Posted by Karen Grace Larsen
When was the last time you enjoyed paying a bill? For most of us, the answer is never. That's why the last thing any healthcare practice should do is make payments more difficult.
Traditional healthcare payment systems involve numerous steps, often leading to payment delinquencies. In a world where settling everyday bills is as easy as a few clicks, shouldn’t healthcare payments be as simple and convenient?
This is where Meditab’s one-stop payment processing solution comes in—a system designed to streamline your payment workflows and remove transaction roadblocks so you can earn more while doing more for your patients.
Why Efficient Medical Payment Systems Matter
According to InstaMed’s 2023 Trends in Healthcare Payments report, 66% of providers say it takes over a month to collect payments after a patient encounter. These delays often result from slow, cumbersome payment processes.
Outdated payment methods, like mailing paper statements or limiting payment options, often lead to operational inefficiencies and lower patient satisfaction, both of which can directly affect your bottom line.
The ultimate goal for streamlining payment systems goes beyond improving operations—it’s about meeting patient expectations. Modern patients expect the same convenience in healthcare-related transactions that they find in retail, such as online payment options and transparent billing. Practices that fail to adapt to this change risk losing both revenue and patient trust.
With IMS Payment Processing, you can modernize your approach to collections, reduce operational headaches, and enhance the overall patient experience.
Healthcare Payment Processing with IMS: Features & Benefits
IMS Payment Processing isn’t just another billing tool—it’s an integrated system built specifically for the needs of modern healthcare practices. In partnership with GlobalPayments Integrated, here’s how Meditab’s EHR-integrated payment engine can transform your operations:
1. Collect Patient Payments at the Time of Service
Get paid on time, every time, with IMS Payment Processing. Designed to simplify collections, our solution allows you to process real-time transactions, post payments directly to the patient ledger, and collect payments even before patients leave the clinic.
This seamless integration eliminates the risk of manual entry errors and ensures your financial records are always accurate. By automating these tasks, you reduce administrative overhead while maintaining smooth workflows. IMS also supports secure, reliable transactions, empowering your practice to optimize cash flow and focus on delivering exceptional care without delays or distractions.
2. Cut Operational Costs
Say goodbye to costly and time-consuming paper billing processes. IMS enables you to implement a fully paperless workflow that reduces the printing, postage, and labor expenses typically associated with mailing statements. This saves you money and aligns with environmental sustainability goals, helping your practice commit to greener operations.
3. Reduce Delinquent Payments
With 77% of consumers wanting to pay medical bills online, digitizing your clinic’s payment transactions isn’t just convenient; it’s effective. By offering online payment options for patients through the IMS mobile application or online portal, IMS Payment Processing can help your practice reduce uncollectible accounts, improve cash flow, and increase financial stability.
4. Boost Patient Satisfaction
Billing frustrations often start with rigid payment systems. Patients want payment options that suit them, and a lack of flexibility can lead to dissatisfaction and delays. IMS addresses this by offering patients multiple convenient payment methods:
- Debit Card
- Credit Card
- Contactless
- ACH Transfer
Patients can settle their bills when and how they want. With the ability to securely store cards on IMS, they can also opt to set up recurring payments for their clinic bills. These features simplify payment collection and improve the overall patient experience.
5. Streamline Payment Processing for Medical Practices
Unlike generic payment systems, Meditab’s payment processing solution is specially designed for healthcare workflows. It integrates seamlessly with IMS’s EHR and practice management platform, simplifying administrative tasks and reducing errors. By automating repetitive processes, your clinic staff can focus on delivering quality patient care rather than chasing down payments.
How IMS Payment Processing Benefits Your Patients
Streamlined payment solutions also significantly enhance the overall patient experience. By addressing common frustrations and offering practical solutions, IMS Payment Processing helps reduce collection calls, shorten the front desk queue, and improve practice-patient relationships.
Flexibility and Convenience
Patients lead busy lives, and the ability to pay bills anytime and anywhere is invaluable. With a payment processing system working hand-in-glove with your clinic’s EHR software, you save your patients the hassle of mailing checks or making trips to the clinic just to pay a bill.
Besides making bill payment a less stressful and disruptive part of your patients’ day, IMS Payment Processing’s user-friendly interface also ensures that even less tech-savvy patients can easily navigate and complete transactions.
Trust Through Transparency
Billing issues are among the top reasons patients switch providers. Patients value transparency and simplicity in their financial interactions with your office, so it’s crucial that you offer an intuitive, hassle-free payment process to foster trust and loyalty.
IMS prioritizes transparency by providing detailed statements and real-time account updates through the mobile patient app or online portal. When your patients understand exactly how much they owe and why, they’re more likely to trust your practice, complete their payments promptly, and even recommend your services to others.
Embrace Smarter Healthcare Payment Processing with IMS
Ready to experience medical billing efficiency and accuracy? IMS can modernize your clinic’s payment processes in no time.
Don’t let outdated payment systems hold your practice back! IMS Payment Processing reimagines how you manage your finances by reducing costs, boosting patient satisfaction, and optimizing operations without compromising quality of care. Schedule a demo today and see the difference for yourself!
