Non-acute specialty practices have been hard hit by the staffing shortages in healthcare. Not only is it making it more difficult to care for patients, it’s also hampering back-office financial operations and cutting into practice revenue and profitability. Inefficient manual billing and payment processes only make the problem worse by slowing down invoicing, delaying payments and increasing the admin costs to process those payments. Those problems are further exacerbated by hybrid and remote work expectations.
“We have to consider the full continuum of setting expectations, delivering communications digitally, and paying digitally. Offering all that in a convenient way creates a huge benefit, not only for the patient but also to help those in the back office hindered by staffing shortages right now.”
Jeff Lin
Global Co-Head of Healthcare Payments, J.P. Morgan
Here are three ways modern billing and payment processes help specialty practices address these challenges:
- By making billing and payment more convenient for patients. Most people today prefer to manage their healthcare-related billing and payment interactions online. Modern digital options with clear invoicing and preferred payment methods are more timely and easier to understand, minimizing questions for your staff and accelerating payment cycles.
- By encouraging patient self-service. Putting patients in control of their financial experience can significantly reduce payment friction and operational costs while freeing up staff.
- By integrating with EHR systems. Modern healthcare payment solutions like Flywire have built-in integration to EHR systems, enabling automatic updates to patient billing records. This saves staff a ton of time updating those systems and negates the need for any costly technology integration or staff training.
These are just a few of the ways payment automation can help offset your staffing challenges and reduce your operational costs. Learn more about how Flywire can help.