customer story
BestMed Increases Patient Payment Revenue 27%
BestMed, a primary care, urgent care, and physical therapy healthcare provider, was looking to up its best practices with enhanced billing techniques at more than 30 locations in Oregon, Washington, Idaho, Wyoming, Colorado, and Texas.
They wanted to create a frictionless patient billing and practice management system to better manage patient collection and process payments.
For BestMed, patient loyalty and patient satisfaction are top priorities. Whatever patient payment solution was to be implemented, needed to be user-friendly and aligned with creating a great patient experience.
Like most healthcare organizations, BestMed leveraged omnichannel patient payment services, including credit card and mobile payment options, for an improved experience. Despite all their payment collection options, performance was lackluster.
With their revenue collection system under the microscope, BestMed concluded that their patient payment options were failing due to an antiquated channel – the paper statement.
The team at BestMed discovered all their existing healthcare payment solutions required a paper statement. To the team’s surprise, electronic payment methods were intertwined with a paper statement. Their best attempt at an optimal payment experience was still mired in old solutions.
Quick pay patient portals, mobile device text notifications, IVR systems, and so on all share one disruptive element. All these healthcare payment methods require patients to authenticate with an identifier only available on their bill statements. Details like account numbers, guarantor numbers, quick pay codes, and patient reference identifications still needed to be found manually; resulting in lost revenue and an otherwise poor patient payment experience.
While a login credential to a patient payment platform seems minor, the ask of a busy American patient is enough to delay, stall, and even end a well-intentioned patient’s payment journey.
If your healthcare service is like BestMed, you might think that sending unpaid patient bills to a collection agency is the only solution.
It isn’t.
As a collections strategy, sure, an agency might seem aggressive, but it creates an overall negative patient experience, ultimately reducing patient loyalty. But writing off unpaid balances to bad debt is no longer a good RCM approach either.
In fact, based on in app feedback from patients, we found that an astonishing 97% of patients found that MobilePay was easy to use and a surefire way to collect an existing patient balance. Nearly 36% of payments made via MobilePay come within the first 24 hours of an SMS message being sent.
Boost your bedside manner with respect to customer service and allow your patients an opportunity to step into a billing process that is as effective for you as it is enjoyable for them. Implement a patient payment platform that streamlines workflows and processes payments, and watch your reputation soar.
BestMed selected MobilePay, a text message based solution independent of a paper statement.
As a major healthcare provider, the results were profound and immediate. Once MobilePay was implemented across their numerous locations, the outstanding patient balance collection rate skyrocketed in one week.
BestMed had hundreds of payments resulting in thousands of dollars collected. An instant return on their investment in MobilePay.
The bottom line? Top-line revenue increased month over month.
Since the introduction of MobilePay for self-pay collections, it has become the primary payment method for BestMed patients. BestMed has increased total patient revenue by 27%, reduced their call volume by 23%, and reduced its paper statements by 19% – nearly 1:1 with MobilePay.
Imagine a world where your high standard of care was seen all the way through to your modernized payment policy. Consumer shopping habits have changed, and your service, from the consumer standpoint, is a product.
Imagine a world where you’ve turned your patients’ smart device into a POS system they’ve got with them 24/7.
Imagine your practice satisfying healthcare needs and payment needs. That’s the road to augmented patient outcomes and sustainable patient engagement.
If you make it easy with MobilePay, an outstanding patient payment experience (and increased revenue) is closer than you think.
