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Patient Payments Blog

3 Reasons You Should Be Using eStatements

Posted by Jim Turner

Mar 21, 2017 9:27:00 AM

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The quest for a paperless office is not complete without eStatements. If your practice is looking for ways to reduce paperwork, increase efficiency, find patient friendly options, and simply get paid faster, then you should look into eStatements.

The concept is simple – instead of printing and mailing your statements, simply batch them up and use your eStatement vendor’s software for emailing to your patients. Many eStatement vendors include areas on the invoice to create patient messages, customized numbering, EHR/EMR interface, spreadsheet download/upload, ‘Pay Now’ buttons, and other great features.

Here are three of the top reasons you should be using eStatements.

Reduced Costs: Add up the costs for sending paper statements. Include manpower, postage, envelopes, statement printing, and other related costs. How much does it cost you to send that paper statement? Now compare that to the $0.10 to $0.35 that most eStatement companies charge for sending an invoice right to your patient’s email inbox.

Example: Postage $0.49 + Envelope $0.15 + Printing $0.15 + Labor $0.25 = $1.04 PER INVOICE

If you send 400 invoices per month that’s $416.00 compared to $140.00 if you opt for eStatements. You save $3312.00 annually. Maybe you should ask for a bonus!!

Convenient for Patients: I don’t know about you, but I’d much rather receive an eInvoice over a paper invoice. I hate the stack of bills that builds up on my desk! I, like many of your patients, have fully embraced the auto-pay, eInvoice world. Even if some of your patients still demand a paper invoice, cutting out as many as you can will still save your practice significant dollars.

Offering convenience is a part of becoming a patient friendly practice. Giving patients the option of accessing their bills online or via email is becoming another way for your practice to say you care. Make life easier for yourself, your staff, and your patients by adding this remarkable tool.

Faster Payments: Many, if not most, eStatement vendors include a ‘Pay Now’ button. This is where the real magic happens. When your patient opens the bill, they are invited to pay it. Many patients opt to pay it simply because they want to check that off their ‘to do' list.

We partner with an eStatement vendor to power payments right inside the eStatement. The amazing thing we see is that 20% or more of patients who receive their very first eStatement use the ‘Pay Now’ button and pay their bill immediately! That’s 20% of the billing that doesn’t have to be collected via conventional methods. No check processing, no multiple statements, no collection calls, no write-offs, and much less hassle overall!

These are only three of the benefits that sending eStatements offers your practice. If you want reduce the hassle of billing for yourself, your staff, and your patients you can’t go wrong with eStatements. Take a step toward eliminating some stress and frustration get ahead of the billing and collections process – start looking into eStatements!

Topics: Patient Statements, Patient Payment Solutions, Medical Billing Solutions, Medical Billing, invoicing

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