Over the last few decades, the U.S healthcare payment systems were still following the traditional methods. However, technologies like cloud computing paved the way for faster and more effective payment and reimbursement. Earlier, the paper-based process often resulted in payment denials or failures due to medical billing and coding errors. Technology changed the whole process in different ways, such as by integrating electronic health records into medical billing software.
Healthcare payment systems are witnessing a paradigm shift with technology. Changing consumer expectations and needs have triggered the change. A recent study highlighted that nearly 65% of health consumers prefer healthcare providers with an enhanced digital health payment system. Moreover, healthcare organizations are keen on adopting seamless technology to accelerate the payment process.
Besides, healthcare providers are also benefitted from technology-based payment management systems. From higher ROI to increased patient engagement, healthcare payment solutions ensure financial stability to organizations. Healthcare payment systems even streamline the tasks in practice management.
Factors Affecting Technology Implementation in Healthcare Payment Systems
Technological transformation in healthcare payment systems creates opportunities to improve the healthcare revenue cycle. However, healthcare organizations experience major obstacles in implementing technology in healthcare payment system software solutions.
- Price Transparency- The lack of price transparency in healthcare payment system software solutions affects the implementation of any tech tools. Today patients are consumers in the healthcare environment. They even understand their financial responsibility too. This will improve the patient engagement systems of the organizations as well. Besides, price transparency helps patients choose the best payment portal and implies possible solutions to reduce costs. If healthcare providers introduce price transparency, healthcare payment systems will surely improve with better returns.
- Failure to Improve Financial Process- Some healthcare organizations, especially those wanting online payment transactions, lack a proper financial improvement process. Healthcare management can fail to empower patients and work collaboratively in the healthcare ecosystem without an economic improvement process. Moreover, providers need a financial improvement process to decide the right technological tools and solutions.
- Lack of Adequate Resources- The most common factor affecting the technological implementation of healthcare payment systems is inadequate resources. Without IT support or an efficient software vendor, healthcare organization often fail to upgrade their healthcare payment systems. This eventually impacts their revenue cycle and business sustainability. So, health providers need to decide wherein the technology transformation in healthcare payment systems improves its operational flow.
Current Technological Trends in Healthcare Payment Systems
The payment management system will improve complicated healthcare payment and reimbursement processes in the coming years. Leaders pointed out some of the major technological trends in the healthcare payment system.
- A/R Automation- Technology like healthcare automation offers streamlined workflow. Even in the healthcare payment system, leveraging automation technology will simplify and boost the processes. Today, most healthcare providers still do the A/R process manually. It consumes time, money and even has errors. So, A/R automation is the solution that can mitigate the issues in manual A/R documentation. With A/R automation, providers will take less time to process payments and minimize errors and workflow. Integrating A/R automation in the providers’ ERP system will help them send invoices to patients and receive payments via some online portals. So, today’s payment software solutions providers must consider this trend when designing a healthcare payment system.
- Cashless Payments– The onset of Covid-19 has changed the processes and services delivery in the healthcare sector. Even healthcare billing and payments are shifting from manual to cashless, contactless payments. Moreover, contactless payment methods save time and paper. Several providers include the option card-not-present in their patient payment solution systems. When visiting the provider, patients have to fill in their credit card details on the provider’s digital portal. Some clinics even accept payments from digital wallets like Google Pay, Amazon Wallet, and more. Besides, providers need to ensure the security and safety of these online transactions, as these are prone to cyber threats. Opting for HIPAA-compliant solutions for healthcare payments promises security and safety of the process.
- Integrated Payment Solutions– Today’s medical organizations rapidly adopt integrated healthcare solutions to ensure better quality care and profitability. Healthcare payment vendors offer integrated payment systems to make transactions easier and seamless. Integrating card option and ACH payments in the healthcare payment software solutions also add value to the practice. Besides, independent software vendors developing healthcare payment software solutions ensure integrated costs, including other patient benefits. But the most significant advantage of integrated payments is reduced expenditure in the payment process.
- Patient Consumerization– A recent survey highlighted that nearly 67% of patients want to know the cost of care before consulting their physician. Today, patient financial responsibility is also growing. Patients expect more transparency and predictability in medical billing to have some idea of the cost of services required. Moreover, providers also need clarity on the payment for healthcare services. With technology, this trend of price transparency is possible in medical billing and payment processes. And such a payment trend can improve population health management tasks too.
Benefits of Technology in Healthcare Payment Systems
The technological transformation in healthcare payment systems benefits providers in many ways. Whether it’s integrating EHR in health payment systems or some other tech tools, advanced health care payment systems are the future of a company’s revenue cycle.
1. Increased ROI- Payment methods in health care have changed a lot with technology deployment. It accelerates the payment process, so providers end up saving more. The lesser the billing errors and denials, the more is the providers’ ROI.
2. A faster flow of payments- Healthcare payment software solutions boost payment flows with the proper technological intervention. However, providers implementing technology-driven healthcare payment software need to ensure error-free documentation for faster processing. For this, providers need to provide accurate medical records management. Further, providers can employ effective healthcare analytics solutions to extract real-time critical data without any hassle.
3. Streamlined workflow– When providers integrate technological tools in payment software solutions, the whole process is streamlined. Staff burden is reduced, and the process turns fast. With the streamlined workflow, the billers and payers are also relaxed about the safety of the payment. Moreover, providers can streamline other workflows in practice by leveraging healthcare interoperability.
4. Better risk management– One of the major benefits of a healthcare payment system is eliminating critical risks involved in transaction processing. Technological tools with HIPAA compliance improve the risk factor in the healthcare payment software.
5. Improvement in claims management- Technological tools in healthcare payment software solutions eliminates errors in billing and coding, which manages and speeds up claim approvals. Moreover, providers can integrate medical informatics solutions to accurately collect data and fill it in health payment systems.
6. Enhanced Processing Efficiency– Health care payment systems with tech tools assure increased processing efficiency and speed. Technology drives automated data entry and reporting, improving information accuracy and even lowering processing costs. However, providers need to keep track of accurate data transfer. So, integrating EHR in the healthcare payment software will ensure seamless electronic data exchange for precise data entry and reporting.
Today, healthcare payment systems are improving providers’ efficiency and savings with evolving technology. Although the challenges of implementing technology are many, it simplifies the workflow and makes payment processing a super easy job. As a provider, opting for personalized and customized health payment software solutions is a smart move. Customized payment software offers solutions for organization-specific barriers and problems. The future of healthcare payment systems holds effective technological tools that boost processing and delivery. Moreover, leveraging technology will also facilitate their overall practice management and operations, benefiting providers and patients.
How can we help?
Fill out the short form below or call us at (888) 846-5382
Looking for software solutions to build your product?
Let's discuss your software solutions for your product in our free development acceleration call!Get In Touch arrow_forward
Discuss Your Project Handover with a team of expert Book a free consultation arrow_forward
Signupfor biweekly insights
Riken's work motto is to help healthcare providers use technological advancements to make healthcare easily accessible to all stakeholders, from providers to patients. Under his leadership and guidance, OSP Labs has successfully developed over 600 customized software solutions for 200+ healthcare clients across continents.