Healthcare Payment Systems Trends and Opportunities

We live in a hyperconnected world, but all too often, Healthcare Payment Systems seem to harken to a bygone era. Thanks to industry changes in technology, the rise of EHRs, rapid change in health insurance regulations and other market factors, it has never been more important for health systems to update their processes for Payment Systems companies to take advantage of this ripe opportunity.

The Payment Systems Challenge of Healthcare Companies

A recent study showed that large healthcare systems still distribute more than 20 percent of their invoices by paper, costing as much as $31 per invoice to manually process the paper bills and paper checks. These manual, outdated processes don’t support the industry’s critical need to reduce waste and control costs. However, Payment Systems companies have technology to offer that will allow for greater accuracy, efficiency and cost-effectiveness in payment processing.

Healthcare payments are complex, and suppliers and providers have their own unique objectives, complicating the process even further. Suppliers need to boost receivables while providers must manage cash flow, maximize discounts and avoid late fees; and historically, patients have needed and wanted multiple options to pay their bills. But despite these complex nuances, healthcare providers are still relying on manual, paper-based systems that are inefficient and time-consuming.

When it comes to patient payments, healthcare systems have offered options like check, wire transfer, ACH and credit cards. However, too many options can actually drive up costs. If for example, a hospital offers six payment options, they must be prepared to process those payments six different ways. Each method requires its own business processes which increase costs.

Opportunities for Payment Systems Providers in the Healthcare Market

The fact is, every person or entity transacting business with a hospital or healthcare system wants the same thing. They want to save money and improve efficiency. Payment solutions that meet the needs of each party involved in a transaction will help healthcare systems control costs, maintain relationships and improve the bottom line.

Payment Systems companies should take advantage of this current landscape, showcasing the importance of streamlining payment processes and taking advantage of new technologies. Hospitals must get paid, and technology can provide ways to make receiving payments easier and cheaper to process. Firms that can offer healthcare systems the ability continue to accept multiple forms of payment – including mobile payments – but reduce processing costs and generate next-day funds availability will be well positioned to capture this market.

Are You Ready to Capture the Healthcare Market?

Leveraging growth opportunities by staying ahead of trends is critical for success. If your Payment Systems company is looking for talented professionals who can help you maximize this ripe opportunity, contact the expert recruiters at MoneyTech Search today.