Why Online Payment Portals Are Essential to Successful Dental Debt Collection!
How do you pay your monthly credit card bill? What method do you use to pay your cable bill? Or your utilities bill? We’re guessing you pay these bills online. But why? Is it the convenience? The flexibility? The transparency and clear payment tracking online payment portals can provide?
Now how do your patients pay you? Do they have to mail in a check in order to settle their dental bill? Do they have to call and provide you with their credit card information?
See where we’re going with this?
More and more dental practices and other healthcare providers are beginning to offer their patients online payment portals to settle their healthcare related debts. These online payment sites not only provide a fast and convenient method for your patients to pay, but also improve dental practice’s overall billing and collection performance by creating a more streamlined, efficient payment process.
Benefits to Patients
By offering your patients a place to pay their bill online, patients will be able to pay when they want, where they want, and how they want. Patients will also be able to settle their bills faster as it will no longer be necessary to mail a check to your office or call a member of your staff to submit payment over the phone. In addition to making the actual payment process simpler and more convenient, online payment portals also provide a clear and easy to understand payment history for patients to use as a reference. Your patients will be able to see how much of their bill is paid, how much of the balance they still owe, how much of their bill was covered by insurance etc. This will be especially beneficial for large families with multiple open accounts. Parents will have a clear picture for which of their children’s account they still owe on and for which services. Lastly, online payment sites make budgeting and financial planning much easier for your patients. Patient payment histories allow patients to see how much they spent on dental-related expenses in a given year which in turn will allow the patient to plan and budget accordingly for upcoming years. After all, how often do you simply need to guess when deciding how much to contribute your healthcare savings account (HSA)? Wouldn’t it be nice to have a place online to see exactly what you spent in the past year on healthcare related debts like dental bills?
Benefits to Dentists
As we’ve discussed in previous posts, electronic-based payment options can streamline the patient payment process and save dental practices a significant amount in overhead and billing expenses as a result. Patients are also happier due to the ability to pay when, where, and how they want – and dentists are getting paid faster by avoiding the time and effort that paper-based payment methods require. And as we mentioned earlier, by having enhanced budgeting capabilities, patients will be able to set aside and save the proper amount of money each year for dental-related expenses – decreasing the chances of falling behind on future payments and costing your practice valuable time and money.
So if you haven’t yet, consider adding an online payment portal to your dental practice’s website. We think your patients will appreciate it – and so will your bottom line!
YOUR TURN: Does your dental practice already have an online patient payment portal? If not, what is your hesitation? What are your concerns? We’d love to hear your thoughts and whether you think payment portals can improve the dental billing and collections process!
No Legal Advice Intended: This communication is for informational purposes only and is not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. This communication does not create an attorney-client relationship between you and I.C. System, Inc. You should contact an attorney for advice on specific legal issues.