Our lives have been challenging since the pandemic began. In spite of this, we have succeeded in digitalizing most sectors around the world, but digital payments are still a far-fetched dream for the healthcare industry. Even though receiving and paying medical bills online is much more convenient, 51% of patients still receive their medical expense bills by mail.
For medical businesses and patients, managing this financial burden through invoices and written records can be frustrating. It can be exhaustingly time-consuming to process healthcare payments manually, given the number of payments businesses are required to make each day. Only by changing the types of payment systems in the healthcare sector will we be able to solve this issue efficiently.
For the healthcare sector to accommodate consumer digital payments, revenue cycle management companies and technology vendors must collaborate.
In a sector where privacy regulations are a must, the security of payment information remains of the utmost importance. Healthcare providers must be extra careful about the confidentiality they provide their patients in light of cybercrime and fraud news that has been circulating for a while now.
In addition to improving the patient experience, accelerating digital payments can provide your healthcare business with multiple benefits, including expediting financial processing time and streamlining manual processes.
Find out how digitalizing healthcare payments can benefit you.
A healthcare business's benefits from digital payments
Using digital payments in healthcare would add up to benefits for the healthcare business, as it would make the entire treatment process more complicated and elongated. Let us discuss some benefits associated with digital payments in healthcare. With immediate effect, you’ll see how efficient the system becomes.
Enhances business abilities
Using computers reduces the amount of manual intervention required. This means that human error is virtually eliminated. The entire payment process gets streamlined. By texting or emailing patients bills, practices streamline the process. Patients are able to check their bills and pay their bills digitally.
Employees are relieved of hours of timekeeping and can focus on providing superior customer service as well as evaluating performance metrics, identifying improvement opportunities, and many other helpful practices when paper-based processes are eliminated.
A healthcare digital payment solution allows forecasting, customizing, and managing inventory easy while securely storing a tremendous amount of information.
Provides healthcare businesses with simplified record keeping
Healthcare digital payment solutions allow practitioners to send a digital invoice, receive online payment and submit it to patients in one simple transaction, saving both the clinic and patient time and energy.
The advantage of this is that you will avoid having to manually track who has received the invoices, who has paid, and who still needs to be contacted about unpaid balances.
Healthcare online payment solutions make it easy for billing administrators to access patient invoices and resolve unpaid bills. By doing so, smaller healthcare institutes can expand their operations and improve efficiency at every stage of the patient experience.
Telehealth services can be provided through this system
Prior to the epidemic, telemedicine and virtual consultations were already common, but portals have increased significantly since then. Since the pandemic, the use of telehealth services has risen nearly 38 times. The development of telemedicine was initially constrained by digital payments in healthcare. Patients do not have to travel far to see their healthcare professionals because these services allow them to resolve their issues remotely.
The patient can now get a consultation online and pay for it using the method of their choice, including bank transfers, wallets, and credit cards.
Manages practice revenues more effectively
Healthcare services are generally paid 60 days or more following a patient’s visit. Manual bill-paying impedes workflow and slows the process. It is less than ideal to have such dreadful accounts receivable (A/R) figures for businesses that are looking to grow or simply want to increase cash flow on a monthly basis.
Many times, businesses simply need a simple method to create invoices, promptly bill patients, and accept electronic healthcare payments in order to enhance the process. Due to the fact that customers will receive their bills promptly and payment will be simplified with digitization, the gap between the generation of invoices and the payment received will invariably decrease. A crucial performance criterion is considered for expansion.
Claims are settled in a timely manner
As you receive customized communications for loan repayments, agencies and policy providers use information gathered through digital portals to remind you of insurance payments. Using these websites, you can keep track of information like your name, outstanding debts, and preferred payment method, and receive reminders that correspond to those details. You can then click a button to pay the debt once you have this information.
Using digital information, the necessary amount can be easily calculated and distributed just as settlement cycles have been shortened.
Is digital payment improving patient experience in healthcare?
This system is a win-win scenario for both businesses and consumers. Patients will be more likely to seek medical attention and receive the best care, and providers will be more able to provide services and collect payments reliably.
Due to the ease of digital health payments, patients are increasingly choosing them over manual ones.
In addition to transforming your patient experience, here are some other ways digitalization can transform your healthcare business:
Engages and communicates better
All of a patient’s information, including test results and unpaid balances, is easy to access in the digital age. Digital payments can be integrated with other healthcare digital solutions so patients can check in, schedule an appointment, and pay for their visit from their laptop or smartphone.
It is necessary to improve patient communication and information access in order to implement a digital payment system in light of the US Centers for Medicare and Medicaid Services Hospital Price Transparency Rule. In accordance with the law, hospitals must provide transparent and easily accessible pricing information on procedures and devices online.
According to a survey, 44% of patients pay their medical bills more quickly when they are reminded by phone or digital means. A healthcare digital payment model and active online portal can help providers accelerate payment collection and boost clinical and financial outcomes.
Satisfies patients more effectively
The use of contactless payments has become a norm now. It is no longer something out of the ordinary. COVID-19 has broadened the use of contactless payments based on convenience concerns. However, as we have seen, these practices and preferences have become ingrained.
