The problem in maintaining cash flow is a serious issue for many industries, and health care is at the top of the list. While a lot of healthcare analysts try to provide solutions to maintaining cash flow for health facilities, it’s still not an easy process. Even though it’s possible to bring in side cash from patients while waiting for payments, using credit isn’t always a good idea.
Waiting for someone to pay you for a medical service is still very risky considering financial circumstances for those individuals could change quickly. Numerous incidents could occur with the patient, including losing their job, financial losses due to economic conditions, or even bankruptcy due to high medical bills.
Other times, patients merely forget to pay an invoice because it gets lost in a stack of snail mail. Sending out paper invoices is just as problematic, though all easily solved with a healthcare CRM platform.
How Many Invoices Do Your Patients Pay On Time?
It’s worth doing an audit on your invoice system to see what your track record is in receiving timely payments. Chances are, you’re not receiving all payments immediately. You’ve perhaps come close to falling off the edge in maintaining your cash flow as a result.
The slow response is perhaps directly related to the method you use to send invoices. Snail mail is still often used, though consider how many people pay their bills digitally nowadays.
Plus, look at how much junk mail people receive in their regular mailbox, and you’ll see why many don’t love receiving mail this way. Your invoice could get placed in a junk pile stack and sit there for weeks before the patient looks at their bill or pays.
Sending an invoice via email might work in some circumstances, though consider how many email accounts people have. They may not check all of them until days later, hence placing the invoice aside. It could even end up in their junk email folder by mistake, leading to the patient not even seeing what you sent.
You need something more immediate to persuade patients to pay immediately rather than later. A solution is to digitize your invoices and send them via real-time texts.
Invoices as a Text
Using a healthcare CRM platform already gives you many communication and document management capabilities. Sending texts to a patient’s mobile device is one of the greatest features, enabling you to rid yourself of paper-based systems.
There isn’t any point in sending paper invoices when you can easily digitize any type of medical document. Sending your invoice in text format to a patient assures they’re going to receive it immediately and with an alert so it’s not ignored.
All it takes is a connecting app on their smartphones to receive messages like this at any given time. With automation tools available, you’ll be able to send an invoice at a time when it’s most convenient for the recipient. As such, the chances for receiving payment quickly go up.
Managing Your Invoices In Your CRM
Sending invoices digitally is a superior feature in your CRM, though it also lets you manage your invoices in a convenient way. Rather than force your medical office staff to deal with thousands of paper invoices, they can merely manage each one in the CRM platform.
Accessibility to any invoice is just as easy after it’s created and stored. This allows your medical staff to work away from the office if necessary. On a day when they need to work from home, they can access your invoices 24/7 through their own mobile devices.
We invite you to try our healthcare CRM here at HealthGrid to see how sending and managing invoices improves through our software.