Top 3 ways digital payments can transform the patient experience

September 01, 2023

By Tyler Eppley, Vice President, U.S. Bank

When patients have a better experience with their healthcare providers everyone benefits. Patients are more likely to seek care and find the right treatment, while providers can deliver services more efficiently and collect payments more consistently.

One way to improve the patient experience is by offering a digital payment option. As virtual care expands, and as more patients expect the same seamless checkout experience they get in retail and other industries, digital payments are becoming increasingly popular in the healthcare space.

Plus, with emerging methods such as mobile apps and QR codes now available, digital payments offer more options and benefits than ever before. Here are the top ways providers can use them to transform the patient experience:

 

1. Improve communication and engagement

In the digital age, patients want effortless, convenient and immediate access to their information — from test results to outstanding balance amounts. Digital payments are easy to integrate with other digital solutions so patients can do everything on their laptop or smartphone, including check in, book an appointment and pay for their visit.

Improving patient communication and access to information are key to implementing a digital payment solution, especially with the US Centers for Medicare and Medicaid Services Hospital Price Transparency Rule coming into effect earlier this year. The rule requires hospitals in the U.S. to provide clear and accessible pricing information for procedures and devices online.

But more than meeting regulations, making it easier for patients to find billing information is likely to lead to better health outcomes. In fact, 62% of healthcare finance executives believe care coordination, quality of care and outcomes will improve due to increased data-sharing.

Enabling digital engagement also benefits providers. We recently surveyed U.S. healthcare consumers and found out that 44% pay medical bills faster when they receive digital or phone notifications about billing, and 49% would pay by text if available. By communicating with patients in consumer-centric ways, providers can speed payment collection and spend less time following up on overdue accounts.

One meaningful way to improve patient engagement is with an online portal. Although many medical offices and hospitals have patient portals, they often aren’t robust enough — our survey found the top digital payment method patients want providers to optimize is the online portal. But when used effectively, patient portals can boost clinical and financial outcomes, creating value for providers. Patients are also empowered with better access to their information and increased participation in their care.

“44% pay medical bills faster when they receive digital or phone notifications about billing, and 49% would pay by text if available.”

2. Make payment transactions cleaner and safer

Today, patients are worried about virus transmission, hygiene and sanitation. At the height of the pandemic when many were cancelling appointments, safety was the top reason cited for cancellations with 87% of patients deferring because of it.

Now, most healthcare organizations are diligent about sanitizing high-touch surfaces like elevator buttons and door handles, but what about payment devices? Our survey revealed that even in February 2021, 76% of healthcare consumers are still somewhat or extremely concerned about touching payment devices and device sanitation.

Fortunately, digital payment options like QR codes and mobile apps offer patients a cleaner, safer way to pay online, and are an important complement to touchless in-person payments including contactless cards.

Pairing digital and in-person payment options helps meet all customer preferences throughout the pandemic and beyond, as our survey found that 25% are now paying via contactless debit or credit because of COVID-19, 23% via their provider’s online portal, 18% via an online money transfer service, 17% via mobile app and 11% via text.

Not only do digital payments give patients peace of mind, but hospital and clinic staff will also appreciate the safety of working with touchless transactions.

 

3. Streamline customer service and support

Medical bills are confusing for many patients, who can struggle to understand how much they owe, what their insurance will cover and when payments are due. The consumer support features available through some digital payment platforms present an opportunity for healthcare organizations to more efficiently manage inbound inquiries.

Through a digital payment solution, patients can access real-time assistance and information via online live chat or interactive voice response (IVR) on the telephone. This lets them seek help 24/7, at any time that’s convenient for them — ideal for those whose work or lifestyle makes it difficult to reach out during traditional office hours. With IVR, patients can even receive multi-lingual support.

According to our survey, live chat is something patients want. Nearly a quarter are already using the live-chat feature on online patient portals, and 56% would be extremely or very comfortable resolving payment and billing questions via live text chat or video chat.

