In a rapidly evolving environment, it can be challenging to stay up with the trends in healthcare payment. Here are a few predictions about what will occur in 2023. These changes in healthcare payment trends, which range from new developments in technology like artificial intelligence to a rise in value-based treatment, will have a significant effect on the sector.
- AI for Healthcare Billing: The expansion of artificial intelligence (AI) in the healthcare industry is altering how businesses handle payments. For instance, many use AI to develop more accurate and efficient claim processing. Additionally, it can spot healthcare billing fraud.
- Rise of Digital Health: Healthcare organizations are turning more and more toward digital health. Both patients and patient billing services gain from this trend. Patients that use digital health can save time and money. They can also set up appointments, handle bills, and access their health information online. According to a recent Instamed study on digital payment methods, 91% of consumers prefer to pay their medical bills electronically.
- Increasing Importance of Patient Engagement: Patients are seeking for ways to save money as healthcare costs grow. Increasing their involvement in their own care is one approach to achieve this. Patients who are actively involved in their care are more likely to adopt good lifestyle habits, follow treatment programs, and forego unnecessary hospitalizations. The value of patient participation is beginning to be understood by healthcare institutions, and initiatives to promote it are being taken. Examples of this are patient portals.
- Increased Need for Digital Healthcare Billing Solutions: One of the largest influences on current healthcare billing trends has been the growth of telehealth, which has necessitated the use of more digital payment methods. Since the patient is far away, it is no longer possible to pay by card swipe. According to research, patients and patient billing services will continue to want digital payment options after the pandemic has passed. According to the same InstaMed Annual report, 65% of consumers plan to continue using online and self-service options. As a result, having a reliable payment processing system is not only practical but also essential.
Top 3 Challenges in Healthcare Digital Online Payments Solutions
One of the trickiest and most challenging issues facing the industry is payment processing in the healthcare sector. Healthcare professionals are finding it difficult to stay up with the financial aspect of patient billing services as technology and policies continue to advance.
Additionally, juggling dozens, perhaps even hundreds, of patients each day can be challenging when dealing with the complexities of connectivity, hardware, and contracts. It’s essential to have a thorough awareness of these problems if you work in the healthcare sector to come up with fresh, improved solutions in the future. Here are the top 3 problems with payment processing in healthcare:
- Data Security: Protecting patient billing solution information through proper HIPPA compliance is the most crucial problem. You should be aware of the demanding requirements that must be fulfilled to maintain this level of compliance as a supplier. Patient billing services and patients are better protected under HIPPA from data breaches brought on by healthcare providers who fail to implement adequate security measures. Even though you may be aware of this, your payment processor might not be up to date on the most recent compliance regulations.
- Different Patient Payment Methods: Patients often don’t pay in full or at the time of service, unlike in retail transactions. Some people must make monthly payments for a specific amount of time because they are unable to pay their mounting medical debt. It typically takes more than a month for healthcare professionals to get reimbursement from their clients. To put it simply, while you wait for the insurance company to pay its portion of the care your patient got, patients, wait weeks to receive a statement of their charges. This procedure takes some time, and the delay costs your company money, time, and resources.
- Failure to Explain Financial Responsibility to Patients: This issue is pervasive and is frequently brought on by the delay between medical care and reimbursement. Patients typically don’t pay immediately away, as was already mentioned. Their bill must pass through several channels and typically takes more than a month to process. At the end of the day, the patient frequently is unaware of their obligation, and you can be left hanging while your team looks up the patient’s information, wasting critical time.
How Healthcare Billing Online Payment Solutions Help Healthcare providers and Payers?
People desire comfort. That truth holds true whether they are purchasing food or medical services, and online payments are continuing to become the norm.
Patients are asking for contactless and remote means to pay their bills, a demand that has been amplified in the wake of COVID-19. Practices all around the globe have the chance to offer those safer and more convenient substitutes. However, there are also clear benefits for any clinic that modernizes its payment processes and allows its patients to pay online, in addition to providing something that your patients want.
- More Trustworthy Patient Payments: Any business’s main priority is being paid. Offering additional options to your patients also makes it simpler for you to be paid because consumers are looking for speedier, more practical answers. A recent Mastercard survey found that since the pandemic began, 46% of consumers have converted to contactless and digital payment choices, and 74% said they will keep using the new techniques even when the outbreak is finished.
- Improved patient satisfaction and engagement: As we transition to a handy, digital means of seeing medical data, patients are more involved in their healthcare than ever before. If people can examine their statements and pay their payments all in one spot, they are also less likely to neglect healthcare expenses. Patients will have a flawless experience thanks to the proper payment processor and the growing popularity of patient portals.
- Enhancing Patient Care: Giving patients the ability to manage their medical bills online means one less concern for staff and doctors. That gives you the chance to devote more resources to helping patients. Patients will be happier and healthier overall if you receive fewer collection calls and fewer customers waiting to pay their bills at the front desk.
Simplify Your Practice Payments Today
AnodynePay has created a patient interface that makes it easier to issue and receive invoices. By integrating data analytics and invoice reminders into this system, we have significantly optimized RCM.
Visit our website to see how you can engage patients.