The healthcare industry is racing to modernize technology in order to create efficiencies in interoperability and increase access.
Healthcare is one of the top three attacked industries in 2022.1
The healthcare industry is embracing modern technologies to improve patient experiences and outcomes, increase interoperability, reduce costs and meet compliance and regulatory standards. That’s a lot to juggle! Often time, adopting modern payment technologies are a top priority because the payment process affects revenue cycle management directly. As a result, healthcare organizations are weighing there options when it comes to offering a payment experience that is compliant, secure, frictionless and flexible, engaging patients in their channel of choice across all departments.
Today, healthcare payment technology is often outdated in many ways:
Inefficiencies
When payment technology is out of date, it doesn’t just affect the patient, it can also put financial strain on the healthcare organizations themselves. Delayed payments, billing errors and reconciliation challenges are all affected by outdated payment processes. Ideally, the payment experience should be seamless for both the patient and your team.
Flexibility
When it comes to secure payment data, many InfoSec professionals are being met with limited or no integration options. They are often forced to make concessions on the level of security they implement or are required to change vendors so systems can work together. This can lead to unnecessary extra work for those teams to tackle and if they end up with solutions held together with duct tape, it could result in payment errors, frequent outages and reconciliation issues. Partnering with vendors that have both robust payment security and flexible integration options is crucial.
Manual processes
Manual processes aren’t just inefficient, they’re prone to errors because you’re introducing the human element. By taking advantage of online payment options, offering mobile payments — including the use of e-wallets — and taking advantage of automated payment reminders by leveraging digital pay-by-link solutions, healthcare organizations can offer a flexible and exceptional patient experience while positively impacting revenue cycle management.
Security
Healthcare is a data-rich environment for cybercriminals and the stats indicate there’s nothing we can do to prevent attacks. However, we can invest in solutions that secure the highly sensitive data within these environments. Healthcare organizations are beginning to understand the importance of moving beyond compliance and adopting a holistic, security-first mindset — make sure your technology partners do the same.
Limited options
Limited payment options can make it challenging for patients to pay their bills in a timely manner. Offering diverse channels — such as phone, chat and web — as well as alternative payment options for e-wallets and mobile payments, your patients will thank you — and so will your RevCycle team.
The US healthcare sector averaged 1.410 cyberattacks per week per organization in 2022 — up 86% from 2021.1
Flexibility
When it comes to secure payment data, many InfoSec professionals are being met with limited or no integration options. They are often forced to make concessions on the level of security they implement or are required to change vendors so systems can work together. This can lead to unnecessary extra work for those teams to tackle and if they end up with solutions held together with duct tape, it could result in payment errors, frequent outages and reconciliation issues. Partnering with vendors that have both robust payment security and flexible integration options is crucial.
The average cost of a data breach for healthcare organizations in the US is $10.1 million.3
But at the end of the day, healthcare is about caring for our fellow humans. The patient experience should always be the top priority and embracing new payment technology is no exception. Solutions should be designed to support patient-centered care, empowering patients and ensuring their privacy and security. Not only does this mindset lead to better health outcomes, reduce overhead and increase revenue, it also improves patient satisfaction while fostering loyalty and trust.
Find out how Eckoh has helped healthcare organizations like this Children’s Hospital to protect both their patients and their brands. Contact our trusted advisors to learn more.
[article references]
1,2 — https://blog.checkpoint.com/2023/01/05/38-increase-in-2022-global-cyberattacks/
3 — 2022 IBM Cost of a Data Breach Report