For anyone who works in the healthcare industry or works closely with healthcare providers, providing these services can be both a stressful and complicated job and often entails the additional responsibilities that come with being the proprietor of a business. When providing mobile credit card processing and healthcare payment processing solutions to healthcare providers, it is important to provide software that considers both the privacy needs of those providers while protecting sensitive patient payments and patient identifying information.
Because of the highly sensitive and personal nature of these patient interactions, healthcare service providers are increasingly turning to medical office management software that includes healthcare payment processing solutions in order to provide their patients with a less stressful and complicated payment experience.
Healthcare Payment Processing Solutions that Make Payment Collection Easier and Safer Than Ever
As the Baby Boomer generation ages, healthcare costs and spending continue to rise each year. A study found that the healthcare payment market is estimated to be worth approximately $3.3 trillion and growing.
The rise in healthcare expenditures creates an opportunity for merchant processing and payment companies to raise awareness of the advancements in payment technology to these healthcare service providers. Raising this awareness and increasing the knowledge level throughout the industry can help providers stay competitive in a market where simplified healthcare payment processing can be the key to growing their practice as well as maintaining current patient numbers.
Currently, it can take a healthcare related business an average of one month to collect payment from patients. With integrated healthcare payment processing, that includes mobile and online pay as well as the ability to establish recurring payments, you can help your medical practitioner clients collect those fees quicker and easier than with their current outdated billing solutions.
We also know and understand that data security and privacy is of the utmost concern to patients. That is why as an ISV, you must be proactive about offering payment software that adheres to the strictest industry standards. These security standards include ensuring that all healthcare payment processing solutions are PCI compliant and utilize the latest in encryption technology.
Increased Interest in Mobile Credit Card Processing
Did you know that over 65% percent of consumers have expressed an interest in using mobile credit card processing and payment technologies to pay their healthcare bills? Currently, over 75% of consumers pay their household bills online or via a mobile payment application. With the convenience and ease that mobile credit card processing provides to consumers, it makes sense that healthcare bills would fall under the same category.
Mobile and online payment options make paperless transactions quick and easy for patients of healthcare businesses. And further, mobile credit card processing increases cash flow for medical practitioners, since they no longer have to rely on a patient’s check to clear or risk the unexpected interruption of unpaid invoices or bounced checks.
A recent study found that 9 out of 10 patients ranked wanting to know their financial responsibility upfront for visits and testing as one of their primary concerns when it comes to healthcare provider office care. Healthcare management software, like mobile credit card processing, can provide these patients with a clear and concise itemized bill sent to them via email or text that can help them anticipate costs, make timely payments, and maintain financial records.
If you are looking to boost your payment options that can be utilized by those in a healthcare related business, contact us for a consultation to discover the healthcare payment processing and mobile credit card processing solutions that can help you serve your healthcare provider clients more effectively and make their businesses run smoothly.