In this episode, we unpack why giving patients multiple payment options is no longer optional—it’s essential. From paper bills to mobile wallets, healthcare practices must meet the expectations of every generation to stay competitive. Learn how diverse payment methods improve patient experience, speed up cash flow, and reduce administrative stress. Plus, we explore the real stats behind generational preferences and how BillFlash solutions like PayWoot, FlexPay, and Pre-Visit Pay help practices streamline collections while building trust.

Whether you’re all digital, paper-preferred, or somewhere in between—this episode shows how the right mix of payment options can transform your bottom line.

Tune in now for practical tips you can apply today!

Transcript

Narrator: 00:00

Welcome to the Billing Blueprint Podcast, your go to resource for innovative medical billing solutions. Each episode we explore the latest industry trends and share proven strategies to help your practice streamline operations and get paid faster. Now here are your hosts, Brad and Sarah.

Sarah: 00:20

 Welcome to the Deep Dive. Today we're jumping into something really vital for any healthcare practice. Getting paid, obviously, but also keeping patients happy while you do it.

Brad: 00:32

 It's a bit of a balancing act, isn't it?

Sarah: 00:34

 Totally. So we're going to explore why offering, you know, multiple ways for patients to pay isn't just a nice to have anymore. It can genuinely shift your cash flow and how satisfied your patients feel.

Brad: 00:46

 Exactly. We've been looking at this piece from Bill Flash Services. It's called Pay youy How Offering Multiple Methods to Pay Keeps Cash Flow and Patients Happy.

Sarah: 00:54

 Okay.

Brad: 00:55

 And it's. Well, it's a really good foundation for seeing how these diverse payment options are pretty fundamental now. So our mission today is basically to pull out the key stuff, the really crucial info to give you actionable ideas for your practice's finances and just as importantly, the patient experience.

Sarah: 01:11

 All right, so where does the article start? It flags a common problem. Right. Slow payments.

Brad: 01:15

 Yeah, that's the core issue. That and maybe patients feeling a bit frustrated. The article makes a great point. Early on, billing isn't just sending a statement. It's tied directly to patient convenience. How easy do you make it?

Sarah: 01:30

 That's a good way to put it. It's easy to just see billing as back office stuff.

Brad: 01:34

 Right? Purely administrative. Yeah, but it's a touch point, a direct interaction. And if that interaction is clunky or limited, well, you get friction. The article uses a retail analogy, which I thought was pretty smart. Think about shopping anywhere, really. You expect choices when you pay, don't you?

Sarah: 01:50

 Oh, absolutely. Card phone. Online sometimes. Still cash.

Brad: 01:54

 Exactly. And the argument is patients now kind of expect that same flexibility with their healthcare bills. Yeah, they're used to self service managing things digitally on demand.

Sarah: 02:04

 So the old way of just sending a paper bill and waiting for a check, it's not enough anymore?

Brad: 02:10

 It seems not. Or at least it's not enough for everyone. That's the key. A one size fits all billing approach just doesn't quite work because, well, different generations have really different habits and comfort levels with money and tech.

Sarah: 02:22

 Okay, yeah, that makes sense. Generational differences. Does their article give specifics on that?

Brad: 02:27

 It does, and it's quite interesting. It says like over half of Gen Z and Millennials are using digital payment methods.

Sarah: 02:32

 Okay, over 50%.

Brad: 02:34

 Yeah. But then for Gen X, it's more like 35%, and for boomers it drops to around 18%.

Sarah: 02:39

 Wow, that's a big spread. 18% to over 50%.

Brad: 02:42

 Right. That gap, 36 points. The article calls it an opportunity gap. It's not just seeing who isn't using digital, but also recognizing that Even within that 18% of boomers, there's growing adoption. It shows potential across the board.

Sarah: 02:58

 An opportunity gap. I like that framing. It's not just a problem, it's potential.

Brad: 03:02

 Precisely. And it's not just about age or tech savviness, you know, it's also about ingrained habits, maybe trust levels with digital security for some older folks.

