68% of patients say they prefer to pay their medical bills online. Why then do 77% of providers still use paper-based billing practices?
Among other benefits, going paperless improves patient satisfaction. And since satisfied patients are 74% more likely to pay their bill in full, your profits will improve, too.
Want to learn more about the benefits of paperless billing? Keep reading for our top 3 plus how to go paperless with health care loans.
Why Paperless Billing
The main reason so many practices are switching to electronic payments is patient demand. Online pay is convenient and it’s also the most common form of bill payment acceptance. If you give your patients a payment option that’s familiar to them, they’re more likely to cover the bill in full.
Paperless billing also helps reduce administrative burden. Patients who file for a medical credit card must fill out a paper application. And if that application is approved, you have to hold on to it for up to 7 years.
Further, paper statements are much more susceptible to security risks. With electronic bills, information is secure and located all in one place for convenient retrieval. That’s not to mention the reduction of clutter and waste, making your practice a neater, more sustainable place to work.
Go Paperless with Health Care Loans
Patients these days are paying much higher premiums and prices for the care they receive. As prices rise, expectations about quality of care do, too. With so many patients demanding simpler ways to pay their medical bills, transforming your billing process is a cost-effective strategy for boosting the patient experience.
And health care loans can help.
Epic River’s patient lending program offers a completely paperless application process. That way, you’ll worry less about keeping your patients happy and more about practicing medicine. Get in touch with us today to find out how to start offering our program at your practice.