If there’s one thing we can all agree on, it’s that 2017 was a crazy year for health care. As the industry continues to transform, how is your payment processing technology evolving to compliment those changes? Looking toward the New Year, here are a few questions to ask when deciding upon the best payment processing solution for your health system, hospital or clinic.
Does it simplify and positively impact revenue cycle management (RCM)?
The right customized, streamlined payment processing solution will reduce steps in the RCM process and make it easier for patients to pay their co-pays or medical bills. Providers will spend less time collecting reimbursements and more time on their passion: helping people through practicing medicine.
Does it increase cash flow and days-cash-on-hand?
When it comes to financial stability, every detail counts. By using payment processing technology to receive reimbursements more quickly and to minimize expenses associated with the collections process, providers can easily increase cash flow and days-cash-on-hand.
Does it improve the patient experience?
Going to the hospital can be an intimidating process for many, and figuring out how to pay the bills that follow can be even more daunting. In fact, research shows providers’ scores on patient satisfaction surveys tend to drop after patients receive their bill(s). Healthcare-specific payment processing solutions that focus on the patient payment experience are key in this consumer-driven world.
Does it implement a security-first approach?
The growing number of data breaches is another trend that has disrupted the healthcare industry. Payment processing solutions that focus on security first rather than just checking off the boxes necessary for PCI compliance are better positioned to protect patients’ financial information.
Does it include an all-star support team?
Industry professionals recommend forming “symbiotic relationships” between healthcare organizations and payment processing partners. Look for a vendor that provides around-the-clock support, dedicated relationship managers and flexible contracts with regular program reviews.
Implementing a customized, streamlined payment processing solution will create a snowball effect that benefits patients, providers and frontline staff. A payment processing solution matching your organization’s unique needs and goals will lead to happier patients, greater financial stability, and more efficient and secure payments. If you’re interested in our customized, healthcare-specific payment processing solutions, please contact me at juselman@windriverfinancial.com or 1-800-704-7253 x4238.
