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Managing payments in healthcare creates a multitude of unique challenges specific to the industry. Through our existing relationships and years of experience working with healthcare partners, Wind River is aptly suited to handle the needs of your clinic. Our payment solutions can help you manage payment integration and reconciliation, regulate the cost of getting paid and improve your patient engagement, all while focusing on security.
The industry has seen a significant number of mergers and buyouts, which have created several problems for clinics.
The key here is in streamlining all your systems. That’s great you say (and perhaps obvious), but where do you start? That’s where Wind River comes in. We can help you reduce the effort involved in this process and reduce friction between systems. We’ll help bring clarity to what’s required and help you normalize your data.
As a volume-based industry, size matters. The greater the dollar amount and transactional volume, the lower the per item fees.
Are you PCI DSS compliant? Do you have a #SecurityFirst mindset? It’s important to have a partner who wants to help you mitigate the risk to the lowest level.
The most advanced treatments typically come at a higher cost. The key is to work with a merchant services provider who is helping you solve problems; not trying to sell you tools you don’t truly need.
The cost of accepting credit card payments has significantly increased, and many clinics don’t understand what they are paying and why. The industry is full of providers with hidden fees, bundled fees and services that never got cancelled. This all results in overpayment to the major card brands.
Many clinics assume that this overhead is just the cost of doing business. It’s time to stop thinking like this and really start to consider the cost of getting paid and what you can do. According to the Advisory Board’s Annual Health Care CEO Survey, cost control has become the number one priority surpassing even revenue growth.
In today’s digital environment, patient engagement has become a major concern for many clinics. Your patients are inundated with messaging from hundreds of touchpoints on a regular basis, and before you know it, your communications with them are getting swallowed by the noise.
Based on what we’ve heard from our customers, here is just a small list of their pain points. Do any of these sound familiar?
Patients are demanding more transparency as well as faster, simpler and more modern communication and payment options. This might be an SMS approach or a complex UX overhaul. Regardless of which approach, individual payers want fewer steps and less confusion, AKA better management of the touch points.
Last, but certainly not least, is security. With healthcare and medical organizations accounting for roughly a quarter of the data breaches each year, security is paramount. The complexity is raised with having to comply with both PCI and HIPAA for clinics.
Many of the clinics we’ve spoken to have expressed concern over security. IT bandwidth is expensive, limited and patients’ needs come first. Managing IT priorities is Whack-a-Mole on steroids.
The impact of the Whack-A-Mole approach is often a disconnect between the IT department and the individuals responsible for a clinic’s merchant services relationship. What tools are in place or when was the last PCI DSS compliance completed? When these are unknown, you’re left with a severe lack of insight into the process.