take necessary steps to secure adequate financial compensation to sustain your practice.

Automated plans tackle the high deductible expenses that many patients now experience. By breaking them into smaller and more manageable amounts, these schemes lessen client stress while increasing the likelihood that you will get your money.

Best practices for automated payment implementation

Once you set up your automated payment options with your provider of merchant services for telemedicine, let customers know. Immediately at the time of scheduling, check-in, or when giving a cost estimate, discuss various payment options. 

They should also be prominently displayed at other touchpoints, including on your website, patient portal, texts and emails, and signage. Be sure that the plans are explained in terms that are both clear and empathetic in tone.

This empathy comes through when you offer customizability. Allow patients to choose the repayment term that is best for them. For basic installment plans, consider offering an interest-free option. Make it as easy as possible for people to pay by offering a variety of choices, including credit and debit cards, digital wallets, and ACH transfer. You might even offer a sign-up incentive in the form of a small discount.

Make it as seamless as possible for people to join the program and access information about their account on an ongoing basis. To that end, automate enrollment to allow people to sign up on their own. 

Ask patients to securely store their payment information with you to enable regular automatic deductions. A few days before each payment is processed, send email or text reminders. 

Additionally, ensure that your payment system integrates with your Electronic Health Record (HER) and Revenue Cycle Management (RCM) software to ensure accurate billing.

Steps for setting up automated payments

Initiating automated payments involves several steps. Determine your parameters, including maximum repayment period, minimum qualifying balance, and minimum monthly payment amount.

Then select a healthcare-specific payment platform. Focus on features such as secure card-on-file storage, customizable payment plan configurations, automated HIPAA-compliant reminders, online patient portal, and robust performance reporting. 

Then come up with a clear, legally compliant agreement that outlines all elements of the automated payment contract. This must be signed by all enrollees.

Once these details are completed, train your front office and billing staff. They should be able to empathetically present payment options, guide patients through enrollment, and answer common questions.

Offering automated payments is now an essential service for today’s healthcare providers. Use them to accentuate the patient experience while helping to ensure that you receive the financial reimbursement to which you are entitled.