Sarah: 03:10

 Right, and the article touches on security and familiarity too, doesn't it? Some people just feel more comfortable with paper.

Brad: 03:16

 Definitely. For some patients, getting that paper bill, looking it over, writing a check, there's a sense of control and maybe less anxiety around the finances. It's tangible, a physical record.

Sarah: 03:27

 I get that.

Brad: 03:28

 But then on the flip side, you have the sheer demand for convenience. People are busy paying a bill quickly on your phone while you're, I don't know, waiting for a coffee. That's a huge plus for many.

Sarah: 03:40

 So it's about catering to both ends of the spectrum and everyone in between, meeting patients where they are.

Brad: 03:45

 That's it. Which brings us to how all this impacts the practice's revenue cycle management.

Sarah: 03:51

 Okay, good transition. For anyone listening who isn't deep in the admin side. What exactly do we mean by revenue cycle management and how do payment options fit in?

Brad: 04:02

 Sure. So revenue cycle management, or rcm, is basically the whole journey of patient revenue from the moment they register through insurance checks, coding the visit, sending the bill all the way to collecting the payment.

Sarah: 04:14

 Got it. The whole financial lifecycle of a patient visit.

Brad: 04:17

 Exactly. And offering these diverse payment methods that directly smooths out the last part of that cycle. Getting the payment efficiently. When you make it easy, you remove roadblocks that cause delays, which means money comes in faster. Right. Which is obviously good for the practice's financial health and sustainability.

Sarah: 04:33

 Makes total sense. So what specific methods does the article highlight? What should practices be thinking about offering?

Brad: 04:41

 Well, it covers the basis. The traditional stuff first.

Sarah: 04:44

 Yeah.

Brad: 04:45

 In the office, taking credit cards, cash checks right there during the appointment.

Sarah: 04:49

 Standard practice for most. Hopefully.

Brad: 04:51

 Hopefully. Then phone payments, being able to securely take card details over the phone.

Sarah: 04:56

 Okay.

Brad: 04:57

 And then the big one, really? Online payments. Having a user friendly portal where patients can use credit, debit, E checks, maybe even stored payment methods.

Sarah: 05:06

 User friendly being the key phrase there. I Imagine.

Brad: 05:08

 Absolutely. The article mentions BillFlash's portal as an example, highlighting how simple it aims to be. Like just three steps, log in, view statement, select payment method. No complex signup.

Sarah: 05:20

 That sounds appealing. Less hassle for the patient.

Brad: 05:22

 And less hassle means faster payments. It also means, according to the article, less work for the staff, fewer manual postings, fewer calls chasing payments or answering simple billing questions.

Sarah: 05:33

 So it's a win win. Easier for patients. Quicker cash flow, less admin burden.

Brad: 05:37

 That's the idea. Reduce the friction, get paid faster. Which loops back nicely to those generational viewpoints we mentioned, right?

Sarah: 05:44

 The different expectations. What does it say about, say, millennials, the digital natives?

Brad: 05:49

 Well, for them, the expectation is heavily toward mobile, intuitive, easy, fast. The article throws out a stat. 80% of millennials pay bills using mobile wallets.

Sarah: 06:00

 80%, okay, that's huge. So if your practice doesn't offer easy.

Brad: 06:04

 Mobile payment, you risk frustrating a large chunk of your patients. They expect speed, security, you know, paying you with a couple of taps, getting instant confirmation.

Sarah: 06:13

 Yeah, you could definitely lose goodwill there. What about the other end? The boomers, the traditionalists, as the article calls them.

Brad: 06:20

 For them, it often comes back to routine and predictability. That paper bill, that tangible record, it provides comfort, maybe helps manage finances, especially if they're on a fixed income. It's what they know and trust.

Sarah: 06:32

 So it really is about offering both. You can't just go all digital, but you can't ignore digital either.

Brad: 06:37

 Precisely. It's a balancing act. And this is where the article mentions some specific solutions, using Bill Flash as the example again, that tried to bridge these different needs.

Sarah: 06:46

 Okay, so what kind of features are we talking about?

