Revenue Cycle Management has been around for quite some time now. In the past, based on the archives of history, medical bills were usually sent through the mail to inform patients to pay through calling or mailing a check. However, during COVID-19, the world is coming to terms with the changes that have been needed for years.
During this time of pandemic, medical billing payments have increased in fame and are widely accepted among consumers. Mainly due to the fact that it ensures that direct contact is kept to a minimum and it is a more economical option. This trend will continue to gain traction with consumers over time. Smaller independently owned medical practices will need to update their systems.
Consumers have been crying out for enhanced ways to pay their health care bills. Along with the knowledge of knowing what their medical coverage and deductibles are for various procedures without having to spend time on a call with an insurance carrier. Telehealth is accelerating their digital patient interactions at lightning speed. They will soon demand digital payment options.
Reflecting on Security and Compliance
With several Revenue Cycle Management team members operating remotely due to the current pandemic situation a more secure payment route must be
designed which is easily accessible by patients. Generally, the member collects payments through credit cards which is a Payment Card Industry (PCI) risk as the card details are provided over telephonic communication. Moreover, human error can also occur; likewise, a patient may question the security level of the communication.
To avoid PCI risks, one may be able to use a smartphone as a payment gadget, as the patient is continuously using it for daily interaction which makes it an easier way to manage details and information. This solution to complete payments can also avoid human error, for example, an employee may miss type card numbers while receiving the information over phone. Whereas text payments provide a safe route by using a personal device. Also, there is no need to convey card details instead a simple click on the provided secured link will prompt the patient to make a payment.
Using Data to Generate a Better Payment Experience
The text solution is a flexible way to save patient data and makes payments without any hassle. At any point, a configurable platform can be availed by a text that requires submitting information such as a driver’s license or health insurance card. A link can be used to upload all information including a photo’s which make it easier for an employee to collect correct data.
This pandemic has led us to develop new innovative ways of propagating business. A text to pay method is a considerably reliable method to make payments without risking patient information. As for the future, fitting text payments into a health system’s Revenue Cycle Management effectively should be a high priority for the healthcare sector.