Managing healthcare payment processing can be a complex task for healthcare organizations. From verifying patients’ insurance to collecting copays and balances, the payment process involves multiple steps and requires careful attention to detail. Plus, organizations must be prepared to accept credit cards, checks, cash, and mobile wallets, and they must be equipped to process FHA/HSA transactions.
As a result, healthcare organizations must have a robust payment processing system in place to ensure accurate, efficient, and timely payments. This not only benefits the organization but also patients, who expect a seamless and hassle-free payment experience.
Given that almost 69% of hospitals and health systems use more than one revenue cycle vendor, according to a 2018 survey from Dimensional Insight and HIMSS, it’s clear that payment processing needs to be streamlined in most organizations. Read on to learn why using a single vendor for healthcare payment processing is a smart choice for all healthcare organizations.
Convenience and efficiency: By using one vendor for payment processing, healthcare organizations can streamline their operations and improve efficiency. Instead of switching between multiple vendors and systems to process payments, healthcare organizations can handle all transactions from a single, central location.
This eliminates the need for staff to navigate different platforms and reduces the risk of errors and miscommunication. A unified system helps providers and staff save time so they can focus on providing quality care to their patients.
Comprehensive support: A strong client-vendor relationship is an important factor in whether an organization sees value from their investment. When healthcare organizations use one vendor for payment processing, they can build a close relationship with their account representative rather than spending time talking to multiple vendors. They can also get the personalized assistance and expertise they need because their account representative understands their unique challenges and goals.
Integration with existing systems: Payment processing is much easier when organizations choose software that integrates with their existing practice management (PM) and electronic health record (EHR) systems.
The best healthcare payment processing vendors integrate with all major PM and EHR vendors, and they offer responsive interfaces that help their clients save time and improve efficiency. The benefit of integration is clear: Seamless payment posting to multiple PM systems eliminates the need for manual data entry and reduces the risk of errors.
Enhanced security and compliance: For most healthcare organizations, payment security is a top priority. By using a single vendor for payment processing, healthcare organizations can make sure that their payment transactions are secure and compliant with industry standards. By choosing a vendor that prioritizes payment security, healthcare organizations can protect sensitive information, reduce their PCI scope, and safeguard their reputation.
Improved patient experience: A seamless and convenient payment experience is crucial for patient satisfaction. With a single vendor for payment processing, healthcare organizations can easily offer patients a variety of payment options, including online payments, mobile wallets, and payment plans.
This aligns with patients’ preferences for digital payments and promotes a positive patient experience. Additionally, automated eligibility and benefits verification tools help staff understand patients’ financial responsibility upfront, reducing confusion and improving transparency.
How to start consolidating payment vendors
Consolidating payment vendors—and transitioning to working with a single vendor for all payment processing needs—can be a strategic move for healthcare organizations. Here are three steps to get started on the path to consolidation:
- Evaluate your current payment processes: Begin by assessing your current payment processes and vendors. Identify the different payment systems and vendors you’re currently using, including those for insurance verification, credit card processing, and patient payment options. Evaluate the strengths and weaknesses of each vendor and consider the level of integration they offer with your PM and EHR systems. This evaluation will help you understand the gaps and inefficiencies in your current payment processes and identify areas where consolidation can drive improvement.
- Research and select a comprehensive payment vendor: Once you have a clear understanding of your organization’s current payment needs and challenges, research and identify a comprehensive payment vendor that can meet all your requirements. Look for a vendor that offers a wide range of payment options, including digital payments, Apple Pay® and Google Pay™, FHA and HSA transactions, cash and check tracking, and payment plans. Consider their integration capabilities with your PM and EHR systems, as well as their track record in security and compliance. Request demos and engage in discussions with potential vendors to make sure they align with your organization’s goals and values.
- Develop a transition plan: After selecting a payment vendor, it’s important to develop a detailed transition plan to guarantee a smooth consolidation process. Collaborate with the vendor to outline the steps involved in moving your payment processes to their platform. This may include data migration, staff training, and system integration. Communicate the transition plan to all relevant stakeholders, including staff members, patients, and other vendors involved in the payment process. Provide training and support to help your staff feel confident with the new system and understand the benefits of consolidation. Regularly monitor the transition process and address any challenges or concerns that arise along the way.
Using one vendor for healthcare payment processing offers numerous benefits for healthcare organizations: convenience, efficiency, comprehensive support, and enhanced security. A single vendor simplifies payment processes and allows healthcare organizations to focus on providing quality care. By integrating with existing systems and improving the patient experience, healthcare organizations can optimize their revenue cycle and achieve better financial outcomes.
