Many practices are struggling to meet revenue targets and facing staff shortages, which adds stress to administrative personnel. According to a recent report, 46% of provider organizations are behind their 2022 healthcare revenue goals.
Capturing payments in a variety of ways can help practices meet their revenue goals quicker and are key to providing a positive patient experience. If you’re still using paper checks or balancing payments manually, technology solutions can open a new world for your practice.
According to a study by PYMNTS and Rectangle Health, most patients (68%) pay bills with either their debit or credit cards. At Rectangle Health, we can help practices accept card payments across multiple channels, from contactless terminals at the office to online portals and Text-to-Pay for SMS payments. It’s all made possible by our flagship solution, Practice Management Bridge®.
The Value of Practice Management Bridge
We recently commissioned a study by Hobson & Company to quantify the advantages of our platform and the value that practices gain from using it. One of the top benefits our clients see is that Practice Management Bridge facilitates increased payment capture to ensure that patient balances are paid in full.
The platform’s various digital tools and options make payments quicker and patients more likely to pay. Clients reported the potential for a 5 percentage point increase in payment collection and a 30% decrease in time spent collecting and posting payments after implementing Practice Management Bridge.
“The more avenues you give patients to pay, the quicker you’ll get paid,” said one executive director who uses Practice Management Bridge. “Now all our providers get paid online every day, 365 days a year.”
With the industry-leading Practice Management Bridge, administrators can become more efficient at collecting payments and reap many benefits so their practices can focus on delivering the best care possible to their patients.
Rectangle Health has empowered practices to make the business of healthcare easier for nearly 30 years, offering innovative solutions that streamline payment services and improve the patient experience.
Read the full executive report and calculate your practice’s potential return on investment with Practice Management Bridge today. Learn more about Rectangle Health’s patient payment solutions.
Resources
- LaPointe, J. (2022, July 7). Healthcare Revenue Falling Short of 2022 Goals for Many Providers. Retrieved from https://revcycleintelligence.com/news/healthcare-revenue-falling-short-of-2022-goals-for-many-providers
- (2021, July). Connected Healthcare: What Consumers Want From Their Healthcare Customer Experiences. PYMNTS.com. Retrieved from https://www.pymnts.com/study/connected-healthcare-experiences-digital-in-person-medical-visits/
