In 2017, we talked about trends impacting the healthcare payments industry, new consumer preferences, advancements in payment technology, emerging security threats and more. Here are ten important healthcare payments lessons of 2017.
1. Stop Making Excuses for Your Patient Portal
According to HIMSS, an effective patient portal is one that contains the information patients want and is easy for patients to use. But healthcare providers know that when you integrate payment functionality into your patient portal, you give patients more conveniences like easily accessing balance information, managing payment preferences and making payments. However, how can providers make sure that patient payment information entered on their patient portal is protected? InstaMed’s Secure Token enables healthcare organizations to deliver a seamless and secure online consumer payment experience within their existing portals with cardholder data never touching their servers.
2. 5 Things Healthcare Can Learn From Zappos and Starbucks
At the InstaMed User Conference 2017 this past April, Dr. Joseph A. Michelli shared his insights and expertise as the keynote speaker. Michelli is a New York Times #1 best-selling author and consumer experience expert who looks at the best practices and successes of consumer brands like Starbucks, Zappos and UCLA Health System. Read his article on the five best practices that healthcare can learn from Zappos and Starbucks. Plus, register for InstaMed’s User Conference 2018 so you don’t miss out on any other exciting healthcare payments news.
3. Why Doesn’t My EMV Work?
At point-of-sale touchpoints in organizations across the country, consumers have gradually learned the new process of inserting their credit cards, rather than swiping. However, as consumers adjust to this new way to pay, they are frequently bombarded with a message telling them the opstamed.composite: “Chip function unavailable. Please swipe card.” They’re seeing this confusing message, because though the business purchased an EMV-enabled card device, the EMV functionality doesn’t work. Read on to learn more about why some merchants still can’t accept EMV.
4. What Are Omnichannel Payments and Why Do They Matter to Healthcare?
The need for an omnichannel payments experience in healthcare is greater than ever before. Rising patient payment responsibility, mergers and acquisitions and innovations in payment technology have all created new opportunities for healthcare providers to collect payments. Embracing an omnichannel approach to patient payments can positively impact a healthcare organization’s revenue, brand awareness and patient satisfaction scores. However, failure to implement omnichannel payments can have the opposite effect. Here’s everything you need to know about omnichannel payments and why they matter in healthcare.
5. Ransomware in Healthcare: What You Need to Know
The WannaCry ransomware virus was identified as the biggest cyber attack the world has ever seen. The threat of ransomware is growing each year and healthcare is a prime target. Protecting your systems from cyber threats like ransomware should be a top priority for your organization and if it isn’t, your organization is at risk. The first step to breach prevention is to make sure you select the most secure vendors and up-to-date software for your organization. Read more to learn helpful tips for protecting your healthcare organizations from the risks of cyber threats.
6. Your Patients Are Leaving – Innovation Can Make Them Stay (and Pay)
Patients today are dissatisfied with their healthcare experience. A lack of convenience and confidence in the healthcare payments process are significantly influencing a patient’s overall impression of their provider. You need to be aware of how the payments experience you’re delivering could be hurting your relationship with your patients. End the rejection and start leveraging innovation to create satisfied, returning patients. Learn three reasons why your patients are leaving you in search of a better experience – plus a few tips to help you innovate your way towards loyal, paying patients.
7. The Costly Consequence of Short-Changing Security and Compliance
How do you prioritize security at your healthcare organization? A lack of focus on security spending is a challenge in healthcare compared to other industries, and the idea that your organization can save money by short-changing your security program is flawed. Cutting corners around security and compliance could actually result in significantly more costs related to maintaining an inefficient security program – or, worse – from cleaning up after a security breach. Here are some important tips for what you should keep in mind when thinking about security spending at your organization.
8. Back to School: 5 Lessons Learned in Healthcare Payments
As students and parents get ready for a new school year, it’s a good time to regroup and set up new goals for the upcoming fall and winter months. While students went back to school shopping, healthcare picked up some new tools and best practices for healthcare payments. Healthcare can consider utilizing omnichannel payment options, taking advantage of digital wallets, going paperless, scheduling automatic payments and estimating responsibility beforehand. Read more about the five “back-to-school” lessons healthcare organizations can learn before taking on the new year ahead.
9. [Infographic] 3 Reasons Paper Is Hurting Healthcare Payments
Paper has been hurting healthcare payments for too long. It’s time for healthcare to finally break up with paper and explore other, better options for healthcare payments. Check out our infographic, then read why it’s time for healthcare to break up with paper and move on to automated payments. Learn the three biggest reasons why paper is hurting the healthcare payments industry and a few tips your organization can take to bounce back from the breakup and be better than ever before.
10. Healthcare’s Roadmap for Payment Assurance: Why It’s All About Where You Keep Your Data
If your payment data is currently dispersed across multiple systems, you might hit a roadblock in your plan for payment assurance. InstaMed discusses the importance of maintaining one true source of data in order to achieve payment assurance. So what does your roadmap for payment assurance look like? Use these three checkpoints to analyze where your data might be failing you and how you can improve collection processes by pulling payment data from one reliable source.