• Why replace mailed checks and paper explanation of benefits (EOBs) with electronic payments?
  • Offer patient-friendly payment options to reduce friction.
  • Post payments the same day they land to keep books in sync.
  • Make refunds faster, easier, and more secure.

Paper receivables, such as emailed EOBs and checks, slow cash flow and drain staff time. Every day a payment sits in the mail or waits for manual posting is another day of unavailable revenue. The good news is that you don't need a system overhaul to use electronic health payments. Here's how to get paid faster, gain operational efficiencies at the front desk, and improve the patient experience with the right tools. 

Why Clinics Should Move Off Paper Payment Processes

Payments from paper processes take days (or even weeks) to arrive after services are rendered. Manual handling increases the risks of posting errors and lost payments. Staff spend hours opening mail, reconciling patient accounts, and making follow-up calls to resolve discrepancies. Meanwhile, errors may cause patient confusion, frustration and lead to a bad experience.

On the other hand, electronic payments create efficiencies. They help speed up payment processes, reduce errors, and minimize front-desk bottlenecks, allowing staff to focus on patient care instead of paperwork. Let's explore how to enhance cash flow with faster, simpler payment methods.

Offer Patient-Friendly Ways to Pay

These modern payment options streamline processes and shorten collection time:

  • Card-on-file. Securely store a tokenized card in your system with patient consent and charge copays or balances to it once insurance claims settle.
  • Text-to-Pay. Send patients a secure text message with a branded payment link, allowing them to pay with a few taps on their phones.
  • Online payment link. Embed pay-by-links in emails, e-statements, or the patient portal for streamlined self-service payments.
  • HSA/FSA payment. Highlight HSA/FSA card acceptance online and at the front desk. 
  • Automated Clearing House (ACH) for larger balances or payment plans. Lower transaction costs for large deductibles with ACH payments, and allow patients to schedule drafts.
  • Contactless and mobile wallets at check-in. Keep lines moving and reduce missed copays by settling balances before patients leave the clinic.

Pro tip: Streamline payment acceptance with PNC Merchant Services. For example, you may take payments by card-present or through pay-by-link, create recurring payment plans, and leverage additional security features to protect patient information.

Accelerate Posting from Payers with ERA/EFT

Post payments the same day they hit your account to align cash flow and records. Start by pulling the Electronic Remittance Advice (ERA) or Electronic Funds Transfer (EFT) totals by payers and date, then match your checking account credits based on amount, payer ID, and date or trace number. Meanwhile, use a Remote Deposit service to handle leftover checks.

Apply adjustments and patient responsibility directly in your system on the same day to avoid delays. Additionally, queue refunds for true overpayments promptly and log variances, such as missing or short payments, along with the assigned owner and follow-up date to ensure nothing falls through the cracks.

Make Refunds Secure, Fast, and Easy

Enhance patient satisfaction with quick refunds through card reversal whenever possible. Otherwise, use ACH or Real-Time Payments (RTP®) for a same-day refund after approval. Implement simple rules to verify a transaction by matching the patient ID, visit, and original payment method. Add a second reviewer for unusual amounts or multiple refunds on the same day.

Bonus tip: Set up a subaccount to handle refund activities, so that they don't interfere with your operating balance.

Get Paid Faster While Improving the Patient Experience

You don't have to replace your existing system to migrate from paper processes to electronic health payments. When you layer in patient-friendly payment options, post ERA/EFTs the day funds arrive, and streamline workflows, you may get paid faster, reduce administrative burden, and improve the patient experience.

Robust tools from the right banking partner help you achieve cleaner reconciliation, steadier cash flow, and a smoother experience for both staff and patients. Schedule an appointment with one of our experienced bankers to explore how we may be able to help you gain speed, accuracy, and patient satisfaction.