According to data, a third of patients are dissatisfied with the way their healthcare provider manages manual billing. Adding digital payment options to medical practices encourages more satisfied and devoted patients. As competition continues to increase, independent healthcare practices cannot afford to lose clients due to slow billing and payment processes.
The digitization of operations is therefore a good solution for starting a healthcare business or retaining customers if you have an established business.
Enhances the checkout process by providing a seamless, modern experience
While waiting for their doctor in the exam room, a patient at your office may receive a text message containing an invoice for their co-pay. The invoice can be paid at the time of the appointment or shortly afterwards. With a modern check-out procedure, patients can continue with their day immediately after seeing their provider. They won’t need to spend time at the register paying for something they can easily send from their phone.
Changing every process to a contactless alternative in a post-pandemic environment will also increase patient satisfaction. As a result, front desk staff will be able to devote more time to improving patient experiences rather than transacting payments on registers by answering any questions or notes patients left immediately.
Develops an ecosystem that is transparent
There is a lot of information on a typical medical bill that is difficult for a layperson to comprehend. However, healthcare digital payment systems allow every dollar spent to be monitored and verified. Misappropriation of money is almost impossible with digital payment systems.
Providing all the information transparently and agreeing with the totality of the bill builds a great deal of trust and confidence in the patient. This leads to increased customer satisfaction and builds trust if there are any errors or misunderstandings. Changes can be made immediately if there are any errors or misunderstandings.
Can healthcare digital payment trends be used to develop models?
Several models can be used by the healthcare industry to accelerate digital payments since digital payments are becoming more accepted in B2B and B2C areas:
A real-time payment (RTP) is one that occurs immediately.
With real-time payments (RTP), funds are transferred instantly, and all transaction information is settled almost instantly. The funds are transferred almost instantly. A real-time payment network should be accessible 24 hours a day, 7 days a week, 365 days a year, implying transfers can always be carried out.
Health care providers can benefit from this model, because their emergency departments remain open 24 hours a day, 7 days a week. The global market for this model currently stands at $13.5 billion.
Transmitting funds electronically
Electronic funds transfers (EFTs) and direct deposits are methods of transferring funds digitally from one bank account to another.
Since the transfer is digital, no paper documentation is required. These transfers are conducted without the involvement of bank workers. Because of its ease of use, accessibility, and directness, EFT has surpassed other money transfer methods as the most popular choice. Because EFT is cheaper, faster, and requires less labor overall, paper checks are becoming less common as firms use it more frequently.
Global News Wire estimates the market for electronic funds transfers to reach an estimated 103.5 billion by 2028 at an annual growth rate of 8.9%.
Cash wallets on mobile devices
It eliminates fraud, speeds up payment processing, and costs nothing to use mobile wallets. Payment details are secured and encrypted in a mobile wallet that processes payments.
Almost $3000 is projected to be spent per user annually on mobile wallets between 2021 and 2025, according to a study.
Payments can be made with mobile wallets both in-person and online for discounts, cashback, and rewards. Customers can use a single wallet to make both online and offline payments by tapping-and-paying. Payments are quick, easy, and secure with mobile wallets linked together and made.
Utilise these technologies
Digital payments can be integrated into your healthcare business using any of the following technologies:
Verification by biometrics
An iris scanner can identify an individual’s fingerprints, heartbeat, veins, facial recognition, and iris recognition are some of the techniques used in biometric authentication.
The healthcare industry can utilize biometric verification through mobile apps and other digital payment agents. A smartphone, for example, can include behavioral biometric data along with a payment request. Using these extra signals will enhance authentication’s robustness and fraud detection by detecting discrepancies between biometric data and payment behavior.
The APIs of banks should be open
The APIs allow legacy banks to exchange data and information with third parties. APIs allow any business (B2B, B2B2C, or B2S) to integrate its products with a non-financial company’s platform.
Payments using EMV technology have become more automated and secure as the technology gained traction.
In addition to using unique transaction-specific codes, the EMV system improves the security of bank accounts dramatically. It also influences the way in which banking systems are managed. As a practical and safe way to transact money, these codes are soon replacing plastic cards.
Are you looking for a way to make your healthcare business pay for itself digitally?
Revinfotech, as one of the leading software development services providers, can help you succeed by providing innovative solutions throughout the entire development process. Over the years, we have been able to provide solutions that have positively impacted businesses due to our diverse clientele base and years of experience.
A cryptocurrency-based transaction source was introduced to the public by Revinfotech at a time when it was not widely accepted, for example. Using a mainstream crypto-centric banking solution, they were able to provide Asian Bank with daily banking services as well as cryptocurrency transactions. Through Asian Bank, this digital solution resulted in 250K+ app downloads and 50K+ cryptocurrency transactions.
As well, we can provide you with the best healthcare software development services by conceptualizing, designing, developing, and deploying solutions. Revinfotech extensive market research and innovative designs enable us to create an impactful solution that not only meets your needs, but also the needs of your patients. As a result, you can count on them to provide you with a digital payment system for healthcare that is safe, secure, and fraud-proof.
Getting a wonderful, easy, and reliable digital healthcare payments solution is now possible with Revinfotech services. Call us today to find out how we can help you.
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