Why should you switch from paper to electronic statements? The answer is simple – to save time and money. Long story short, eStatements is the way to go.
But here’s the long story just in case you need more proof:
Paper-based statements cost roughly $7 per statement to generate and mail. (Source)
Real-world example: One group practice averaged almost $4,000 in paper statement costs over the course of five months.
Electronic delivery is the most affordable—only about 6 cents per eStatement based on the provider subscription fee. (Source)
Real-world example: This same group switched to eStatements as their primary statement method and reduced its average monthly statement costs by 75%.
Another practice saved approximately $43,000 annually by incorporating eStatements as their primary delivery method.
Post-service patient payments are harder to collect as time passes. Beyond this, paper-based statements take more time to send and receive, and they are unnecessarily costly when eStatements are available. (Source)
Practices send an average of 3.3 billing statements before a patient’s outstanding balance is paid in full. (Source)
With eStatements, the patient simply clicks a link in the email to pay – no checks, stamps or yucky tasting envelopes to lick. Making it easier for patients to pay helps ensure that you get paid faster.
Real-world example: During the first six months of one group practice’s new patient payments program, they tripled the speed at which payments came in due to automated scheduling. This also helped to reduce days in A/R>120 by 59%.
It’s critical that healthcare organizations implement a patient payments workflow to help boost revenue and ultimately make it easier for patients to pay. Leveraging eStatements is one place to start. With all of the benefits found using eStatements, it seems like a no brainer.
How much could you save with eStatements?
Find out now by accessing the free calculator!