Practice management platform launches new payment request feature

Photo: Natty Blissful/Adobe Stock

Weave, a management software platform for small and medium-sized health care practices, has added a new feature to its service which will allow practices to send automated payment requests. The new feature, Payment Reminders, is designed to improve revenue cycle management by streamlining the collection of outstanding balances.

The platform was launched earlier this summer with the goal of helping practices manage their business and improve their revenue cycle management.² The recent addition to Weave’s software enables practices to automate their collection efforts by turning each payment invoice or Text to Pay request into a "set-it-and-forget-it" collection campaign. According to the company, this feature reduces the effort required to collect outstanding balances and encourages clients to settle their outstanding balances online.¹

“We’re very excited to introduce Payment Reminders to our payments product suite,” Branden Neish, chief product and technology officer at Weave, said in an organizational release.¹ “With 63% of patients preferring text payment options, Weave streamlines the process, saving offices time and effort each day.”

Phone text payments are trending among clients younger than 35 years, according to the company.³ A survey conducted by Weave relayed that 35% of small business clients are interested in paying with a text from their phone whereas 62% of respondents aged under 35 years showed interest in this form of payment.³ Moreover, Forbes reported that text messages are read 95% of the time within 3 minutes, according to a report by Weave.³ Additionally, response rates to text messages are 209% higher compared to phone calls.³

The payment feature enables health care practices to enhance billing and collection efficiency by utilizing their current communication workflows and the payment methods preferred by clients, according to Weave. Payment Reminders allows practices to¹:

• Send payment requests via text with Text to Pay
• Accept payments with credit card or through ACH Direct Debit
• Accept payments online or in person with Online Bill Pay, Scan to Pay, and Mobile Tap to Pay
• Keep a payment method on file
• Offer flexibility with Buy Now, Pay-over-time and Payment Plans
• Offer Affirm to clients

Additionally, all payment requests via Weave are sent from the practice’s phone number to ensure that patients can trust the request is from a reliable source, according to the company.

Other features included in Weave’s platform include call pops, missed call texts, digital forms, automatic appointment reminders and confirmations, online review management, online scheduling, and practice analytics.² The platform also gives practices with more than 1 location the ability to standardize their operations, improve efficiency, and speed up revenue cycle management.²

References

1. Weave enhances payment product suite with payment reminders. News release. Weave. August 27, 2024. Accessed August 27, 2024. https://www.businesswire.com/news/home/20240827336222/en/Weave-Enhances-Payment-Product-Suite-with-Payment-Reminders
2. Bautista-Alejandre A. New platform to manage healthcare enterprises is announced. dvm360. June 27, 2024. Accessed August 27, 2024. https://www.dvm360.com/view/new-platform-to-manage-healthcare-enterprises-is-announced
3. 7 reasons phone text payments are trending among younger customers under 35. Weave. Accessed August 27, 2024. https://www.getweave.com/7-reasons-phone-text-payments-are-trending-among-younger-customers-under-35/