Patient Payment Options: How Small and Mid-Sized Practices Can Meet Every Patient Where They Are

Patients are responsible for a larger percentage of their medical bills today than ever before. While you may not be able to reduce their out-of-pocket costs, you can offer convenient payment methods that make paying bills a little less stressful.

Offering a range of patient payment options lets you meet the different needs of your patient base. Because modern patients expect a convenient and flexible payment experience, expanding your options helps you meet those expectations and increase patient satisfaction.

This guide explores the most effective patient payment options for small and mid-sized practices, and how to implement them without adding complexity for staff. Read ahead to learn how you can begin expanding your payment strategy.

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Why practices should expand patient payment methods

Patients face a wide range of barriers that prevent them from making payments on time. For many, they simply cannot afford to pay medical bills up front, or doing so would pose a significant financial burden. When payment methods are challenging to navigate on top of this burden, patients may be more likely to delay payment or disengage from the billing process entirely.

Some practices still rely on paper billing and in-person collections over digital payment options. But these tend to create unnecessary friction, which slows the revenue cycle and frustrates patients.

Offering multiple options for making healthcare payments can reduce the administrative burden of chasing unpaid balances and manually following up with patients. As out-of-pocket costs for healthcare services continue to rise, meeting patients with convenient and flexible payment options directly influences how quickly and consistently they make payments.

Stop letting unscheduled treatments walk out the door because of cost and sign up to become a CareCredit provider directly through Weave today. Give your patients the flexible financing options they need to accept care, and empower your staff to seamlessly process those payments right within your existing Weave workflow.

Exploring the most effective patient payment options for small practices

Modern healthcare organizations offer a range of patient payment options to cater to the differing needs throughout their patient bases. No single payment option works well for everyone, which is why practices benefit most from supporting a combination of in-person, digital, and automated payment methods.

Below are some of the most effective payment options to consider for your billing strategy.

Credit and debit cards

Credit cards and debit cards are still relevant payment options, and many patients prefer these straightforward methods over more novel options. However, expanding the ways you accept credit and debit cards can be helpful.

Many practices have begun accepting card payments via mobile devices and patient portals along with in-person terminals. Some also store patients’ card information in their files. At check-out, they can ask a patient if they want to pay with the card on file, further simplifying the payment process.

If you want to store credit and debit cards on file, be sure to partner with a PCI-compliant billing system. This will ensure that sensitive payment information remains secure long-term. In many cases, card-on-file authorization for smaller balances has led to lower collection costs and overall bad debt.

ACH and bank transfer payments

An automated clearing house (ACH) payment is a type of electronic bank-to-bank payment. Patients might use ACH payments to transfer funds electronically from their bank account to your billing department, eliminating the need for paper checks or physical cards.

ACH transactions are more affordable for healthcare practices than credit and debit card payments, as they have lower processing fees. They are also federally protected, offering an ideal solution for paying large balances securely.

As more practices move away from paper-based billing workflows, ACH payment adoption has grown steadily. If you offer patient payment plans, consider using ACH payments as the primary payment method for lower costs and security.

Mobile wallets

Apple Pay and Google Pay are examples of popular mobile wallets that allow patients to make payments with a simple tap of their phone. Patients can also use mobile wallets online by selecting their digital wallet at checkout, removing the need to manually input card information.

Mobile wallet transactions are both convenient and safe. These payment methods are tokenized and authenticated using biometrics, offering a layer of built-in security that meets the expectations of modern patients.

While younger patients often prefer mobile wallet transactions, many healthcare practices are lagging in offering this method. Prioritizing mobile wallets in your payment strategy may be wise, especially if your patient base is relatively young.

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Many patients receive healthcare benefits through their employers outside of traditional health insurance. For example, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are payment options that allow patients to use pre-tax income to pay for qualified medical expenses, including deductibles and copays.

Accepting HSA and FSA payments offers a predictable income source for your practice and reduces the administrative burden of collections. Patients can pay using a debit card linked to these accounts at the time of service, or submit a claim for reimbursement after paying out of pocket. When patients know they can use one of these accounts to pay their bills, they often settle them faster, as they avoid the stress of needing to make large payments out of pocket.

Be sure to clearly communicate that you accept HSA and FSA accounts at scheduling and check-in so that patients can utilize these benefits if they have them.

