WELL partners with SwervePay to make it even easier to collect copays
Most patients want to pay their medical bills. So why don’t they?
A McKinsey Quarterly survey found that 74 percent of insured patients are willing and able to pay their medical bills, but roughly the same percentage failed to pay off their balances in 2016. Alarmingly, the number is expected to rise to 95 percent by 2020.
A lack of financing options and confusion about what they owe contributed to those rates. Another factor is that 68 percent of patients prefer electronic payment methods to pay their medical bills.
WELL now integrates with SwervePay, a cloud-based patient payment application designed to streamline the payment process.
WELL clients can deliver the outstanding copay due notice to a patient for their upcoming appointment in the patient’s preferred communication channel. Messaging will come from your practice number and include a link to a SwervePay payment portal where patients can easily pay in advance of their visit.
Patients will have a better experience as a result of this workflow because they will be able to know their copay due in advance of the visit and easily pay.
Through WELL’s integration with SwervePay, providers have another opportunity to reach patients for copay collection without additional staff overhead. This reduces the number of times staff need to ask patients for copay payments upon arrival and the time spent collecting on accounts receivable. It could also decrease appointment wait times.
WELL will track message deliverability rates and clickthrough rates, delivering metrics monthly. SwervePay will report on the total count of processed copays and which have been taken at the front desk versus paid in advance by the patient.
New partnerships and features
WELL is constantly adding new partnerships and features to make our platform even more effective for our customers. Let’s chat about how we can help your enterprise health system streamline patient communication and improve the billing process.♥