The healthcare industry is undergoing a major transformation.
To cope with the current digital dynamics, the industry is leveraging new technologies and innovative business models to solve one of the most fundamental challenges: “providing better healthcare facilities at a lower cost for more patients.”
These new healthcare payment methods technology approach will remove the quintessential function of the back-office payment process and embrace a new technologically strategic lever that will simplify the healthcare ecosystem, from patient care to complete B2B relationships. So, whether a patient is trying to pay a medical bill or a pharmaceutical company is paying a regulatory body, the new healthcare payment methods technology will make digital pay-in and pay-out systems faster, simpler, and more transparent.
In today’s Fintec Buzz article, you will find insights on how healthcare businesses can leverage payment to deliver better care facilities while scaling up the payment process.
Table of Contents
1. Digitizing Consumer-centric Payment Methods
2. Understanding Digital Front Door
2.1. The Purpose of the Digital Front Door in Payments
2.2. Employee Experience Matters
3. The Future of Healthcare Payment Methods
Conclusion
1. Digitizing Consumer-centric Payment Methods
The transformation of various industries through digital methods shows no signs of slowing. Digital payment experiences have transformed consumer expectations since users now seek solely convenient payment methods, which include subscription, split payments, or pay-as-you-use.
However, the healthcare industry has been slower in implementing these consumer-centric healthcare payment methods. As per a report by PYMNTS, more than 70% of consumers are open to using a unified digital platform to manage their healthcare needs; therefore, this is a huge opportunity for healthcare companies to embrace the digital revolution.
2. Understanding Digital Front Door
The digital front door (DFD) represents one of the newly introduced technologies within the healthcare industry. Such a strategy leads to the development of consumer-grade experiences available through applications and online systems that help patients handle their healthcare demands, including appointment booking and payment handling, follow-up scheduling, supply ordering, pharmacy prescription tracking, and hospital transport arrangements.
2.1. The Purpose of the Digital Front Door in Payments
One of the most essential aspects of the digital front door is enhancing healthcare’s financial side, which is more transparent and easier to manage. In many countries, including the US, the healthcare payment methods system depends on paper-based structures, where healthcare and financial providers and patients have to deal with physical bills. Healthcare check payments present a hazard because they may get lost or arrive after the due date and end up at an incorrect delivery address. The method of payment processing frequently creates confusion about what patients are obligated to pay and causes unexpected bills.
The McKinsey research revealed that 60% of patients desired more details about healthcare service selection. Healthcare organizations must provide full access to their important consideration factors, together with cost prediction data and patient evaluations of facilities and services, to establish transparency.
2.2. Employee Experience Matters
Healthcare industry leaders believe improving patient experience is insufficient; institutes must focus on enhancing employee experience. With the rising cost and tight budget, employee morale suffers, and organizations have to deal with frequent complaints, including burnout and insufficient pay, which eventually affects the shortage of medical staff. As per McKinsey, more than 29% of resident nurses said they were unhappy with the employee’s experience and were likely to leave their current role in patient care.
Although healthcare payment methods cannot solve the systemic issues, they might improve the payment system and practices that will benefit employees. For instance, let’s take an example of earned wage access (EWA) solutions. This payment technology allows health workers to draw down portions of their salary before payday, easing any financial burden.
Therefore, by digitizing the healthcare payment methods at an early stage, patients can access self-service options, and for healthcare employees, this payment solution will aid them in focusing on higher-value activities and delivering better care.
3. The Future of Healthcare Payment Methods
As payment technology evolves, it will continue to help the healthcare sector and create associations across diverse networks and facilities to communicate more efficiently.
Interoperability will take time within the industry, but blockchain technology can become a key component of interoperability in the future. This technology will not only store highly secure data but will also focus on transparency and HIPAA compliance, which will enable instantaneous payments and settlements.
Further integrating smart contracts as a software algorithm will encode a new set of rules and thresholds for transactions on the blockchain and automate the payment process.
Lastly, payable solutions such as Stax, Chase Payment Solutions, and Payment Cloud will help healthcare businesses simplify payables processes and optimize cash flow visibility.
Therefore, combining security, automation, and personalization is key to enhancing payments within the healthcare industry.
Conclusion
In the end, by streamlining the healthcare payment methods process and removing the common bottleneck points, any business across the healthcare chain can focus on what matters most and deliver better care. So, whether healthcare businesses are providing direct care and support to enhance customer online payment processes, creating new and innovative treatments, or responding to changing business payment models, the future of healthcare stands tall in an ecosystem that delivers superior care experiences.
Innovative and digitized payment will aid in achieving these plans across inclusion, digital care, and broader relations between consumer-facing and B2B businesses; this will help growth and patient and employee experience.
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
