Modern Healthcare Billing Myths: Do Text and Email work for all ages?
In the world of healthcare revenue cycle and medical billing, the market can often be hesitant when it comes to change. For nearly every healthcare provider, billing and collecting patient payments from an aging population is inevitable. The common misconception is that the modern ways of billing and communicating to patients (through text and email) won’t work for this age group. At PatientPay, we’ve learned that this just isn’t true.
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One of our partners recently asked us to dig further into 2022 data to see what the market tells us about electronic communications to all ages. The results were significant. Our study was based on one of their radiology imaging centers located in the Northeast and included statistics based on 3 different age groups: 0-35, 35-70, and 70+. We discovered that in terms of communication preferences, the number of patients in the 70+ range that prefer neither email or text notifications was LESS THAN 1%, and account for ONLY 10% of all patients who did electronic OptOuts.
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Now, when it comes to physically collecting the bill payments, the numbers again support that the assumptions have been wrong. The speed and quantity of payments we collect from our aging population still prove our point with 37% of patients 70+ paid their bill within 14 days of receiving an electronic bill and 62% paid within 29 days. Where a typical practice or provider will spend money to send a paper bill in the mail 30 days after a service is provided, PatientPay partners already have the patient’s payment in their pocket before day 30, AND they saved money by not having to send a paper bill.
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So, let’s stop the gossip and show you first-hand how the PatientPay way breaks the stereotype. We are about results…and we guarantee them. Reach out to us at [email protected].