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Payment responsibility continues to increase in healthcare, yet patients are struggling to manage larger bills. Fifty-six percent of consumers would not be able to pay a $1,000+ medical bill.
Payment plans can be effective for helping patients manage larger bills over time, and if successfully implemented, providers can improve the patient experience while guaranteeing payments from patients.
Here are four best practices for setting up payment plans that are convenient for patients and staff:
- Make payment plans self-service
- Set controls for payment plans upfront
- Leverage reporting and analytics for payment plans
- Communicating payment plans to patients