Home › 5 Surprising Ways Mobile Pay Can Streamline Healthcare Revenue Recovery August 10, 2023 By MIllennia In today’s increasingly digital world, mobile payment solutions have gained widespread popularity across various industries, including healthcare. Beyond the convenience and security they offer, mobile payment technologies can also play a significant role in streamlining hospital revenue recovery. From improving patient collections to reducing administrative burden, leveraging mobile pay in healthcare settings can bring surprising benefits to revenue management. Below, we cover the best way to collect money from patients and how mobile pay can streamline healthcare revenue recovery, revolutionizing the financial landscape for healthcare providers. Revenue Recovery Facts To understand the impact of revenue recovery, it helps to understand the factors that can get in the way. Here are some facts related to hospital revenue recovery: Uncompensated care: Hospitals often face challenges in recovering revenue due to providing uncompensated care. Uncompensated care refers to the cost of healthcare services provided to patients who are uninsured or unable to pay their medical bills. According to the American Hospital Association, U.S. hospitals provided $42.67 billion in uncompensated care in 2020. Medical billing errors: Medical billing errors can lead to revenue loss for hospitals. These errors can occur due to incorrect coding, typos, fraud, incomplete documentation or other administrative mistakes. Medical billing errors affect about 80% of medical bills, costing an estimated $935 million per week. Insurance denials: Insurance denials can impact hospital revenue recovery. Insurance companies may deny claims due to various reasons, such as incomplete documentation, lack of medical necessity or pre-authorization requirements. The denial process can be time-consuming and may require facilities to appeal the decision, delaying reimbursement. Revenue cycle management: Effective revenue cycle management is crucial for hospitals to optimize revenue recovery. Revenue cycle management involves managing the entire process from patient registration and insurance verification to claims submission, payment posting and denial management. Efficient revenue cycle management can help hospitals streamline processes, reduce billing errors and improve overall revenue capture. Value-based reimbursement: The shift toward value-based reimbursement models has also impacted healthcare revenue recovery. In value-based models, reimbursement is tied to quality outcomes and patient satisfaction rather than solely based on services rendered. Providers need to adapt to these new models and demonstrate value to maximize revenue. COVID-19 impact: The COVID-19 pandemic has had a significant financial impact on healthcare providers. Many experienced a decline in elective procedures and non-emergency visits, leading to reduced revenue. Simultaneously, providers faced increased costs associated with personal protective equipment (PPE) and COVID-19 testing and treatment. Hospitals should implement effective revenue recovery strategies, such as proactive billing practices, accurate documentation, claims management and technology solutions, to optimize revenue capture and mitigate financial challenges. 5 Ways Mobile Pay Can IncreaseRevenue Recovery Embracing the convenience and efficiency of mobile pay in healthcare revenue recovery can lead to improved financial outcomes, increased patient satisfaction and a more streamlined healthcare ecosystem. If you are struggling with how to get patients to pay their bills, here are five ways mobile payment solutions can increase revenue recovery: 1. Faster Payment Processing Mobile payment solutions enable swift and seamless transaction processing, allowing businesses to receive payments quickly. By offering mobile pay options, you can reduce the time it takes for patients to settle their bills, accelerating revenue collection and improving cash flow. This speed can be particularly beneficial for industries with high transaction volumes or time-sensitive payment requirements, such as the healthcare industry. 2. Improved Convenience and Accessibility Mobile pay offers patients the convenience of making payments anytime, anywhere, using their smartphones or mobile devices. By providing a user-friendly mobile payment experience, hospitals can increase patient satisfaction and encourage timely payments. The ease and accessibility of mobile pay options can significantly reduce payment delays and the likelihood of late or missed payments, ultimately boosting revenue recovery. 3. Enhanced Billing and Payment Accuracy Mobile payment solutions often integrate with billing systems, ensuring accurate and error-free invoicing. Automated billing processes minimize human errors, such as incorrect payment amounts or inaccurate data entry, reducing the risk of payment disputes or delays. The accuracy of mobile payment transactions contributes to a smoother revenue recovery process and minimizes revenue leakage. 4. Encouraged Impulse Purchases and Repeat Business Mobile pay solutions often provide additional features, such as loyalty programs, rewards and special offers. These incentives can encourage patients to choose your organization over competitors. By leveraging mobile payment technologies to enhance patient engagement and loyalty, you can increase overall revenue recovery. 5. Streamlined Accounts Receivable Management Mobile payment solutions typically come with robust back-end systems that facilitate efficient accounts receivable management. These systems offer functionalities such as automated invoicing, payment tracking and reporting, making it easier to monitor and reconcile payments. The streamlined accounts receivable process reduces administrative burdens, improves payment visibility and enables proactive collection efforts, ultimately boosting revenue recovery. Millennia Helps Healthcare ProvidersRecover Revenue Mobile pay solutions offer healthcare providers surprising ways to streamline revenue recovery processes and enhance overall financial management. By leveraging mobile payment technologies, healthcare organizations can improve the patient payment experience, automate recurring payments, reduce paperwork and administrative costs, enhance data security, and gain valuable insights through advanced reporting capabilities. Millennia is a payment solutions provider that offers various solutions to organizations like yours. Here are some ways we can help with revenue generation and recovery: Mobile payment solutions: We offer mobile payment solutions that enable organizations to accept payments conveniently through mobile devices. By providing patients with multiple payment options, including mobile pay, you can increase your revenue potential by capturing payments from patients who prefer mobile payment methods. Streamlined payment processes: We offer tools and technologies to streamline payment processes. We offer features such as automated billing, invoicing and payment reminders. By simplifying and automating payment-related tasks, you reduce administrative overhead and improve revenue collection efficiency. Reporting and analytics: We offer reporting and analytics tools that provide you with insights into your organization’s financial performance. These tools help you identify trends and track revenue growth. By leveraging these data-driven insights, you can make informed decisions, optimize revenue recovery strategies and identify potential areas for improvement within your organization. Customer support: We offer customer support services to assist you with payment-related issues and inquiries. Prompt and reliable customer support can help address payment disputes, billing discrepancies and other issues that may impact revenue recovery. When you choose Millennia, you’ll gain access to knowledgeable support staff who can ensure a smooth payment process and enhance patient satisfaction. Millennia Recover was built to engage patients and recover revenue faster and easier. Schedule a consultation to learn more about collecting patient payments.