Meanwhile, IVR is another great way for providers to speed up payment collection. Over 40% of the healthcare consumers we surveyed in our healthcare report would use IVR to pay bills and find balance information, and 37% think IVR is good for payment reminders. 

 

Enabling digital payments at your healthcare organization

Offering digital payments is one of the best ways healthcare organizations can transform the patient experience, addressing key issues like price transparency and access to information. They also allow providers to work smarter not harder, improving revenue cycle management and ensuring staff can spend more time on activities that enhance patient care and the improve the patient experience.

 

To learn more about how the pandemic is transforming healthcare payments and patient expectations, check out the full results from our survey in our 2021 Healthcare Payments Insight Report.

Tyler Eppley is the vice president of healthcare payment solutions at U.S. Bank and has worked exclusively with providers for more than 15 years to optimize revenue cycle operations and improve the patient experience.

Related content

Webinar: CRE technology trends

Restaurant surveys show changing customer payment preferences

Enhancing the patient experience through people-centered payments

Digital trends poised to reshape hotel payments

Automate escheatment for accounts payable to save time and money

3 benefits of integrated payments in healthcare

Improve government payments with electronic billing platforms

3 awkward situations Zelle can help avoid

6 things to know about long-term care insurance cost and benefits

Is your employer long term disability insurance enough?

What is Medicare? Understanding your coverage options

Myth vs. truth: What affects your credit score?

More payment options create checkout success

Want AP automation to pay both businesses and consumers?

Meeting healthcare strategy goals with electronic patient refunds

Access, flexibility and simplicity: How governments can modernize payments to help their citizens

How to plan and save for adoption and in vitro fertility treatment costs

ABCs of APIs: Drive treasury efficiency with real-time connectivity

How a Health Savings Account (HSA) can benefit your retirement plan

Colleges respond to student needs by offering digital payments

6 timely reasons to integrate your receivables

Benefits of billing foreign customers in their own currency

Hospitals face cybersecurity risks in surprising new ways

Webinar: Robotic process automation

5 Ways to protect your government agency from payment fraud

Government agency credit card programs and PCI compliance

Standardizing healthcare payments

Consolidating payments for healthcare systems

Modernizing fare payment without leaving any riders behind

Tap-to-pay: Modernizing fare payments pays off for transit agencies and riders

How real-time inventory visibility can boost retail margins

Escheatment resources: Reporting deadlines for all 50 states

Payment industry trends that are the future of POS

White Castle optimizes payment transactions

Managing the rising costs of payment acceptance with service fees

Three healthcare payment trends that will continue to matter in 2022

Webinar: CSM corporation re-thinks AP

Increase working capital with Commercial Card Optimization

Top 3 ways digital payments can transform the patient experience

Automate accounts payable to optimize revenue and payments

Ways prepaid cards disburse government funds to the unbanked

Webinar: AP automation for commercial real estate

Understanding and preparing for the new payment experience

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

Higher education and the cashless society: Latest trends

3 ways to make practical use of real-time payments

4 benefits to paying foreign suppliers in their own currency

Restaurant surveys show changing customer payment preferences

Unexpected cost savings may be hiding in your payment strategy

Digital trends poised to reshape hotel payments

Enhancing the patient experience through people-centered payments

Automating healthcare revenue cycle

Overcoming the 3 key challenges of a lump sum relocation program

Streamline operations with all-in-one small business financial support

How mobile point of sale (mPOS) can benefit your side gig

Rethinking common time management tips

6 common financial mistakes made by dentists (and how to avoid them)

How to apply for a business credit card

How jumbo loans can help home buyers and your builder business

How to accept credit cards online

How Everyday Funding can improve cash flow

3 steps to prepare for a medical emergency

When your spouse has passed away: A three-month financial checklist

What documents do you need after a loved one dies?

How to save money in college: easy ways to spend less

Dear Money Mentor: How do I set and track financial goals?

7 financial questions to consider when changing jobs

P2P payments make it easier to split the tab

Dear Money Mentor: How do I begin paying off credit card debt?

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.