Healthcare Changes Open Up New Opportunities for Integrated Payment Solutions
Delivering health-focused payment technology to medical professionals as they evolve
As the way medical providers serve their patients evolves, so too must the payment technology which powers their businesses. In a world where innovations such as telemedicine services like Teledoc and concierge medical practices are becoming more popular than ever, how do integrated payment systems serve the needs of these businesses?
Concierge medicine creates customizable care
Payment technology such as 1stPayMaximizer, an account updater which integrates seamlessly with existing practice management software, is essential for concierge medical practices. In the concierge business model, patients pay a set cost that can range from monthly dues to an annual retainer.
To ensure positive cash flow for these businesses when it comes to collecting these monthly or annual dues, account updater technology is essential. It prevents chargebacks, declined payments, or outdated customer data.
Incorporating payment data technology into practice management software not only ensures the safety of that data from breaches and compliance with HIPPA regulations, it also ensures patient retention in the ultra-competitive healthcare market.
Telemedicine brings healthcare into homes
In this InstaMed Trends in Healthcare Payments study, almost two-thirds of consumers expressed a desire to use mobile or online integrated payment solution to settle their healthcare bills with their providers.
Mobile medical payment technology is the biggest no-brainer when it comes to telemedicine services. Many telemedical services involve a physician consultation via a mobile chat app. Once a diagnosis is made and services are rendered, mobile payments are the next logical step to complete the process.
With a market value on telemedicine services anticipated to hit $36.2 billion by the year 2020, healthcare providers cannot afford to lag when it comes to embracing payment technology as a part of an overall forward-thinking approach to practice management software solutions.
Are your healthcare clients all set to embrace this new approach to medicine and the cash flow that it can generate through an integrated payment system?