As Payment Platforms Take Off For Patients, Rev Cycle Leaders Take Heed

There is an obvious need for patient payment platforms, but revenue cycle leaders aren't letting vendors off the hook.

Revenue cycle leaders are in search of ways to better secure revenue by bolstering their technology, and if perfecting and expanding online payment options aren’t on the radar, a big opportunity could be missed. And while this is area of need for revenue cycle leaders, vendors need to better perfect their offerings.

Receiving payments at the hospital is still the predominant way consumers settle medical bills, but according to a new study that’s changing as awareness of online portals and unified digital platforms grows.

According to the recently published study, The Digital Platform Promise: How Patients Want to Streamline Healthcare Payments, which surveyed over 2,500 U.S. consumers, patient portals and payment platforms are snapping at the heels of in person payments to providers.

The research found that nearly 30% of the entire sample used an online portal to pay a medical bill in the past year. “In the same timeframe, 36% of consumers paid bills in-person at a provider’s office or healthcare facility. That gap of roughly 7 percentage points is closing faster as more consumers become aware of new online payment options,” the study said.

The heat is not off vendors, though, as providers have rightly high expectations for the tech.

While most providers have seen an implementation of new patient payment solutions in the past five years, the platforms still have room for improvement for both providers and patients, according to a separate survey recently analyzed by HealthLeaders.

In that study, 650 providers in the U.S. shared their experiences with patient payment solutions and what more they want out of the platforms.

Only 58% of respondents reported high satisfaction with their current patient payment systems, with 30% saying the implementations were not successful.

Revenue cycle leaders know that patients expect payment methods that are both convenient and efficient, but that doesn’t mean any and all payment platforms are worth the time and effort.

Providers also want to make their own lives easier, which includes fully integrating patient payment solutions with their EHR—something only 33% of respondents reported having. More than half (58%) said the seamlessness of their current systems could be improved.