Online patient portals

Many large health systems have begun using patient portals, but your small or mid-sized practice may also benefit from this strategy. Online portals allow patients to view their balances, make digital payments, track past payments, and check their insurance coverage. These platforms also provide visibility into past and upcoming appointments, medical documentation, test results, and other relevant information.

Providing these details through a convenient online portal can save patients the trouble of calling your practice for information. Online bill pay through patient portals also creates a more seamless digital experience that modern patients often prefer.

Patients who can pay directly through a portal are more likely to settle balances quickly and feel more in control of their care experiences.

Text-to-pay

Many patients are more likely to read texts than emails, and they often read texts much faster than emails. Text-to-pay is another patient payment option that can increase payment compliance and convenience.

With text-to-pay, your practice would automatically send a link to a patient’s phone number. Patients can click the link, provide their payment information, and pay their bills in seconds from their phones. The text-to-pay link takes them to a secure platform unique to the patient’s bill, showing their balance and the services rendered.

Text-to-pay pairs well with automated reminders. When you automatically send these payment links to patients after their appointments, you remove several of the manual steps involved in billing and payment collection. Automated reminders also keep outstanding balances on a patient’s radar without the need for manual follow-up.

Recurring and flexible payment options

Structured payment plans are an effective solution for patients who cannot afford to pay their bills up front. While payment plans work differently depending on the provider, they typically allow patients to pay their bills over time through monthly payments. Many healthcare practices offer payment plans without interest or fees, making them accessible and affordable.

While payment plans require your practice to receive revenue over time rather than all at once, they tend to increase the likelihood that patients will eventually pay their full balances. With automated recurring payments, you can reduce missed payments and remove the need for patients to take action every billing cycle.

You’ll need to store patient payment information securely to reduce friction with repeat transactions. This way, the payment system can automatically deduct the payment each month without the patient’s intervention.

Practices that offer flexible payment plan options signal that they are invested in making quality care accessible, increasing overall patient satisfaction and trust.

The benefits of point-of-service collections for healthcare providers

Along with expanding your patient payment options, consider reworking your timeline for collecting payments. For example, many practices benefit from focusing on point-of-service collections rather than post-appointment billing.

Collecting payment at or before the time of service reduces the administrative burden of billing after the fact, which can leave balances unpaid for weeks or months. However, point-of-service collections often depend on relaying expected healthcare costs before the appointment so patients can anticipate what they will owe.

Proactively sharing cost estimates and communicating policies leads to a smoother collection experience for both patients and staff. Patients who feel surprised by a medical bill are more likely to delay payment or switch providers, which means billing transparency is both a collections issue and a retention issue.

Consider setting the expectation that patients pay for care at the end of their appointments. If patients state that they are unable to do so, this is where you can present different payment methods or patient financing options. You may find that in many cases, patients will pay at the point of service without complaint.

How to choose the right mix of modern payment methods for your practice

Offering the right patient payment options is important for revenue and retention. You don’t need to offer all of the payment methods above, but you should take the time to consider which methods will be most effective in your practice.

Evaluate your typical patient demographics, visit frequency, and average balance size to understand which electronic payment options may be preferred and relieve the most administrative burdens in your practice. Also consider your existing technology infrastructure and look for payment options that fit seamlessly with current processes and practice management systems.

Any new technology you adopt in your practice should be easy to use for both patients and staff, as this will increase the likelihood of adoption and sustainability over time. If you can manage all of your payment channels in a single connected platform, staff will save a significant amount of time and create more consistent experiences for patients.

How Weave supports multiple payment options for small practices

Weave’s communication platform is a user-friendly solution for practices looking to expand their payment options. This platform allows practices to collect payments via text, online portal, and in-office terminal through a single, easy-to-use platform. Weave also supports flexible payment plans and recurring billing, so your practice can give patients affordable options to pay larger balances over time.

Weave connects patient payment options to scheduling, reminders, and communication, enabling you to manage every step in the financial journey from one place.

See how Weave expands patient payment options in your practice

The most effective payment strategies combine multiple patient payment options, such as text-to-pay and flexible payment plans, so that patients can choose their preferred methods. Pairing payment strategies with automation and integration can provide meaningful improvements for collection rates and front-office workloads.

Are you ready to see how Weave’s platform can support your practice’s billing strategy? Request a demo today.

Want to see
more about
Weave?
1 System for Phones, Texting, Payments, & More
 Access a full suite of patient communication tools with Weave! Texting, payments, reviews, & scheduling in one place. Get started today!
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