Healthcare providers spend a lot of time on administrative work like processing payments. With patient volume returning, it puts even more pressure on them to manage their time efficiently while still providing a high level of care, especially for larger organizations such as hospitals and health systems.
In fact, according to a recent survey of physicians from Medical Economics, 37% of doctors said paperwork and government/payer regulations were the top challenges faced today.
The legacy process of paper checks and bills just isn’t sustainable anymore. Here’s why electronic payments are quickly becoming the best solution moving forward:
Less Administrative Work
Processing paper checks and account receivables wastes valuable hours of the day that could be spent on higher-value tasks. Medical providers reported that, on average, paper checks take five minutes to process compared to three minutes to process an electronic payment. But it’s not just processing but also collecting that takes time. Over three-quarters (78 percent) of surveyed providers said they cannot collect bills of more than $1,000 in 30 days.
And what happens when a check gets lost in the mail or becomes a target of criminals? Even more time wasted tracking down payments and resolving fraudulence issues. With electronic payments, providers can automate repetitive, manual tasks and focus on providing healthcare.
By using an automated clearinghouse (ACH), providers get their payments deposited directly into their account weeks faster than mailed paper checks. With faster payments, providers increase cash flow and reinvest in essentials such as PPE. In these unprecedented times, many practices have experienced a steep reduction in billable claims. Electronic payments help providers maintain revenue stability and get back to business as usual.
The average cost of processing a paper check is $6. That may not sound like alot until you think about just how many checks providers process each year. 88% of providers report receiving paper checks and Explanation of Payment (EOPs) from one or more of their payers. You can forget about excessive administration fees. Zelis Payments handles your transactions for a fraction of the cost. In fact, Zelis ACH costs less than 2% of each transaction. And if you’ve recently seen an uptick in patient volume, it becomes even more efficient to use electronic payments.
Data accessibility is effortless with the Zelis Provider Portal. Providers remotely access payments history by claim or patient up to 10 years. Get full visibility into your payments from end to end. Files can be downloaded in multiple formats (835, XLS, CSV). Easily manage your payment information in one single dashboard. Get piece of mind with 24/7 fraud monitoring and advanced security protocols.
While paying via check is still commonplace, the evidence is mounting to make the switch to electronic payments. As healthcare becomes more advanced, the payment methods must follow suite. With Zelis ACH, providers improve speed, cost and accuracy.