Healthcare payments trends are changing. In fact, as per Trends in Healthcare Payments Sixth Annual Report, unlike previously, consumers have now become one of the most critical stakeholder in the healthcare industry, challenging the way many do business.
What else can you expect when it comes to future of healthcare payments? Here is a detailed overview-
1. Omni Channel Payments is the Solution to Consumer Demands
What is it that the consumers really expect from healthcare payments? If the data in the report is to be believed, the most common assumptions in this regard are largely unfounded. The most important thing to note is that for consumers, healthcare industry is no different than the others. Secondly, consumers prefer to have multiple modes of payment for their healthcare bills, just as they do for their other bills, such as making payments online or through their bank. The third and the most surprising finding of them all is that the consumers prefer convenience in their payment methods and would like to go through electronic and automated means, as far as their healthcare bills are concerned. This sentiment is prevalent amongst consumers of all ages.
2. Compliance and Security Remain the Primary Concern
Organizations that are not confident about their data and its security should be prepared for worst. Ransomware is a real threat that can lead to data breach and stolen information that makes the healthcare industry vulnerable to cyber attacks. Any slip in this regard can easily amount to losses worth billions of dollars. Payment security at this point must gain primary attention and should not be neglected anymore. The consequences of failed compliance and unsecure data can hurt the industry in more ways than imaginable. It is important for healthcare organizations to continually meet industry standards, follow audit rituals and earn important certifications from reputed industry factions that can limit or eliminate the risk of data breach. As the dependence on electronic payment system grows, the threat of security violation reigns supreme that can only be mitigated by evolving with time.
3. Growing Customer Expectations from Healthcare Industry
Consumers are the primary stakeholders in healthcare industry as they owe now more than ever. From deductibles to health plan premiums, the collective owed amounts are at an all time high. However, the healthcare business has so far failed to recognize the role consumers play. Neglecting your consumers at this point can lead to devastating consequences. In worst case situation, it can cause irrevocable damage to the brand name that can result in loss of patients, and subsequently the revenue.
4. The Industry Is Set to Go Paperless
Paper is used abundantly in the healthcare industry. Believe it or not, the cost of paper is actually affecting the healthcare business more than it is acknowledged. Healthcare remains one of the last few places where all the transactions are largely conducted on paper. The use of paper is not only waste of money and resources, but also leads to physician exhaustion. The service providers and consumers reckon that it is time to replace paper with electronic payments that can help reduce waste and leverage automation. There is a huge potential to save costs and administrative resources by going electronic. It is safe to assume that at this point, healthcare industry is primed to go paperless.
Even though healthcare industry is moving towards value-based delivery models, payments industry is believed to be the way forward. Making payments to providers electronically is preferred by consumers, as compared to paper-based payment process. By finding the right balance between the two, healthcare industry will be able to deliver low-cost, high-quality care to offer better clinical outcomes to its patients.
