New Payment Possibilities at Time-of-Service Streamline Billing for Patients and Increase Up-Front Collections for Healthcare Providers
Zotec Partners (Zotec), a leader in technology-enabled and data-driven healthcare revenue cycle management solutions to optimize patient and provider financial experiences, announced new contactless payment options. These touchless transactions enable patients with more choices to pay for services rendered while capturing up-front payment for healthcare providers. Contactless payments are fast and secure, allowing patients to tap a payment card or use Apple Pay through their mobile device at the time-of-service or at their convenience through Zotec’s patient portal.
“Establishing a positive financial experience for our clients and their patients at all touchpoints is always at the heart of the healthcare solutions and support services we deliver,” said T. Scott Law, founder and CEO of Zotec Partners. “Patients expect a retail-like experience for their healthcare, and as patient responsibility continually rises, price transparency and service clarity are even more important. Zotec patients using time-of-service payment options have increased by more than 55% in the past year. By offering patients more payment choices and greater flexibility, healthcare providers support patients with a more streamlined experience.”
Zotec has seen a significant increase in the percentage of patients paying their bills via electronic payment options versus the traditional paper or phone payment options. The number of patients paying bills online has increased by nearly 200% year-over-year. Zotec’s contactless payment options include the ability to pay at the time-of-service via a secure link sent by text or email or via smart card or Apple Pay.
It’s easy for providers to use contactless payment choices. Healthcare staff have the option of initiating payment by sending a secure link to the patient’s preferred communication method or using an approved EMV chip card reader to accept payment at time-of-service. For patients, it’s just as simple—click the secure payment link within the email or text message, choose payment method, and enter payment details or tap a smart card or digital wallet for instant, reliable and convenient payment-in-full. A detailed receipt is immediately sent to the patient and recorded in the organization’s Zotec revenue cycle management (RCM) platform mydocbill.com.
“While consumers are using contactless payments increasingly in retail settings, the healthcare sector has been slower to adapt to this technology,” said Morten Bruhn, client success officer for Zotec Partners. “Zotec is leading the industry with our cutting-edge payment choices. We’re deploying touchless payment options to Clients nationwide—and it’s setting up healthcare practices for greater financial success, decreasing bad debt, optimizing reimbursement and increasing patient satisfaction and propensity to pay.”
Zotec enables clients to meet their patients where they are, offering them seamless tools, greater transparency and more options to best suit their needs at their time-of-service. For more details on Zotec’s end-to-end RCM and Patient Bill Care solutions visit zotecpartners.com.