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From Burritos to Billing: Best Practices for Your Patient Payment Process

From-Burritos-to-Billing-Best-Practices-for-Your-Payment-ProcessAs our world continues to digitize, consumers are becoming more accustomed to fast, easy and customized services. This change is sweeping across industries, with food service at the forefront. Take Chipotle for example. The quick service restaurant released an app that made the transaction process seamless, from order to fulfillment to payment. Quite literally at the push of a button, customers are able to select from a menu of options, jump ahead of the in-store line and skip the cash register entirely. Thanks to pre-entered credit card information, burrito buffs can digitally and preemptively exchange their finances for tasty Tex-Mex food.

Patient billing is not as simple as adding extra guacamole ($1.80 please) to a burrito. But the transparent and tech-savvy transaction model offers an example that healthcare organizations can adopt for improved payment processing.

Enhance your patients’ payment understanding and alleviate challenges in payment collection with this checklist:

  • Before Service: Set expectations with the patient regarding your financial policy and make sure to communicate the documents you’ll need before the appointment. Verify insurance eligibility to avoid complications further down the path of care.
  • During Service: Create an estimate for the patient that outlines their personal payment responsibility. Collect any co-pay, deposit, balance, unmet deductibles or coinsurance owed. Securely store the patient’s credit card information and authorize a charge up to the aforementioned agreed upon estimate.
  • After Service: Send an eStatement and collect the remaining patient balance. You can either charge the previously stored credit card or use online bill payment.

Taking a proactive, transparent approach to patient payment strategies is a win-win for your organization. Much like the ease of ordering your favorite burrito bowl, the simplicity of the payment process can influence your overall experience. Learn more about automated patient payment workflows by viewing Waystar’s latest infographic.