In today’s world, nearly everything has gone digital. From emails, books, to work meetings, more and more of our communication needs are performed online via an increasingly sophisticated array of digital tools. The healthcare industry is no exception. While it may be challenging to recreate the personal care of a doctor, there are many aspects of the medical world, such as electronic patient statements, that can be completed more effectively through new and innovative digital options.
Patients expect convenience, reliability, and efficiency with their healthcare communication needs. This may be why more and more healthcare providers and doctors are turning to electronic patient statements instead of the traditional paper versions. Switching to digital methods allows healthcare providers to communicate with their patients more quickly and effectively than ever before. Billing and statement processing may not be the most glamorous aspect of the healthcare industry, but it’s essential for the effectiveness and success of any company or industry. You may have a lot of questions about switching to digital patient statements and be wondering if the advantages are worth the effort of switching over. Here, we run through a quick list of 5 benefits of electronic patient statements. While these five benefits are just the tip of the iceberg, they highlight some of the core advantages of electronic over manual patient statements.
SAVE MONEY
The billing and statement process, for any company, is often costly, complicated, and a burden on time and resources. Switching to electronic patient statements can provide almost immediate savings for you as a healthcare provider. In a report by CAQH, a leader in healthcare administration, they found that manual transactions cost three additional dollars compared to electronic transactions. At first glance, this may not seem like substantial savings, but if you take into account the number of transactions over any given year, the numbers add up. Every year, health care providers conduct about three billion manual transactions with patients. Over time, those savings add up. In addition to just the transaction costs, printing checks, processing them, and sending them out is a drain on your time and resources. By outsourcing your payment processing needs and switching to electronic patient statements, your team can have more time and energy to focus on what really matters—your patients.
SAVE TIME
In the busy and often hectic world of healthcare, time is everything. By switching to electronic patient statements, you can save huge chunks of time that can then be redirected toward your patients. Healthcare providers spend, on average, 8 to 30 more minutes per transaction on producing manual patient statements compared to electronic ones. Moving digital allows ease of communication and ensures your patients will get their information quickly. However, with electronic patient statements, not only do patients receive their billing sooner, but healthcare providers can also see their payments processed much more rapidly. For paper-based billing systems, it can take up to seven weeks for a provider to receive payment. Shifting to electronic patient statements, this transaction time is cut dramatically, often to as little as two weeks. In our fast-paced world, there’s simply no reason to remain tied down to the pace of snail mail.
CONVENIENCE
In the digital economy, patients and customers expect to access their data and information around the clock. Manual patient statements take time and resources, and through traditional mailing services, leave gaps of time when they may not know where their billing statements even are. With electronic patient statements, patients can log on and access their essential medical and billing information anytime. This not only improves efficiency but reduces the need for additional customer support resources on your end.
MORE SECURITY
When transmitting a patient’s personal information, security is vital. Patient statements, which often include information such as pay, service dates, transaction details, and the patient’s demographic information, should only be diffused through the safest and most secure measures. It’s the responsibility of the health care provider to ensure the security of these sensitive documents. Simply put, no one wants to lose these documents. When using electronic patient statements, the records are sent digitally, so there’s no chance of losing them through the mail. Additionally, these digital documents are encrypted, preventing the threat of hacking.
CLEAR YOUR CLUTTER
Are you tired of having your work desk buried beneath a mountain of paper? Electronic patient statements can help you declutter your desk, and even your mind, by erasing the need for stacks of paper. With electronic patient statements, all your files are organized and easy to access on any digital device. You also never need to worry about leaving behind a file at the office.
SAVE THE ENVIRONMENT
In a report from the University of Southern Indiana, Americans use 85,000,000 tons of paper per year, equating to about 680 pounds of paper per person. Additionally, a lot of this paper is not recycled and ends up as waste. Today, with a heightened awareness of our environment, we know we must do better to cut down on waste and pollution and preserve our natural environment. As a healthcare provider, you can make a real impact on protecting our future by cutting down on paper use through switching to electronic patient statements. The number of trees cut down for paper products is astounding. To manufacture the Sunday paper each week, roughly half a million trees are cut down each week. Not only are trees a beautiful part of the ecosystem, but they’re also crucial for absorbing carbon emissions, reducing global warming. Imagine the difference you can make by switching to electronic patient statements.
As a healthcare provider, your patients will always be your highest priority. With electronic patient statements, communicating sensitive materials to your patients becomes faster, more efficient, and more secure. Electronic patient statements will save your organization time and money, but they also offer more convenience and flexibility for your patients. As more and more of our communications move to digital, patients will expect you to provide patient statements, and any other form or document, digitally. Transitioning your patient statements to digital is one effective way to keep ahead of the pack and provide your patients with the most advanced, secure, and efficient method of payment and billing.
