According to a recent survey by the 2018 Advisory Boards, 62 percent of health system CEOs are preparing their enterprises for more sustainable cost controls, and that includes turning an eye toward their payment processor. But what does it actually take to stabilize the cost of electronic payments?
Electronic payments in healthcare are especially complex. Those involved are looking for better ways to understand what they are paying and why they are paying for it. They want a more cost-effective way to integrate and process payments through their billing systems.
There are two scenarios that I see come up often regarding pricing.
The unfortunate common factor in both of these scenarios is that they occur when there is no active service from the merchant service provider. Any time a provider offers zero service, the result will be overpayment. Payment processors need to be more proactive.
To make a comparison, when a health care provider notices a potential problem or health risk, they have a conversation with the patient. They are being proactive in heading off future issues. Ultimately, this arms the patient with valuable knowledge and they can make an informed decision to correct the problem.
Problem is, most merchant service programs don’t work the same way. A proactive partner should be working to ensure the program stays on the right track. To lay it out in detail, the following are standards of proactive service.
It might be best to say that proactive service goes hand-in-hand with transparency. Healthcare providers deserve better service from their electronic payment processors, and they are starting to demand it. If you have questions about how your agreement with your current payment processor is being honored, feel free to contact us. We’d be happy to discuss.
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