Payment IVR: Enhancing the Patient Financial Experience
Sometimes, your patient doesn't have a question about the statement you sent. And he doesn’t even need a gentle reminder to pay. All he wants (needs) to do is pay his bill, and it should be your objective to make that transaction as simple and quick as it possibly can be. Nevermind asking him to send a check or call a representative with his credit card number. There’s a better way: integrate payment IVR (interactive voice response) technology into your self pay armament, minimizing cost to collect while maximizing patient satisfaction.
What is a payment IVR?
The payment IVR is a touch tone response system, available on-demand. When the patient calls into your business office he is given the option to make a payment by phone. After keying in and verifying the account number, the patient enters the amount of his payment followed by his credit card number over a secure connection, and the payment is received. Simple.
Good for you
Adding a payment IVR first and foremost gives your patient control over how and when they pay, which translates to high patient satisfaction rates. It also results in reduced inbound call volumes, lower call abandonment rates and shorter wait times. Perhaps most importantly, it frees your patient representatives to handle more complex calls — those where a conversation, patient education or other explanation are required to move the patient toward resolution on his account.
Good for your patients
Patients are continually asking for faster and more convenient ways to make payments, and the IVR allows just that. Payments can be made 24 hours a day, 7 days a week and 365 days a year from a mobile or landline phone in English or Spanish. Not only do patients no longer have to “hold,” they also don’t have to speak with anyone to complete the transaction. While the application of payment IVR technology in medical billing is relatively new, it’s not a new concept for patients who pay other bills by phone, so there isn’t even much of a learning curve. For patients who choose not to set up automatic payments but wish to make payments regularly, the payment IVR offers control, ease of use and peace of mind.
Keck Medicine of USC’s 6-month results with a payment IVR tell the story in numbers that revenue cycle leaders can understand. And we’ve seen outstanding results, most notably a big increase in patient pay revenue capture.
The Bottom Line
Payment IVR technology makes it simple for patients to exchange dollars with your healthcare organization. It is both adaptable and marketable, increasing overall payments and offering an unmatched convenience for your patients. You may be wondering how simple it really is? Check back for our next blog, which answers questions about implementation and utilization of the payment IVR technology.