COVID-19 is far from being over, but the transformation of payments is starting to include healthcare providers. Financial executives have the ability to reduce operating costs, speed up cash flow and improve customer service.
Fremont, CA: Almost every industry changed its payment and invoicing processes in response after COVID-19 hit the U.S. However, healthcare had more significant problems to think about, such as treating a novel illness, obtaining PPE and ventilators, and shielding overworked workers. Meanwhile, when patients delayed elective treatments, financial executives needed to handle a drop in sales.
Here are three key trends in healthcare payments:
Vendors with integrated payments
Your vendor (or its rivals) could have started accepting cards and ACH payments if you use practice management or sales cycle management tools, which is a recent trend. Today, independent software vendors (ISVs) are working with payment facilitators to deliver automated payments, such as the practice management or sales cycle management platform. For both the ISV and you, their client, this technique has benefits.
ISVs can bring added value to medical practices by incorporating payments into their healthcare platforms, providing the opportunity to make payments simpler for patients easily.
For instance, ISVs also incorporate payments in thoughtful ways by building them into the same dashboard patients use to book appointments, check test results, message providers, etc. The outcome is often a better patient user experience, lower technology costs for the company, and shorter payment cycles.
Contactless payment methods
Many hospitals are now introducing card not present (CNP) payments, the same payment method used for Amazon's eCommerce sites. The patient may input credit card details into a digital portal prior to or during their visit. This information is safely stored in the company's database in its portal and can be accessed by the patient for easy payment through a connection in their invoice or bill.
