Direct MobilePay Provides a New Patient Payment Solution
There are many significant barriers to patient payments, such as lack of health insurance coverage or increasingly high-deductible health plans, going to see an out-of-network provider, or social determinants of health and having to choose between getting care or paying for heat in the winter.
One barrier that is less talked about but just as impactful, is how health systems have created a payment system that adds friction to the process. Even when patients can pay their bills the methods of collecting payments are outdated. Should a patient find their checkbook and a stamp and mail a payment? Do they need to call a support center to provide their credit card number over the phone? How about creating a portal account to make an online payment for the specialist care they will likely never visit again? Oh, and access to that portal probably requires a patient account number printed on the physical mailed statement that was thrown out weeks ago.
Compare that to the ease of buying anything from the comfort of the couch on a mobile phone? Navigating a portal or patient financing application can be a confusing process. Many payment portals not only require an individual account to be created, they also require applications to be downloaded on mobile devices or a desktop dashboard. Each of these steps often requires the use of multiple passwords or verification workflows.
Each of these processes can be difficult for patients to use, especially for older patients or those with non-English speaking backgrounds. The results of a poor payment portal user experience can be disastrous for healthcare providers. Increased friction in the payment process can lead to missed payments, decreased revenue for health systems, and increased patient frustration.
Fortunately, there’s a growing movement to make patient payments easier for patients.
Modernizing the patient payment experience
The way patient payments are currently collected is either outdated or built on top of technology that was never designed for collecting payments. All of the payment channels today are from a pre-iPhone world. What if health systems could start from scratch and design a collection channel with the patient in mind?
Direct Mobile Pay uses a dynamic new approach that relies on integrated text messages to bypass traditional workflows while maintaining a robust and rigorous data security environment. With Mobile Pay there are no applications to download, no additional portals to navigate and even no account, username, or password to use or remember.
Patient payments are collected directly through links embedded in text messages. Once the link is clicked, the patient receives a notification of payment and receipt. There is no redirection to either a payment portal within a web browser, or to a mobile application. Instead, all payments are processed immediately through a single click.
Who wouldn’t want to pay their bill like this?
Rigid and Robust Patient Security
Direct Mobile Pay’s incredible convenience and usability is made possible through a robust series of security features that ensure user credentials and financial information are always kept safe and secured. Statements are delivered to a mobile device with full HIPAA compliance using 256-bit end-to-end encryption along with multiple backups and a highly tokenized payment process that replaces sensitive data with unique identification symbols. Additionally, no information or data is ever stored on the patient’s phone. It’s also TCPA compliant by allowing any patient to opt-out of receiving text messages.
Direct Mobile Pay easily integrates into existing revenue cycle team’s workflows and operations. It requires no additional platforms or systems to be bought or implemented and can be adopted with zero to minimal training for your existing staff or patient base.
Any patient with a mobile phone number will be able to make payments as well as to receive updates and notifications on their accounts.
While all of that is all well and good, for health systems struggling to collect patient payments, results are what matters. Mobile Pay drives an immediate positive impact on patient payments on day one. 70% of payments are received within 7 days of notification, and 45% of patients reduced their total balances within the first 90 days.
AccessOne and Direct Mobile Pay
AccessOne, a leader in improving the access and availability of patient financing, recently acquired CueSquared’s Direct Mobile Pay to p optimize and simplify their payment collection efforts while also providing a more intuitive and streamlined patient experience to enter into flexible billing terms – think of any ecommerce site that allows customers to immediately pay in full or break-up larger purchases over time.
Working with health systems to provide zero- and low-interest recourse financing to patients, AccessOne has helped to expand access to fair and flexible patient financing to underserved populations and demographics. By partnering with a mobile payment system proven to accelerate payments and reduce the cost to collect, AccessOne is situated to benefit both sides of the patient and provider financial relationship.