Nothing grinds a medical practice to a halt like overdue accounts. When payment collection doesn’t run smoothly, it affects your efficiency, your morale and your bottom line. 

But how do you know which features will actually improve payment collection and help you get paid faster? Here are 3 features every small business should have.

Feature 1: Ability To Accept Payments Online, Onsite, Over The Phone Or Via Mail.

Function: Get Paid Faster.

Did you know more than 90% of patients prefer to pay invoices online, but only 38% of independent providers offer online payment collection? That means almost 2 of every 5 providers aren’t offering patients something they’re asking for. And that demand is only growing. 

Contactless payments are on the rise across all businesses, in large part because of COVID-19. Experts don’t anticipate that changing anytime soon.

How does this affect your payment collection plan? Simple: Giving your patients options gets you paid faster. When patients are allowed to choose whether they get electronic statements, paper statements or both, they’re more likely to make those payments because you’re meeting them on their terms. In fact, healthcare providers that use PayGround experience a 23% increase in collections within the first 90 days. Plus, PayGround lets your clients make payments from any device, and that removes another roadblock. 

“PayGround has helped me collect unpaid patient balances, including 60+ day A/R,” says Dr. Stine of Stine Chiropractic in Southern California. “It was easy for my staff to set up, and my patients are taking action in making their payments.”

Feature 2: Automating Invoices & Reminders.

Function: Foolproof Follow-up.

Another common payment collection problem is follow-up. If you use one system for sales, another for invoicing and then another for payment reminders, it’s easy for invoices to slip through the cracks. 

That’s where intuitive systems like PayGround come in. We can help you integrate paper statements seamlessly into your system. If a payment isn’t received within your practice’s set time period, an accounts receivable file will generate an electronic invoice, a paper statement or both.

By combining all these factors, you’ll reduce reconciliation turnaround times. Plus, the PayGround system also digitally stores patient card or bank information, so future payments can be completed with one click.

Feature 3: Instantly Identify Yourself To Customers.

Function: Create A Sense Of Safety To Encourage Payments.

As a small business owner, you don’t have the resources or need to maintain your own payment collection system. And you shouldn’t! Payment collection isn’t your area of expertise, and that’s exactly why you need a partner. However, you also need that partner to do its work behind the scenes so your branding stands out. With one glance, your patients should be able to confirm that they are, in fact, paying the right bill and the right business.

With PayGround, we give you all the tools to do that, including:

• A custom payment page with a unique URL
• Personalized forms to fit your practice needs
• Branded paper statement or digital requests for payment via text/email, and
• A sense of security for your patients, which can help prevent late or missing payments.

All of that comes with PayGround’s guarantee of best in class security & PCI compliance, which is yet another thing you don’t need to know too much about because we do!

Ready To See How PayGround Can Help You Get Paid Faster?

We’re here to make the transition simple. Let’s talk about how today.