Brad: 06:49

 The idea is to collect payment before the appointment via email or text. Kind of targets payment when patients might be most engaged or prepared.

Sarah: 06:57

 Hmm, interesting tactic. Pre appointment payments.

Brad: 07:00

 Yeah. Then online pay, which is that straightforward online and mobile payment portal. We discuss cards, echecks, making it convenient.

Sarah: 07:10

 The baseline digital option.

Brad: 07:11

 Right. And office pay handles the in person stuff. Cards, checks, even contact lists like Google Pay or Apple Pay. Plus phone payments designed to be easy for the staff to use.

Sarah: 07:22

 Streamlining the front desk process. Makes sense.

Brad: 07:25

 Then there's Flexpay. This one's about patient financing. So patients can pay larger bills and installments.

Sarah: 07:30

 Ah, okay. Payment plans.

Brad: 07:31

 Exactly. But the practice gets the full amount upfront from the financing company.

Sarah: 07:35

 Oh, that's a key difference. Practice gets paid, patient gets flexibility. That sounds like it could tackle the issue of large, unexpected bills pretty well.

Brad: 07:43

 It could, yeah. Though practices would need to consider, you know, any fees Involved or the admin side of setting that up, but potentially very helpful.

Sarah: 07:52

 Good point. What else?

Brad: 07:54

 Stored pay. Letting patients securely save their card details for future payments makes recurring payments or future bills much easier.

Sarah: 08:02

 Convenience factor, again, big time.

Brad: 08:05

 And even something called retail pay, which apparently helps take cash payments even if there isn't a specific bill tied to it. Right then. So really covering all angles.

Sarah: 08:13

 Wow. Okay. That's quite a comprehensive suite of options they're suggesting.

Brad: 08:17

 It seems the goal is to leave no stone unturned, payment wise.

Sarah: 08:21

 So looking at the big picture then, what's the overall impact? The article concludes with When a practice really embraces offering all these diverse payment.

Brad: 08:29

 Methods, the main message is that it's empowering for patients, it gives them control. And that improved experience leads to, well, smoother cash flow because people pay more promptly, better compliance with paying bills overall, and stronger relationships.

Sarah: 08:46

 Presumably less friction around money.

Brad: 08:48

 Exactly. It helps turn billing from a potential point of stress into just another, hopefully seamless part of their healthcare interaction. It's a strategic investment, really. Good for the patient, good for the practice's finances.

Sarah: 09:01

 Okay, let's wrap up this deep dive then. It feels like the core message we've pulled from that BillFlash article is pretty straightforward, isn't it?

Brad: 09:08

 I think so. Offering patients choices in how they pay isn't just, you know, a small courtesy anymore. It's genuinely strategic. Right.

Sarah: 09:17

 It directly hits your bottom line, your cash flow, and it really shapes how patients feel about their whole experience with your practice.

Brad: 09:22

 Absolutely. Which leads us to, I guess, the final thought for you, the listener, to chew on.

Sarah: 09:28

 Go for it.

Brad: 09:28

 Take a hard look at your current payment setup. Just be honest. Are the options you offer really meeting the needs of all your different patients? From the tech savvy, younger crowd to the more traditional folks?

Sarah: 09:39

 And tied to that, what opportunities might you be missing? Opportunities to improve that cash flow and make your patients happier just by adding more ways to pay.

Brad: 09:49

 Yeah, maybe think about some of those specific features we discussed, like the pre appointment payments or the financing options. Could something like that fit your practice? Could it make a difference?

Sarah: 09:59

 Definitely. Some crucial things to consider. It's all about making that payment part as painless and easy as possible for everyone. Thanks for joining us for this deep dive.

Narrator: 10:09

Thanks for tuning into the Billing Blueprint podcast. For more insights or to dive deeper dive deeper into today's topics. Head over to billflash.com. Don't forget to subscribe and we'll catch you next week with more strategies to keep your practice running smoothly and getting paid faster

Sources:

Pay Your Way: How Offering Multiple Methods to Pay Keeps Cash Flow and Patients Happy