BillingTree Healthcare Survey Reveals Payment Technology Adoption Shifts to more Responsive Billing Methods
PHOENIX, Dec. 6, 2018 /PRNewswire/ — BillingTree®, the payment problem solvers™, today released the findings of its third annual Healthcare Operations and Technology Survey, designed to identify payment challenges and technology adoption in the industry year on year. The report found that while the most common payment methods accepted continue to be on-site, mail and live phone agents, online payments are now not far behind. Findings indicate 63% of providers already accept web portal payments and over a quarter now offer text-based payment options – a significant increase from previous years.
The survey found the biggest payment pain-points facing healthcare providers for two consecutive years have been a patient’s inability to pay, collecting once the patient has left the facility, a lack of payment channels, compliance and issues related to insurance billing.
The report shows that payment options are evolving to meet these pain-points, and patient preference for 24×7 customer service options. Web-based payment portals are still the most commonly identified technology providers plan to adopt within the next 12 months, but 27.3% indicated plans to adopt text notifications for bill payment – reflecting growing interest in mobile channels. This outpaces the addition of payment acceptance via Interactive Voice Response (IVR) (18.2%).
For the third successive year, the top factor impacting a healthcare provider’s choice of payment provider was HIPAA compliance, followed by the price of payment processing, which passed reporting to become the second most important consideration.
“The BillingTree Healthcare Survey series continues to show a sector gravitating toward new payment technologies to improve revenue cycle management. This is evident in the continued strong adoption of web portals, IVR and now, for the first time, text-related payments – mirroring the overall mobile payment trend in the industry,” said Pat McIntyre, BillingTree’s VP of Healthcare. “Our industry research and solutions – including CareView and the recently enhanced BillingTree SMS – aim to help healthcare providers capitalize on this industry change and keep delivering a better patient experience.”
To request a complimentary copy of the Healthcare Operations and Technology Survey, visit https://start.mybillingtree.com/acton/media/15831/2018-hc-survey-report
BillingTree® is the leading provider of integrated payments solutions to the Healthcare, ARM, Property Management, B2B, and Financial Services industry verticals. Through its technology-enabled suite of products and services, BillingTree enables organizations to increase efficiency and decrease the costs of payment processing while adhering to compliance regulations. Leveraging more than a decade of market experience, BillingTree is dedicated to growing payments with technology through an integrated omni-channel offering, suite of proprietary products and value-added services, and a company-wide focus on delivering extraordinary customer service.
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