Patient financial responsibility for healthcare services continues to rise. As patients are increasingly responsible for higher deductibles, larger or more numerous co-pays, and fewer covered services, providing more invoicing and payment options is critical. Research by eStatements indicates that more than half of patients (52%) prefer to receive paperless healthcare bills.1 Paperless billing also saves providers and laboratories on mailing costs.
Patient Convenience and Satisfaction
Everyone appreciates ways to make life easier. Offering patient communications and paperless billing online helps foster positive patient relationships, demonstrates patient centricity, and improves patient satisfaction. Providing secure, convenient payment options online also helps. Since many patients already pay most of their bills online, enabling them to pay healthcare bills online facilitates timely payments.
Many providers still depend on paper and manual processes. Research from InstaMed, a J.P. Morgan company, found that in a 2020 survey:
- 73% of providers still use paper and manual processes in the check-in process
- 87% of providers leverage paper and manual processes for collections
- Only 23% of providers offer paperless billing2
As part of the XIFIN RPM solution, all customers can configure the XIFIN patient portal with their own brand. The built-in capabilities let XIFIN customers allow their patients to view their bills and estimated out-of-pocket expenses as well as set up billing preferences including paperless billing. Patients can also make credit card payments and set up or manage payment plans. Providers may choose to allow patients to view test results through the patient portal as well, and to send patients text notifications or emails with links to view test results.
Going paperless isn’t just about being patient-centric, though, it’s also about increasing cash collections while at the same time reducing cost and waste. In addition, paperless billing reduces staff burdens, which is especially important when the industry is facing staffing shortages.
Patient Portal Usage
More XIFIN customers offering full portal functionality
Growth in payment count
Growth in average payment amount
*XIFIN Patient Portal Usage from February 2020 – February 2021
Healthcare Provider Convenience and Satisfaction
Healthcare providers, including laboratories, also benefit from paperless billing and eInvoicing. The clarity and quick delivery enable patients to understand their financial responsibility and make payments promptly. XIFIN provides a client portal that is a secure, web-based portal designed to improve engagement with referring physicians. It provides the ability to review and pay invoices, access test pricing, correct billing errors, and upload patient billing documents. The portal helps increase provider satisfaction, reduces errors, and speeds reimbursement.
- e-Invoices can be reviewed at the line-item level and paid or disputed via the XIFIN Client Portal at the line-item level.
- Notifications are sent to clients when new invoices are available.
- Clients can see balances, drill down into past invoices, and preview charges that have accrued but have not yet been billed.
- Invoices can be paid in bulk or individually, and payments made through the portal are automatically posted.
The client portal helps with speed of error correction, which likewise accelerates reimbursement. In healthcare provider offices around the nation, one of the daily hassles involves phone calls and emails about missing or incorrect claim data. The client portal is a simple way to alleviate this headache. It streamlines the communication and error resolution process. Provider staff simply log in to the portal to easily resolve errors and correct missing or incomplete data.
Client Portal Usage
Increase in distinct ordering clients/physicians
Increase in actions performed
*XIFIN Client Portal Usage from February 2020 – February 2021
For organizations that already have provider and/or patient facing portals, the XIFIN self-service capabilities can still be utilized through the broad array of web services that facilitate a secure two-way exchange of information.
Learn about how XIFIN's patient and provider access tools have helped our clients improve reimbursement and patient engagement in this complimentary on-demand webinar.Watch Now
1 https://mailmystatements.com/2022/01/11/healthcare-estatements-reduce-overhead-and-foster-patient-engagement/, accessed Feb. 28, 2022.
2 https://revcycleintelligence.com/news/patient-collections-takes-over-a-month-for-most-providers, accessed Mar. 1, 2022.