The landscape of the digital payment industry is undergoing a rapid transformation, driven in part by the COVID-19 pandemic, which has compelled financial institutions and banking companies to adopt digital payment solutions.
As a healthcare ISV, it is crucial not to be left behind. With patients increasingly expecting a seamless payment experience for their medical bills, integrating secure and efficient payment solutions into your healthcare software has become paramount.
The digital payment industry is gaining momentum at an astonishing pace, projected to reach $146.45 billion by 2030, with a remarkable compound annual growth rate (CAGR) of 13.7% from 2021 to 2030. Therefore, engaging in strategic payment processing partnerships can bring numerous benefits.
As competition intensifies within the software industry, independent software vendors are constantly seeking ways to differentiate themselves. Collaborating with payment processors has emerged as a smart strategy, offering several advantages:
1. Improved Revenue Cycle Management
Revenue cycle management entails optimizing a healthcare provider's financial operations, from patient registration to final payment, to enhance revenue generation and streamline financial processes.
By automating payment processing, you can reduce the risk of delays and errors that can negatively impact cash flow and financial reporting. This, in turn, minimizes revenue leakage and improves profitability.
2. Reduced Processing Costs
Developing and maintaining in-house payment processing systems can be expensive and time-consuming. However, partnering with payment processors allows ISVs to decrease processing costs associated with system development and maintenance.
By outsourcing payment processing to experts, you can save money, improve profitability, and focus on your core business activities.
3. Enhanced Patient Experiences
Modern patients expect the ability to pay seamlessly using various methods. Collaborating with payment processors enables ISVs to offer a range of payment options, including ACH, credit cards, debit cards, and paper checks.
This flexibility increases patient satisfaction and loyalty. Moreover, payment processors offer additional security measures to protect patient payment information, providing peace of mind to patients knowing their data is secure.
4. Streamlined Operations
Outsourcing payment processing to experts unlocks various benefits, such as automating payment processing tasks. This leads to improved accuracy and faster payment processing times.
Payment processors also offer real-time payment tracking and reporting, providing valuable insights into your payment processing data. You can leverage this information to make informed strategic business decisions.
Before entering into a partnership, it is important to consider key factors to ensure a successful collaboration:
Compatibility:
Ensure that the payment processor easily integrates with your existing software, allowing effective communication between the systems.
Cost savings:
Look for a payment processor that offers competitive pricing and reasonable transaction fees. Clarify any potential hidden fees that could result in unexpected costs down the line, maximizing your profits while providing convenient payment options to your customers.
Ability to meet regulatory requirements:
Verify that the payment processor can meet any regulatory requirements, such as HIPAA compliance, to avoid legal issues.
Reliability and security:
Customer trust is essential, and they need to know that their sensitive information is handled securely. Choose a payment processor that is PCI-compliant to protect your business and your customers' sensitive data.
NextGen Healthcare and InstaMed:
NextGen Healthcare, a healthcare technology solutions provider, partnered with InstaMed, a J.P. Morgan company, to modernize payment processing through NextGen® Pay powered by InstaMed. This partnership expanded payment options for patients, who can now pay online when visiting providers that utilize the NextGen® Practice Management solution. It also helps healthcare providers automate collections and manage and view payments in one system.
Healthfully partnered with Paya to offer an end-to-end payment processing and reporting solution through Healthfully's consumer health platform. This partnership allows Healthfully's clients to accept payments for online, remote, and in-person services. Patients also enjoy increased flexibility, and medical practices benefit from improved back-office efficiencies.
Consider the following questions to determine if a payment processor partnership is right for Make the Impact:
Are your business goals aligned with the payment processor's offerings?
Does the payment processor offer the processing needs that your healthcare technology company requires?
How can the payment processor improve your current operations and back-office efficiencies?
Will the payment processor enhance the patient experience by providing secure and flexible payment options?
Which payment processing solutions do they offer?
What are the costs and fees associated with the payment processor's services?
Does the payment processor have a proven track record of success in the healthcare technology industry?
As a healthcare tech company, you can streamline patient payment processing by offering patient statement services. These services automate the process of generating, printing, and mailing statements, as well as tracking and reporting on patient payments and balances. Partnering with a payment processor like iCheckGateway.com can provide solutions such as email invoicing, IVR payments, SMS payments, and hosted payment portals. Features like automated invoices sent via text or email help reduce administrative costs and improve the patient experience.
Utilize payment processor solutions like recurring billing technology to automate the billing process and enable faster payment processing. This way, you can reduce administrative costs associated with manual processing, maximizing cost savings for Make the Impact, your clients, and the patients.
Payment processors provide flexible payment options, including ACH, mobile payments, and online payments. This makes paying more convenient for patients.
At Make the Impact (MTI), we offer advanced payment processing technology, providing an omnichannel approach to payment processing. Our solutions include ACH processing, credit card processing, mobile payments, recurring payments, and more. We understand the importance of accommodating a wider range of customer payment preferences.
Moreover, we prioritize compliance and security, implementing features such as tokenization to protect sensitive customer data. By partnering with MTI, you can ensure that Make the Impact maintains a reputation as a trusted payment processing partner, offering secure and efficient payment solutions to your clients and customers.