Every organization wants to maximize revenue and deliver the best possible healthcare service. The problem is many healthcare organizations fail to realize that these two goals are connected. The finance team might not consider the impact that patient experience can have on revenue, while the patient experience team might not think about payments as part of an overall positive healthcare experience. This disconnect prevents both teams from achieving their goals, and creates a negative impact on a patient’s end-to-end healthcare
Inefficient processes have long been prevalent in healthcare, especially when it comes to payments. Over the last few years, steady increases in patient responsibility and federally-legislated regulations and incentive programs have led healthcare organizations to invest in software and technologies in an attempt to scale the growing healthcare economy. As a result, your organization may be using multiple systems for billing, payments, patient records and more.
What challenge does this present to my healthcare organization?
The challenge is that these systems are
According to the Consumers Union, total wasted spending in healthcare is $765 billion. Of that $765 billion, $190 billion – nearly 25% – is identified as excess administrative costs. However, that label does not accurately describe the problem. Administrative costs mainly refer to the time and money spent collecting, processing, posting and reconciling payments. The reason these costs are in excess is because of a disconnect between providers, payers and consumers in the healthcare payments process. As much of the
As payment technology continues to advance, forward-thinking providers can leverage new ways to improve the healthcare payments process.
While tokenization has been around for years as a means of securely saving payment information, it has not become widespread in the healthcare industry until recently. It is important for healthcare to understand that tokenization offers benefits beyond adding a layer of security to payment card processing. By using this and other payment technologies to their full potential, providers can streamline the collection