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Originally Posted On: https://www.payspan.com/blog/patient-payment-solutions-increase-member-satisfaction
Our digitally connected world has shifted the way customers interact with businesses. Healthcare is no exception. It’s critical that health plans provide patient payment solutions that offer digital payment experiences with choice and convenience. Not only will member satisfaction and retention increase, but customer acquisition costs will decrease, and customer lifetime value will increase.
In order to keep loyal members, health plans need to provide patient payment solutions that define a positive payment experience.
Patient Payment Solutions Increase Satisfaction and Foster Loyalty
Satisfaction has always been a driving factor in the success or failure of any business. Digital technology has enabled and encouraged consumers to be heard. Thanks to social media platforms and online review sites like Google and YELP, one bad experience can potentially be heard by thousands, even millions of people across the globe.
A new epidemic of “serial switchers” has swept the nation as consumers are quick to abandon a brand because of negative or poor online reviews. It’s more important than ever to take consumer satisfaction seriously and be proactive when creating or updating your business strategy.
Patient Payments Solutions Keep You Competitive
Gone are the days of traditional patient payment solutions, such as including pre-stamped envelopes as a courtesy with billing invoices in the hopes that payment would be received more quickly. In the late 90s, debit cards became more widely accepted, and now with the help of technology, we have moved to digital payments and receipts.
Consumers and businesses alike have come to expect it.
There are several benefits of using a digital patient payment solution.
- Digital patient payment solutions eliminate the need to handle cash payments reducing the risk of theft and significantly decreasing operating costs.
- Digital patient payment solutions allow for faster payments, thereby reducing the time it takes for payment to be submitted by the patient and increasing the timeliness of payments for health care services.
- Digital patient payment solutions take advantage of Cloud technology. This technology helps provide a clear paper trail for easy reconciliation, helping simplify operations and transparency.
If health plans want to remain competitive as technology continues to evolve, they will need to build a solid technological foundation to build newer and better patient payment solutions.
Patient Payment Solutions Extend Experiences Beyond Online Payments
Just offering online premium payments isn’t enough. It’s important for health plans to build positive relationships with members beyond online payments. As a commitment to customer experience, health plans should provide flexible options that enable members to make payments and access payment information in one place like
- EFT/ACH, credit, and debit payment options
- One-time payments or scheduled automatic payments
- Multilingual online and Interactive Voice Response (IVR) capabilities
- Management of premium payments for split and other complex households
- Helping to understand payment responsibility
- Online access to payment and transaction history
- Single sign-on access from the health plan’s member portal
- Financial reconciliation reporting
- Support website for health plan member services staff
When health plans provide members easy access to financial records and transactions it empowers them to take responsibility for their payments and make better healthcare decisions.
Payspan’s Premium Payment Solution Provides Services for a Diverse Population
Not every patient has the same needs when it comes to accessing healthcare payment information. It’s important to meet their individual needs to help increase satisfaction and foster retention. Offering a patient payment solution that simplifies the payment process for members increases satisfaction and brand loyalty. Providing financial information in one easy-to-access location enables them to better understand their portion of the healthcare costs. Flexible payment options make it easier for them to pay premiums consistently and on time.
With Payspan’s Premium Payments Solution, health plans can:
- Provide more positive and financially transparent experiences for individual and group members.
- Achieve member satisfaction, reinforcing member loyalty to your brand.
- Increase the likelihood of more timely member premium payments.
- Streamline payment reconciliation and reduce operating expenses.
- Expand service offerings without the hassle of a vendor change.
- Reduce administrative costs.
- Increase your HEDIS, CMS star ratings, enabling you to establish your reputation in the market as a top choice by consumers seeking health plan coverage.