3 Ways to Save Time and Get Paid Faster with RevPayments
- RevPayments is an optometry payment tool that helps your practice process payments more efficiently.
- This cloud-based software offers multiple payment options and simplifies the billing process, so you get paid faster.
- If your practice uses outdated software, you may not collect payments promptly and may suffer from cash flow problems.
- Learn how an integrated software solution like RevPayments from RevolutionEHR helps your office save time and solves your cash flow issues.
If your optometry practice uses outdated practice management software, you may experience delayed cash flow issues and payment processing complications. Switching to a cloud-based EHR and practice management software with integrated payment processing tools can help you get paid faster and simplify your collections process.
RevPayments, the optometry payment tool that works seamlessly from within RevolutionEHR, allows you to quickly and conveniently process payments for uninterrupted cash flow and improved practice efficiency.
Challenges of Using Outdated Payment Software
Timely collection of patient payments is critical to running a successful optometry practice. Using outdated billing and payment software can hinder your ability to collect payment from your patients, cause you to lose out on revenue, and create hassle and frustration for your front-office staff.
The major challenges of using outdated practice management and payment software include complicated payment processing systems, limited payment options, and interrupted cash flow from being unable to collect payments at the time of service.
Complicated Payment Processing
With outdated software, you may have to invest in additional payment processing equipment to take payments from patients. You have to purchase this equipment, learn how to use it, and train new staff.
Without integration between the payment equipment and your practice management software, your staff also has to spend time manually entering payment information into the system. This can lead to a higher error rate and billing issues for patients.
Limited Payment Options
With outdated payment software, you have limited payment options for patients. A 2021 Trends in Healthcare Payments Annual Report found that over 50% of patients think about changing providers due to poor payment experiences, and 78% of healthcare consumers want the option to make contactless payments post pandemic.
If you don’t offer online payments or take electronic forms of payment such as ApplePay, AndroidPay, or chip cards, your patients may seek a provider with more convenient payment options.
Interrupted Cash Flow
Using an inconvenient payment processing system can cause you to experience interrupted cash flow and lost revenue. Without a cloud-based, integrated payment system, you bill patients after receiving services.
The Healthcare Financial Management Association reports that providers have a 30% chance of collecting patient payments once they’ve left the practice versus 70% when asking patients to settle their bills at the time of service.
RevPayments: An Integrated Solution for Optometry Payment Processing
You can solve your payment processing issues by switching to a completely integrated optometry EHR system like RevolutionEHR that uses automated billing and coding features and cloud-based syncing to simplify your collections process.
RevPayments, a cloud-based integrated payment tool from RevolutionEHR, lets you collect payments while patients are in your practice. This gives you a competitive edge over other practices and helps you meet emerging patient payment preferences.
With RevPayments, you gain the following capabilities regarding payment collections for your practice:
- No need for separate, inconvenient payment processing equipment
- Flexibility in accepting multiple types of payments, including online, Apple Pay, and Android Pay
- Ability to store credit card information for future payments
- More predictable cash flow and uninterrupted revenue
- Syncing of payments to reduce manual errors
Three Ways RevPayments Benefits Your Practice
Your practice can save time and get paid faster by using RevPayments.
85% of practices with five or fewer practitioners said slow payments are among their top collection challenges. Making payments more convenient for their patients is one of their highest demands.
RevPayments meets these goals in the following ways:
1. RevPayments Simplifies Billing and Payment Workflow
RevPayments streamlines your practice’s billing and payment processes by having one system for everything. This integrated software accepts multiple types of payment to simplify your billing process.
Your practice can use traditional credit card terminals in your office, enter information manually through the software, or set up e-payments to increase convenience for your staff and patients. All e-payments are automatically sent into the software for review by your staff before posting, improving workflow and billing efficiency.
RevPayments allows your practice to save credit card information to the patient’s record. Their card is then automatically offered as a payment option for future visits, simplifying the process further. This cloud-based software also lets you access payment and billing information from anywhere instead of being tied to your office.
2. RevPayments Allows You To Offer Payment Flexibility to Your Patients
RevPayments gives patients payment options. They can pay through a terminal in your office by a credit card swipe or chip or with Apple Pay or Android Pay. With RevPayments’ manual payment feature, you can also enter payment information over the phone.
Our e-pay option adds further convenience, allowing patients to pay fees or an account balance online from the comfort of their home.
The software stores credit card information securely for future transactions to reduce time spent on this administrative task. Your staff can spend more time caring for patients instead of processing payments. Patients benefit from not waiting in line to make a payment when their information is already on file.
It also offers superior accuracy so that you won’t face payment problems due to typos or other errors.
3. RevPayments Updates Credit Card Information Automatically
If your practice has outdated or expired credit card information on file, transactions will be declined, leading to delays in payment. RevPayments automatically updates credit card payment information each time a card is used. Automatic updating reduces transaction declines and interruptions in your revenue or cash flow from expired payment methods.
Simplify Your Billing and Payment Solutions with RevolutionEHR
If your optometry practice is interested in saving time and receiving faster payments, RevolutionEHR’s RevPayments offers the solutions you need. With its many payment options and streamlined billing process, paying balances is not a hassle for your patients or staff.
Request a personal demo of our leading cloud-based software and see why RevolutionEHR gives you the freedom to focus on what’s important — your patients.