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Originally Posted On: https://www.payspan.com/blog/the-benefits-of-positive-healthcare-payment-experiences
Healthcare payments aren’t something members enjoy. There is almost as much stress leading up to receiving billing statements and making payments as there is in the time leading up to a medical procedure. Providing positive healthcare payment experiences as part of the overall value of care initiative that helps to increase member satisfaction.
How the Digital Experience is Changing the Expectations of Members
The digital transformation in healthcare is changing the way payers, providers, and members approach all aspects of medical care and services. We have become an ‘on demand’ culture, wanting things at our own convenience and time where ever we happen to be. Catching up on tasks like banking and paying bills, scheduling appointments, and even grocery shopping during the metro rail or ride-share commute home or while waiting for a medical appointment has become commonplace. Members expect this on demand capability and will turn to other healthcare providers when they don’t find it.
Benefits of Electronic Premium Billing and Patient Payment Solutions
Consumer satisfaction plays a big part in whether health plans retain members. Having to wait or jump through hoops to make healthcare or premium payments is unacceptable. Having online access to information through seamless digital experiences is expected. By empowering members with those personalized digital experiences, health plans have a golden opportunity.
When health plans offer electronic billing and payment experiences, they’re not just offering convenience for Members but are creating positive experiences for them as well. This, in turn, benefits health plans in the following ways:
- Attracting New Members – Happy members attract new members seeking the same experiences. Word of mouth goes a long way when it comes to attracting new members. The benefits of our digitally connected world also come with a downside. People are all too quick to share what they feel is a bad experience on an online platform. That bad experience can be seen by thousands of people. Thanks to technology, the grapevine is almost instantaneous. When members are happy, and they share those experiences, it also spreads via the grapevine and helps build trust with potential members.
- Member Satisfaction Increases – When health plans offer seamless digital experiences to members, they have fewer reasons to be dissatisfied. Brand loyalty isn’t as exclusive as it used to be, not even with health plans. Members aren’t afraid to abandon health plans that don’t offer the digital experiences they desire. Flexibility in payment options, multilingual online and IVR capabilities, and quick access to payment and transaction history are functions members demand. If you offer it, they will come.
- Member Retention Increases – Member retention happens organically when you have satisfied members. It’s no secret that when people are happy, they stay with a business or organization.
Ways Electronic Billing and Payment Experiences Provide Efficiency for Payers and Providers
Digital healthcare payment options like electronic billing are not only a convenience for health plans and their members, these also benefit providers and ensure a positive financial relationship with healthcare payers. Invoicing costs are reduced because fewer steps are required for office staff to process invoices, and paper and postage costs are eliminated. Payments are received more quickly because automatically generated electronic invoices are received sooner than ones printed and mailed out, allowing payments to be made sooner. Financial records become less prone to errors that are inevitable with manual processes. In the long run, not transitioning to digital processes will be more costly than the upfront expense of incorporating the software.
The Payspan Solution
Our Premium Payments Solution enables you to simplify the payment process for your members by providing flexible payment options that make it easier for them to pay you consistently and on time.
As a result, you can:
- Deliver more positive and financially transparent experiences for your individual and group members
- Achieve member satisfaction, reinforcing member loyalty to your brand
- Increase premium payment collection rates
- Streamline payment reconciliation
- Reduce your administrative overhead
Premium Payments gives you the opportunity to increase your ratings with CMS and HEDIS, enabling you to establish your reputation in the market as a top choice by consumers seeking health plan coverage.
To learn more about how our Premium Payments Solution can help simplify the payments process for your members and how it can support your provider practices, connect with our team, join a webinar, or download our free e-book.
