When utilizing recurring billing, you can effectively and efficiently collect patient payments. This makes it easier to begin expansion on your practice’s services and will help streamline front-office work!
A 2018 ZirMed survey revealed that 86% percent of patients who receive cost estimates said they understand their payment responsibility upfront. The same survey also revealed that over 75% of patients shared that they would be willing to pre-authorize their healthcare organization to charge their credit card at the time of service or to pay remaining balances.
But how do these results tie into recurring payments? When you consider that most employers are now offering High Deductible Health Plans, recurring billing makes the most sense.
When boiled down to basics, recurring billing is a form of digital payment. Patient’s credit card information is tokenized and securely stored. Payment amounts and dates are customizable for each office. An added bonus, the patient gets an electronic receipt after every transaction, which means these paperless records are also environmentally friendly.
Setting up recurring billing will decrease late or missed payments. This will help office managers save time and money by not having to chase down those late payments or having to manually send out a statement. For customers, they will no longer have to worry about due dates or expensive late fees because of late payments. Your customer relationships will improve by preventing the awkward conversations about their late or missed payments.
Recurring payments not only speed up your AR collection process, they also save the organization time and money by relieving your accounting team of burdensome, manual tasks.